A BLUE REVOLUTION

Blue economy takes centre stage in India's interim budget, signalling global alignment and responsible ocean leadership

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The Indian government has allocated a record amount of ₹2,584.50 crore for the Department of Fisheries in FY24-25.

This budgetary allocation is 15% higher than the previous year, making it the highest-ever annual allocation for the department. The investment in the fisheries sector has been steadily increasing over the years, with a total of ₹6,378 crore released from 2014-15 to 2023-24 for various developmental activities.

The fisheries sector plays an important role in the Indian economy, contributing to national income, exports, food security, and employment generation. With a record fish production of ₹175.45 lakh tonnes in FY22-23, India is the third-largest fish-producing country in the world.

The sector accounts for 8% of global production and contributes around 1.09% to the country’s Gross Value Added (GVA) and over 6.724% to the agricultural GVA. It also sustains the livelihoods of approximately 30 million people, especially marginalized and vulnerable communities.

According to the Ministry of Fisheries, Animal Husbandry & Dairying, inland fisheries and aquaculture have witnessed a significant increase in fish production. In 1950-51, annual fish production stood at a mere 2.18 lakh tonnes. The national fish production for 2022-23 is expected to reach or exceed ₹174 lakh tonnes, a remarkable 81% increase compared to 2013-14. The fisheries sector provides livelihoods, employment, and entrepreneurship to over 2.8 crore fishers and fish farmers at the primary level and several lakhs along the value chain.