“The Government of India’s budget announcement of setting up a separate Department of Fisheries is positive for the Indian aquaculture industry as it will lead to prioritization and more focused follow up on the development of farmers,” said Pavethra Ponniah, vice president and sector head (corporate sector ratings) at rating agency Icra. Currently, the Ministry of Agriculture looks after three sectors: fisheries, animal husbandry, and dairy.
The Indian seafood industry expects that a dedicated department for fisheries along with the 2 percent interest subsidy applied to fish farmers, announced in the federal provisional budget for 2019-20, will bring about an increase in shrimp production and export.
Last year, India, with a production of over 600,000 tons, was one of the five top producers of farmed shrimp in the world, and its seafood export represented a record $6.34 billion.
