Fisheries receive Rs 2,352-crore allocation in Budget 2024

Budget 2024: Finance Minister Nirmala Sitharaman allocated Rs 2,352 crore in the Interim Budget for “Blue Revolution”, with an aim to manage, develop and promote fisheries to double farmers' income.

The allocation accounts for an Rs 852 crore increase from Rs 1,500 crore in the previous year, according to media reports.

"It was our government which set up a separate department for fisheries, realising the importance of assisting fishermen. This has resulted in doubling of both inland and aquaculture production," said the Union Finance Minister in her budget speech.

Seafood exports had doubled since 2013-14 and the Pradhan Mantri Matsya Sampada Yojana (PMMSY) would be expanded, she said.

The Matsya Sampada Yojna aims to bring Blue Revolution through sustainable and responsible development of the fisheries sector.

It will enhance aquaculture productivity from 3 to 5 tons per hectare and also help in reaching the export target of Rs 1 lakh crore, generating 55 lakh employment opportunities, the Minister said.

Integrated Development and Management of Fisheries, a central government's initiative aimed at bolstering fisheries production and productivity from aquaculture and fisheries resources, inclusive of both inland and marine.

In 2023, India achieved a record high exports of seafood in terms of volume and value by shipping 17,35,286 MT of seafood worth Rs 63,969.14 crore, despite several challenges in its major export markets like the USA.

The frozen shrimp still remains the major export item in terms of both quantity and value, with the US and China emerging as major importers of India’s seafood.