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Budget announcements for the <keyword id="22541837" type="General" weightage="20" keywordseo="marine-sector" source="keywords">marine sector</keyword> such as rationalisation of customs duties and financing facilities will help boost the country's India's <keyword id="20765822" type="General" weightage="20" keywordseo="aquaculture" source="keywords">aquaculture</keyword> and <keyword id="20765821" type="General" weightage="100" keywordseo="seafood-exports" source="keywords">seafood exports</keyword>, <keyword id="22541838" type="General" weightage="20" keywordseo="MPEDA" source="keywords">MPEDA</keyword> said on Thursday. The <keyword id="181386" type="General" weightage="20" keywordseo="Marine-Products-Export-Development-Authority" source="Orion">Marine Products Export Development Authority</keyword> (MPEDA) also said the Budget includes a range of strategic measures aimed at bolstering the competitiveness of marine products, with a particular focus on <keyword id="22541839" type="General" weightage="20" keywordseo="shrimp-production" source="keywords">shrimp production</keyword> and export. Various inputs used in the manufacture of shrimp and <keyword id="22526510" type="General" weightage="20" keywordseo="fish-feed" source="keywords">fish feed</keyword> will now enjoy customs duty exemptions, it said adding a number of feed inputs such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, algal oil are fully exempted from any import duty. Artemia and Artemia cysts which are key nutritional inputs in aqua hatchery were also fully exempted from any import duty. The Basic Customs Duty (BCD) on essential aquafarm/ hatchery inputs such as Vannamei and black tiger broodstock, polychaete worms, and fish/shrimp feed has been reduced to 5 per cent. Import duty for insect meal and single-cell protein has been cut down to 5 per cent. "These announcements made in the Union Budget 2024-25 are set to significantly enhance aquaculture and seafood export sectors," the authority said. It also said that the government has committed to providing substantial financial support to establish a network of <keyword id="22541840" type="General" weightage="20" keywordseo="Nucleus-Breeding-Centres" source="keywords">Nucleus Breeding Centres</keyword> (NBCs) for shrimp broodstocks. "This initiative is anticipated to drastically reduce India's reliance on imported broodstock, potentially saving the industry up to Rs 150 crore annually," it said adding hatchery operators are expected to benefit significantly, with projected savings of 50 per cent on broodstock costs. About one lakh farmers will benefit from a 30 per cent reduction in shrimp seed costs. Further, it said the National Bank for Agriculture and Rural Development (NABARD) will play a crucial role in facilitating financing for <keyword id="20342132" type="General" weightage="20" keywordseo="shrimp-farming" source="keywords">shrimp farming</keyword>, processing, and export. "This intervention is designed to cover 80 per cent of project costs for farmers, accompanied by an interest subvention of up to 3 per cent," MPEDA said. It added that a total of 639 export processing units are expected to benefit from enhanced access to infrastructure development funds, enabling them to improve and expand their facilities through assistance from NABARD. DV Swamy, Chairman of MPEDA, said that the proposed measures will substantially lower production costs, elevate quality, and enhance the international competitiveness of Indian marine products. The marine products sector has been a vital contributor to India's export earnings, with seafood exports reaching an all-time high of over Rs 60,000 crore in the last financial year. The authority was established in 1972 under the Ministry of Commerce and it is responsible for the development of the marine products industry with a special focus on exports.

Budget proposals for marine sector to boost India's seafood exports, aquaculture: MPEDA

New Delhi, Feb 5 () Over 5,000 delegates from various countries will participate in the three-day International Seafood Show in Kochi, beginning Friday, the commerce ministry said on Wednesday. The show is being organised by the ministry's arm, Marine Products Export Development Authority (MPEDA), in association with the Seafood Exporters Association of India. The theme of the show is 'Blue Revolution- Beyond Production to Value Addition'. "Over 200 exhibitors, 350 stalls and more than 5,000 delegates, including foreign delegates, are expected to attend the three-day event at Kochi," it said. The delegates include seafood processors, buyers and stakeholders, representing firms in India and abroad. The biennial show returns to Kochi after 12 years and will provide a platform for Indian exporters and overseas importers of Indian marine products to interact, it said. "It will also give an opportunity for display and sale for manufacturers and suppliers of processing machinery, packaging systems, processing ingredient dealers and cold chain systems," it said. The show will give service providers like the logistics and certifying and testing segments an opportunity to showcase their products. Besides, it will highlight the technological advances and sustainable practices followed in the sector in India. During 2018-19, India has exported over 14,37,000 tonnes of marine products worth USD 6.70 billion. "With a multi-pronged strategy, addressing capture fisheries and aquaculture, it is expected to achieve an export turnover of USD 15 billion in next five years," it said. The last show was held in Goa in January 2018. RR HRS

