New Delhi, Jan 18: India's seafood exports have crossed the Rs 60,000 crore mark in FY24-25 to date, according to latest government data.

According to the Finance Ministry, frozen shrimp accounted for more than two-thirds of the total exports.

The total export of seafood in FY24 was 1.78 million metric tonnes and its value was Rs 60,523.89 crore.

To further strengthen India's seafood exports, the government has proposed to reduce the basic customs duty (BCD) on key inputs for shrimp and fish feed production to 5 per cent.

This move includes reductions in broodstock, polychaete worms and various feed components. Additional exemptions will apply to inputs used in the manufacture of shrimp and fish feed.

The government said that the reduction in customs duty will increase the competitiveness of the sector.

The Central Board of Indirect Taxes and Customs (CBIC) has implemented several tax reforms to support aquaculture. This includes tax cuts on krill meal, fish lipid oil, crude fish oil, algal prime (flour) and algal oil and reduction of BCD to 5 per cent for essential feed ingredients.

The US was the largest importer of seafood from India in FY24. Its share in the country's total seafood exports was 34.53 per cent or $2.55 billion. Frozen shrimp accounted for 91.9 per cent of seafood exports to the US during this period.

China was second in India's seafood exports. 4,51,000 metric tonnes of seafood worth $1.38 billion has been exported to China. Japan was followed by Vietnam, Thailand, Canada, Spain, Belgium, the UAE and Italy.

Last month, the Department of Fisheries has approved the proposals of the Andaman & Nicobar Administration under the Prime Minister Narendra Modi’s scheme at a total cost of Rs.58.91 crore with a Central share of Rs. 31.48 crore for the development of fisheries including strengthening of infrastructure for the export of tuna fish from the Andaman & Nicobar Islands.

--IANS

Argus News | argus news | Odisha Latest News, Breaking News, Trending News, Live TV