“It was our government which set up a separate Department for Fisheries realising the importance of assisting fishermen. This has resulted in doubling of both inland and aquaculture production. Seafood exports since 2013-14 have also doubled,” Sitharaman said while presenting her sixth budget as finance minister.
This is an interim budget as the general elections are scheduled later this year.
Inland fish production has risen to 161 lakh tonnes from 61 lakh tonnes in 2013-14. India’s fish output stood at 174 lakh tonnes in 2022-23. The country is the third-largest fish producer in the world, contributing 8% to total global fish production.“Implementation of PMMSY will be stepped up to enhance aquaculture productivity from existing 3 to 5 tons per hectare, double exports to Rs 1 lakh crore and generate 55 lakh employment opportunities in near future. Five integrated aqua parks will be set up,” said the finance minister.Responding to the budget announcements, Aditya Dash, MD of Ram’s Assorted Cold Storage Limited, said: “The budget announcements show that finally aquaculture and the blue economy have been getting focus. The focus on productivity and adaptability is the need of the hour. Since the aquaculture sector has to deal with climate change, volatile geopolitical scenarios and what is being termed as a poly crisis. We hope that stakeholders like CII, SEAI (Seafood Exporters Association of India), SAP (Society of Aquaculture Professionals) and PFFI (Prawn Farmers Federation of India) are consulted when the detailed schemes are being formulated. From no mention of aquaculture and blue economy to at least hearing such bold statements is music to my ears. But like I always say, the best is yet to come and a lot more needs to be done.” Pawan Kumar, President of SEAI, said the announcements around fishery and setting up of aqua parks are expected to generate employment. “We welcome the government’s intent to increase aquaculture exports. In fact, we would have been more happy had they talked about giving agriculture status to aquaculture. Right now, we will probably have to see fine details. But, one good change is that the budget has focused on the fisheries sector. We are happy about this,” added Kumar, a Vizag-based seafood exporter.Blue Economy 2.0
Sitharaman also talked about blue economy 2.0 and said the government plans to launch a scheme for restoration and adaptation measures by integrating coastal aquaculture and mariculture with integrated and multi-sectoral approach to promote climate resilient activities for blue economy 2.0.
“The blue economy has an impact across the country from a marine as well inland fisheries standpoint. The budget has focused on both the growth and productivity aspects of aquaculture by investing in export promotion and infrastructure development through aqua parks,” said Anand Ramanathan, Partner and Consumer, Products and Retail sector Leader, Deloitte India.
On Wednesday, the budget session began with President Droupadi Murmu addressing a joint session of the Lok Sabha and the Rajya Sabha. Murmu spoke about the accomplishments of the Modi government over the last decade and noted that the Indian economy is currently advancing positively and at a suitable pace. The finance minister presented the interim budget on Thursday.
The interim budget is a provisional financial plan during an election year which addresses the immediate financial needs until a new government is elected. It generally refrains from making significant and far-reaching policy declarations.
