Budget 2025: Govt Allocates ₹2,703 Crore to Boost Fisheries

The Indian government has allocated a record-high budget of ₹2,703.67 crore for the fisheries sector in 2025-26. This marks a 3.3% increase from last year’s allocation of ₹2,616.44 crore. Out of this, ₹2,465 crore has been set aside for the Pradhan Mantri Matsya Sampada Yojana (PMMSY), which is a 4.8% rise from the previous year’s ₹2,352 crore. Finance Minister Nirmala Sitharaman emphasised India’s leading position in aquaculture and seafood exports while announcing measures to strengthen the sector further.

Sustainable Fisheries Development in EEZ and High Seas

A new framework has been proposed to sustainably harness marine fisheries from India’s Exclusive Economic Zone (EEZ) and High Seas, with a special focus on Andaman & Nicobar (A&N) and Lakshadweep Islands. India’s vast EEZ of 20 lakh sq. km and its 8,118 km coastline have a marine potential of 53 lakh tonnes (as per 2018 estimates), offering significant growth opportunities. The government aims to promote deep-sea fishing and support fishers in acquiring specialised Resource-Specific Fishing Vessels.

Fisheries Development in Andaman & Nicobar Islands

The government plans to tap into the 1.48 lakh tonnes of fisheries potential in the A&N Islands, including 60,000 tonnes of tuna. Key initiatives include:

• Development of a Tuna Cluster
• Establishment of on-board processing and freezing facilities for tuna fishing vessels
• Single-window clearances for deep-sea fishing vessels
• Promotion of sea cage culture, seaweed farming, ornamental fish, and pearl cultivation

Fisheries Development in Lakshadweep Islands

The Lakshadweep Islands have a fisheries potential of 1 lakh tonnes, including 4,200 tonnes of tuna. The government has introduced a Seaweed Cluster to encourage economic growth. Initiatives include:

• Island-wise area allocation and leasing policies
• Support for Self-Help Groups (SHGs) led by women
• Capacity-building programs in collaboration with ICAR and private entrepreneurs
• Promotion of tuna fishing and ornamental fish farming

Increased Credit Access for Fishers

To improve financial inclusion in the fisheries sector, the Kisan Credit Card (KCC) lending limit has been raised from ₹3 lakh to ₹5 lakh. This will help fishers, farmers, and processors get easier access to funds for their working capital needs. The increased credit availability will support the adoption of modern techniques, benefiting rural development and economic stability.

Reduction in Import Duties for Seafood Processing

To enhance India’s competitiveness in global seafood markets, the government has reduced Basic Custom Duty (BCD) on key seafood processing inputs:

• Frozen fish paste (Surimi): Reduced from 30% to 5% to support manufacturing of value-added seafood products like imitation crab meat sticks and shrimp analogues.
• Fish hydrolysate: Reduced from 15% to 5%, which will lower production costs and boost profits for shrimp farmers.

India’s Growing Fisheries Sector

The Indian fisheries sector is one of the fastest-growing ‘sunrise sectors’ of the economy. According to a NITI Aayog report (2024), the sector recorded an impressive 9.08% annual growth in value between 2014-15 and 2022-23. India ranks 2nd globally in fish production with an 8% share and recorded a total fish production of 184.02 lakh tonnes in 2023-24. It also ranks 2nd in aquaculture production, with 139.07 lakh tonnes in 2023-24. Additionally, India is one of the top exporters of seafood, with total exports worth ₹60,524 crore in 2023-24.

Government’s Commitment to a Strong Fisheries Sector

With over 30 million people dependent on the fisheries sector for their livelihood, the government remains committed to its development under the vision of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas’. The new budget measures aim to further boost production, improve exports, and strengthen India’s position as a leading player in the global seafood market. The government’s vision aligns with its long-term goal of making India a developed nation (Viksit Bharat) by 2047.

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