Pisciculture & Aquaculture - #SectorUpdates
India is the 3rd largest fish-producing country in the world and more than 65% of India’s fish is produced through Inland Fisheries and Aquaculture. Indian aquaculture market has reached a volume of 11.40MT in 2021 and market reports expect the volume to reach 18.40 MT by 2027 exhibiting a CAGR of 8.20% within 2021 – 2027. India is among the top 5 fish exporting countries in the world. About 17% of India’s agricultural exports are fish and fish products. In 2020-21, the country exported marine products in of quantity 1.15 million MT. The aquaculture sector contributes around 1% to India’s Gross Domestic Product (GDP) and over 5% to the country’s agricultural GDP. The sector has been instrumental in sustaining the livelihoods of over 28 million people in India, especially for marginalized and vulnerable communities, and has contributed towards encouraging socio-economic development. The government has initiated Pradhan Mantri Matsya Sampada Yojana (PMMSY) with the objective to double the income of fish farmers and fishers in the country. It focuses on the sustainable development of India’s fisheries sector and is a part of the Atmanirbhar Bharat scheme.