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.
Diese Geschichte stammt aus der February, 2024-Ausgabe von Beyond Market.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der February, 2024-Ausgabe von Beyond Market.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
IMPORTANT JARGON
TRANSITIONING SFBs TO UBs: RBI’s NEW GUIDELINES - The Reserve Bank of India recently issued new guidelines outlining the transition process for Small Finance Banks (SFBs) to become Universal Banks (UBs).
NAVIGATING INDIA'S MARKET WITH HOWARD MARKS
Howard Marks' focus on cycles and capital preservation translates to a defensive strategy for India's frothy market: prioritize cash, target undervalued sectors, and diversify
FINDING A BETTER FIT
Switch health insurers at renewal to keep benefits such as waiting period and bonus, but weigh drawbacks
SILVER SQUEEZE
Green tech boom strains supply, propelling silver as a sustainable investment
A PODCASTING FUTURE
India's podcast scene explodes with formats and listeners, primed for digital growth, with high-quality content reigning supreme
BOUNCING BACK WITH DOMESTIC FOCUS
Despite challenges, India's tyre industry remains optimistic about doubling revenue by 2032
HIGHWAY HICCUPS?
Slowdown in awarding highway projects, driven by industry factors and project complexities, pushes NHAI towards debt reduction and private partnerships for sustainable development
CONTENT CONQUEST
JIOCINEMA'S ULTRA-LOW PLAN SHAKES INDIA'S STREAMING SCENE, AIMING FOR AD REVENUE AND LEVERAGING STRENGTHS TO BECOME A BIG PLAYER
CAUGHT BETWEEN CAUTION AND GROWTH
RBI's draft on project financing seems to be a pre-emptive measure to prevent large defaults on infrastructure loans. However, in their current form, the requirements look onerous for banks
HOT OR HYPE?
India's 2024 IPO market sizzles with investor cash, but will it be a blockbuster or a box office flop? Valuation worries linger