Finance
Exports of Marine Products registered a growth of 35% to USD 6.1 Billion during April-December 2021 (Provisional) as compared to USD 4.5 Billion during same period in the year 2020. As compared to April-December 2019 (USD 5.5 Billion) and April-December 2014 (USD 4.4 Billion), exports of Marine Products registered a growth of 12% and 38% respectively.
In the month of December 2021, exports of Marine Products touched USD 720.51 Million, registering a growth of 28.01% over $562.85 Mn logged in December 2020.
The overall exports of Marine Products in the last Financial Year (March, 2020-April, 2021) was USD 5.96 Billion, and with USD 6.11 Billion scaled during the first three Quarters of FY2021-22, the sector is very likely to exceed the all-time high of USD 7.02 Billion exports achieved in the FY2017-18, despite the impact of the Covid19 pandemic since January, 2020.
Top 5 export destinations in April-November 2021 (latest available, share% in bracket) are: USA (44.5%), China (15.3%), Japan (6.2%), Vietnam (4%) & Thailand (3%). Frozen shrimps constitute the major share in India’s Marine Products exports items with 74% share in value terms (USD); Frozen Fish (7%), Others (6%) and Frozen Squid (5%) constitute the other major items in the Marine Products exports basket in FY2020-21. Others category included primarily Surimi and Surimi analogue (imitation) products.
Several exports promotion schemes for Fisheries have been implemented by the Marine Products Export Development Authority (MPEDA), a statutory body set up in 1972 under the Ministry of Commerce & Industry for promotion of export of marine products from India. The Prime Minister Shri Narendra Modi launched the Pradhan Mantri Matsya Sampada Yojana (PMMSY) in May 2020 with an array of 100 diverse activities. With a budget of Rs. 20,050 crore, it is by far the largest investment to bring about Blue Revolution through sustainable and responsible development of fisheries sector in India. PMMSY, being implemented over a period of 5 years from FY 2020-21 to FY 2024-25 in all States/Union Territories, has set a target of Rs. 1,00,000 crore fisheries export, additional 70 lakh tonnes fish production, and generation of 55 lakh employment in the years to come.
Source:PIB
