Business

India’s Seafood Exports Surge 2.67 Percent; Frozen Shrimp Leads

The Ministry of Finance reported that India’s seafood exports have surpassed Rs 60,000 crore so far in the financial year 2024-25 (FY25). This achievement comes ahead of the Union Budget 2025, scheduled for February 1. It highlights the government’s efforts to boost the sector’s global competitiveness through various measures, including customs duty cuts.

Frozen shrimp remained the primary growth driver, accounting for nearly two-thirds of the total exports. In FY24, India shipped 1.78 million metric tonnes of seafood, valued at Rs 60,523.89 crore. Despite challenges in key export markets, this represented a 2.67% increase in volume compared to the previous year.

Also Read: India’s Edtech Market To Grow From $7.5 Billion To $29 Billion By 2030: Report

To further enhance seafood exports, the government has proposed reducing the Basic Customs Duty (BCD) on key shrimp and fish feed production inputs to 5%. This includes reductions for broodstock, polychaete worms, and several feed components. Additional exemptions will apply to inputs used in shrimp and fish feed manufacturing.

The Central Board of Indirect Taxes and Customs (CBIC) has also implemented tax reforms aimed at supporting the aquaculture industry. These reforms include a 5% BCD reduction on essential feed ingredients, such as mineral and vitamin premixes. Additionally, tax cuts have been introduced for aquatic feed components like krill meal, fish lipid oil, and algal oil. The BCD for feed manufacturing has also been reduced to 5%.

The United States remained India’s top seafood importer in FY24, accounting for 34.53% of export value, or USD 2.55 billion. Frozen shrimp made up 91.9% of exports to the US. China ranked as the second-largest market, importing 451,000 metric tonnes worth USD 1.38 billion. Japan, Vietnam, Thailand, Canada, Spain, Belgium, the UAE, and Italy followed as key importers.

Shibra Arshad

Recent Posts

Pope Francis Funeral: President Murmu & PM Modi Pay Final Tributes

Pope Francis, the first Latin American pontiff, was laid to rest in a humble ceremony…

1 hour ago

Man Arrested For Raping Six-Year-Old Girl In Bihar’s Vaishali District

The Bihar police have taken swift action in arresting a man accused of raping a…

2 hours ago

PM Modi Distributes Over 51,000 Appointment Letters In 15th Rozgar Mela

PM Modi distributed 51,236 appointment letters to newly-recruited candidates in central government departments and organisations…

4 hours ago

Indian Embassy In Berlin Holds Memorial For Pahalgam Terror Victims

The Indian Embassy in Berlin organised a solemn memorial service to honour the victims of…

5 hours ago

Joe Jonas Reflects On Disconnecting From Technology And Reliving Childhood

Pop star Joe Jonas recently performed his latest single, Heart by Heart, to a phone-free…

6 hours ago

Chennai Super Kings’ Struggles Continue As Sunrisers Hyderabad Secure Crucial Win

CSK captain Mahendra Singh Dhoni has openly acknowledged the team's ongoing struggles in the 2025…

6 hours ago