"Fisheries Sector should be ‘Integrated’ like Dairy Industry", Ministry of Rural Development

It is critical to have an integrated chain of activities when organizing fish farmers, especially poor ones, said NN Sinha, Secretary, Ministry of Rural Development, at the first conference on fishtech organized by the industry chamber of FICCI.

Sinha alluded to the need for an integrated structure similar to that of the dairy industry. "There is a lot of room to develop such a value chain," he says.

Growing seaweed, ornamental fishing, and cage culture were also mentioned as viable livelihood activities by the secretary. "We believe aquaculture is an important source of income for a large number of people, and we will collaborate with everyone in the sector," Sinha added.

"We need a dedicated fund for the fisheries sector that can help early-stage start-ups trying to build interesting models and features," said Hemendra Mathur, Chairman of the FICCI-Taskforce on Agri-Startups.

He stated that fishing is an important industry, with over 1.5 crore fishermen employed and a GDP contribution of more than $30 billion.

Mathur emphasized the importance of developing an innovation ecosystem in fishtech along the lines of agriculture, despite the fact that there is significant room for growth. He also emphasized the importance of developing an integrated supply chain and incorporating technology to improve efficiency.

Mathur added, "Given the sector's potential, we should have at least 500 fishtech start-ups in the country. All start-ups combined account for less than 2-3% of market potential. In the context of the opportunity before us, that is a small number. When compared to agritech, I believe fishtech has a long way to go."

PWC's Shashi Kant Singh, Executive Director, Agri & Natural Resources, also mentioned the potential of increasing the use of technology and the headroom available to increase fishery sector production, exports, and domestic consumption.

He went on to say that the government has introduced a lot of "policy support," "ecosystem support," and "well-designed schemes" in the last four to five years. However, Singh stated that "we do see a lot of opportunity in improving the quality of the produce." "If India's blue economy story is to succeed, the fishery will be one of the key segments, among others."

According to Devleena Bhattacharjee, Chair of the FICCI Committee on Fishtech and Founder & CEO of Numer8 Analytics, "India is the second largest fish producing country, accounting for approximately 7.56 percent of global fish production." She stated that it is a rising sector because of the tremendous potential for domestic consumption and expansion, strong export potential, and higher economic returns with strong policy support.

A FICCI PwC report titled "Championing the Blue Economy: Promoting Sustainable Growth of India's Fisheries Sector" was released during the conference. The report highlights India's fisheries sector's potential, trends, opportunities, challenges, and strategic interventions required to support India's blue economy and build a sustainable and profitable future for the industry.