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REPRESENTATIVE
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REPRESENTATIVE
India’s seafood exports have surpassed Rs 60,000 crore so far in the 2024-25 financial year (FY25), according to the Ministry of Finance. This milestone, announced ahead of the Union Budget 2025 set for February 1, highlights ongoing efforts to boost the sector’s global competitiveness, including proposals for reducing customs duties and other measures.
Frozen shrimp emerged as the leading driver of this growth, accounting for nearly two-thirds of total exports. In FY24, India exported 1.78 million metric tonnes of seafood, valued at Rs 60,523.89 crore, marking a 2.67 per cent increase in volume over the previous year despite challenges in major export markets.
To further enhance India’s seafood export capabilities, the government has proposed reducing the Basic Customs Duty (BCD) on key inputs for shrimp and fish feed production to 5 per cent. This includes cuts in duties for essential materials such as broodstock, polychaete worms, and various feed components. Additional exemptions will apply to inputs used in manufacturing shrimp and fish feed.
The Central Board of Indirect Taxes and Customs (CBIC) has also introduced several tax reforms to support the aquaculture industry, including:
The United States remained the largest importer of Indian seafood in FY24, accounting for 34.53 per cent of total export value, amounting to USD 2.55 billion. Frozen shrimp made up 91.9 per cent of exports to the US.
China ranked second, importing 451,000 metric tonnes worth USD 1.38 billion. Other major seafood importers include Japan, Vietnam, Thailand, Canada, Spain, Belgium, UAE, and Italy.
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