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Historic Budgetary Allocation and Visionary Policies Propel India's Fisheries Sector into New Heights in FY 2024-25

The fisheries sector, bolstered by visionary leadership and strategic policy initiatives, is set to achieve newer heights during the Amrit Kaal.

Shivam Dwivedi
Historic Budgetary Allocation and Visionary Policies Propel India's Fisheries Sector into New Heights in FY 2024-25 (Photo Source: Pexels)
Historic Budgetary Allocation and Visionary Policies Propel India's Fisheries Sector into New Heights in FY 2024-25 (Photo Source: Pexels)

The Department of Fisheries has been given an incredible budgetary allocation of Rs. 2584.50 crore for the fiscal year 2024–25, marking a historic development. This year's budget for the department is the biggest it has ever been, indicating the government's steadfast support for the expansion and advancement of the fishing industry. Finance Minister Nirmala Sitharaman, in her Budget 2024 presentation, underscored the significant strides made in the fisheries sector.

15% Surge in Budgetary Allocation

The allocated budget represents a significant 15% increase compared to the current financial year. This boost in financial support is poised to catalyze transformative changes within the fisheries sector, fostering innovation, sustainability, and economic growth. The establishment of a dedicated Fisheries Department has played a pivotal role in doubling both inland and aquaculture production. This has led to a remarkable doubling of seafood exports since 2013-14.

Surpassing Previous Expenditure Records

A noteworthy development in the fisheries sector is the exponential growth in expenditure. From the first five-year plan to 2013-14, the total expenditure stood at a modest Rs. 3680.93 crore. However, from 2014-15 to 2023-24, an impressive Rs. 6378 crore has already been disbursed for various fisheries developmental activities. This nine-year period has witnessed a targeted investment exceeding Rs. 38572 crore, an unprecedented investment in this sunrise sector.

Visionary Leadership and Policy Initiatives

Pradhan Mantri Mastya Sampada Yojana (PMMSY) Scaling Up

The flagship scheme, Pradhan Mantri Mastya Sampada Yojana (PMMSY), is set to undergo expansion with ambitious targets. The focus includes enhancing aquaculture productivity from the existing 3 to 5 ton/Ha, doubling exports to Rs 1 lakh crore, and generating 55 lakh employment opportunities. Additionally, the plan involves establishing 5 integrated aquaparks to usher in significant infrastructural changes.

Blue Economy 2.0 Unveiled

In a move toward sustainable practices, the government will launch Blue Economy 2.0. This initiative will concentrate on promoting climate-resilient activities, restoration and adaptation measures, and the development of coastal aquaculture and mariculture with an integrated and multi-sectoral approach.

Fisheries Sector: The Backbone of Indian Economy

Recognizing the Sunrise Sector

The fisheries sector is a vital contributor to the Indian economy, playing a crucial role in national income, exports, food and nutritional security, and employment generation. Designated as the 'Sunrise Sector,' it sustains the livelihoods of approximately 30 million people in India, particularly those belonging to marginalized and vulnerable communities.

Impressive Global Standing

With a record fish production of 175.45 lakh tons in FY 2022-23, India has solidified its position as the third-largest fish-producing country globally, accounting for 8% of global production. The sector's contribution to the country’s Gross Value Added (GVA) is about 1.09%, with over 6.724% to the agricultural GVA.

As the sector continues to demonstrate immense potential for growth, it calls for sustained attention and support, both in terms of policy frameworks and financial backing, to ensure sustainable, responsible, inclusive, and equitable growth.

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