Union Budget proposals give big boost to seafood exports

VIJAYAWADA: The Marine Products Export Development Authority (MPEDA) has applauded the recent Union Budget 2024-25 announcements, which is poised to significantly boost India’s aquaculture and seafood export sectors.

In a press release on Thursday, MPEDA highlighted the government’s commitment to providing substantial financial support for establishing a network of Nucleus Breeding Centres (NBCs) for shrimp broodstock.

This initiative is expected to drastically reduce India’s dependence on imported broodstock, potentially saving the industry up to Rs 150 crore annually. Hatchery operations could see a 50% reduction in broodstock costs, while approximately 1 lakh farmers may benefit from a 30% reduction in shrimp seed costs.

National Bank for Agriculture and Rural Development (NABARD) will play a crucial role in financing shrimp farming, processing, and export. This invention aims to cover 80% of project costs for farmers, accompanied by an interest subvention of up to 3%. A total of 639 export processing units are expected to benefit from enhanced access to infrastructure development funds.

Mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, and algal oil are fully exempt from import duty. Additionally, Artemia and Artemia cysts, key nutritional inputs in aqua hatcheries, are also fully exempt from import duty.