GUNTUR: Aqua farmers in Bapatla district are celebrating as Union Finance Minister Nirmala Sitharaman announced several incentives for the aqua sector.
These incentives include reducing the tax on certain brood stock, polychaete worms, shrimp, and fish feed to 5% and exempting customs duty on various inputs for the manufacture of shrimp and fish feed.
Additionally, the Central government has increased the total expenditure for constructing the Integrated Aqua Park in Nizampatnam from Rs 88.08 crore to Rs 187.75 crore and allocated Rs 4 crore for constructing two jetties.
Bapatla district’s coastline spans 74 km, with a significant portion of the population in Repalle, Nizampatnam, Bapatla, Karlapalem, Chirala, Vetapalem, Chinaganjam, Nagaram, Bhattiprolu, and other areas dependent on aquaculture, which covers 21,400 acres.
The district boasts 19 shrimp hatcheries and 17 aqua processing plants. Its aqua products are globally renowned, with varieties of fish and shrimp worth Rs 2,250 crore exported to over 52 countries.
Import duty on Artemia feed has been fully exempted, and the tax on brood stock and brood-stock feed has been reduced to 5% from 10% and 30%, respectively. Consequently, shrimp feed costs are expected to decrease by Rs 6,000 to Rs 7,000 per kg. Currently, aqua farmers and hatchery units in the district import brood stock from the United States and other countries. The Union government now proposes to set up nucleus breeding centres, eliminating the need for such imports. These incentives are expected to save farmers nearly 50% of their expenses.
The Centre has agreed to allocate an additional Rs 60 crore on top of the Rs 88.08 crore for constructing the aqua park. Two jetties will be constructed at Kripanagar in Bapatla mandal and Kottapalem in Nizampatnam mandal, significantly benefiting the fishermen.
Import duty on shrimp feed exempted
Import tax on Artemia feed has been fully exempted, and the tax on brood stock and brood-stock feed has been reduced to 5% from 10% and 30%, respectively. Shrimp feed costs are expected to decrease by Rs 6,000 to Rs 7,000 per kg. Currently, aqua farmers and hatchery units in the district import brood stock from the US and other countries