Fisheries in West Bengal - #SectorUpdates
The fisheries sector has been recognized as a powerful income and employment generator providing a steady source of cheap and nutritious food. India is the second largest fish-producing country in the world accounting for 7.56% of global production. The Indian fish market was valued at INR 1,232 billion in 2020 and is expected to reach INR 2,243 billion by 2026 exhibiting a CAGR of 10.5% within 2020 – 2026. Union Budget has increased budget allocation from INR 7.7025 billion in FY20 to INR 8.25 billion in FY21 in order to recognize the significance of ‘the blue economy. Fisheries alone employ 145 million people and contribute 1.07% of the country’s GDP. As per a recent estimate by the National Fisheries Development Board, the sector generated export earnings of INR 334.41 billion in FY20. Centrally sponsored schemes including the Integrated Development and Management of Fisheries and Aquaculture Infrastructure Development Fund are made available to devise a framework for the development, management, and conservation of marine (and inland) fisheries and thereby increase exports to INR 1000 billion by FY25.