Over 5,000 delegates to participate in India International Seafood show in Kochi

<keyword id="1144614" type="UNKNOWN" weightage="20" keywordseo="fishery">Fishery</keyword> is a sector that has huge potential in India, which is surrounded by coastlines on three sides. This sector employs more than 14 million people. Coastal states and the adjoining areas are the major benefactors of this industry, which remains largely unorganised with high levels of insecurity and dangers dangling around the necks of people who are involved in it.

	India has nearly 8,200 km of coastline with nearly 3,827 villages engaged in fishing as the main economic activity. There are nearly 2,000 fish trading centres in these areas. Fresh water reserves and reservoirs in the country also present enormous opportunities for fishing and trading activities. At the beginning of the decade, marine and freshwater resources together had fishing potential of about four million metric tonnes. Increasing yield year after year has been a positive indicator of the future growth potential in the field.<o:p></o:p>

	About 65 varieties of marine fish are harvested in the country, which are also of high commercial importance. This apart, Pelagic and mid-water species make for more than half the amount of the total fish production. India’s fish and prawn reach most South East Asian countries, the largest consumers of the sea delicacies.<o:p></o:p>

	To put things in perspective, India is world’s third largest producer of fish and comes next only to its neighbour China in terms of fish production. But the sector is facing heavy challenges in terms of innovation, expansion and regularisation of aspects related to fishing and trading, even while security concerns of <keyword id="6393670" type="UNKNOWN" weightage="80" keywordseo="Fishermen">fishermen</keyword>, who get arrested by neighbouring countries such as Sri Lanka and Pakistan, remain a bone of contention between countries.<o:p></o:p>

	The potential and commercial success of fisheries should ideally make it a story worth emulating for other sectors. But the constant ignorance of governments has left the sector with a feeling resentment and abandonment. Although Prime Minister Narendra Modi had promised, during his election campaign, to set up a separate ministry for fisheries, it has not materialized yet.<o:p></o:p>

	India exported fish worth nearly Rs 18,856 crore and it stood at 9,28,251 tonnes in 2012 - 13. The European market presents excellent export potential. The United States of America, Japan and China also remain loyal customers of the Indian fish. <o:p></o:p>

	Forecast for the future is also equally bright. Marine Products Development Authority (MPEDA) estimates $4.2 billion target for Indian fish trade with Vannamei Shrimp and Black Tiger Shrimp, which are all season fish and sea food delicacies preferred worldwide.<o:p></o:p>

	Experts have been suggesting that the country stop taking pride in production capacity and look at sustainable methods to reach better commercial success with regard to the fishing industry. They opine that the fisheries sector should look at future growth, rather than just enjoying the catch with every passing year. Adopting responsible and sustainable fishery practices, bringing together agriculture and aquaculture farms to create agro-aqua farms, improving selling efforts inland and spreading fish quality literacy among fishermen to ensure hygienic practices are some of the focus areas. Prevalence of antibiotic residues in Indian fisheries stocks is a cause of worry for those who are looking at creating infrastructure to keep fishing sustainable, safe and healthy.<o:p></o:p>

	Any change in the ocean areas along the water table is bound to affect the produce. Consistent degradation of shorelines and loss of coral reefs have been major problems faced by India. Unless focus shifts to a comprehensive method of fishery, India stands the threat of losing its brownie points on this front.<o:p></o:p>

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Budget proposals for marine sector to boost India's seafood exports, aquaculture: MPEDA

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Over 5,000 delegates to participate in India International Seafood show in Kochi

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