NEW DELHI: In 2019, Prime Minister Narendra Modi announced a target of generating Rs 1 lakh crore revenue from seafood exports by 2025. With the revenue generation falling far below, the government has shifted the target to 2030.
According to data from the Marine Products Export Development Authority (MPEDA), the export revenue for 2020-21 was Rs 43,721 crore, which saw a 43% increase over the next five years. By 2025, India generated about Rs 62,000 crore, a way behind the target of Rs 1 lakh crore.
Revenue generation has fallen short despite government’s initiatives, such as the Pradhan Mantri Matsya Sampada Yojana (PMMSY) with an investment of Rs 20,050 crore aimed at increasing total fish production to 22 million metric tonnes (mmt) and enhancing fisheries export earnings to Rs 1 lakh crore by 2024-25.
Besides, the government has only spent 30% of the total allocated funds—less than Rs 6,000 crore against the allocation of 20,050 crore.
Meanwhile, the government has made efforts to develop fisheries harbours, landing centres, cold chains, ice plants, fish kiosks, and post-harvest facilities while providing support to fisheries in coastal areas.
Fish production grew from 14.73 mmt to 19.73 mmt between 2020 and 2025. Peak fish export revenue reached around Rs 64,000 crore in 2022-23 but has since declined. Following the setbacks, the government announced major reforms in the fisheries sector in the 2026 budget by amending outdated customs regulations to promote fish processing.
The amendments to the Customs Act of 1962 introduced provisions that exempt fishermen from duties on fish caught beyond territorial waters, specifically within the Exclusive Economic Zone (EEZ) or on the High Seas.
The industry has suggested significant interventions in marine ingredients that could enhance revenue and renewal of interest subvention scheme and freight subsidies.
Indian Marine Ingredients Association president Mohamed Dawood Sait said, “By unifying regulations, verifying the supply chain, and ensuring proper chilling of fish, India has the potential to transform current waste and fragmentation into a Rs 50,000-crore powerhouse in marine ingredients.”
Siraj Dosani, president of the Seafood Exporters Association. Maharashtra region, suggested renewal of interest subvention scheme and freight subsidies for export.
Govt measures to combat setbacks in the sector
The government announced major reforms in the fisheries sector in the 2026 budget by amending outdated customs norms to promote fish processing. The amendments to the Customs Act of 1962 introduced provisions that exempt fishermen from duties on fish caught beyond territorial waters, specifically within the Exclusive Economic Zone (EEZ).