The aquaculture sector in India is emerging as a key driver of economic growth, with significant government investment aimed at bolstering its potential. The Union Budget for 2025 allocated INR 2,703.67 crore to the fisheries sector, marking a 3.3% increase from the previous year’s allocation. This funding supports sustainable growth in both the inland and marine aquaculture sectors, with a special focus on harnessing resources from the exclusive economic zones (EEZ) and high seas, particularly around Lakshadweep and the Andaman & Nicobar Islands.
As the second-largest fish producer globally, India has a robust aquaculture industry that significantly contributes to both the national economy and the global seafood market. Seafood exports alone reached INR 60,000 crore, underscoring the sector’s growing importance. The government aims to tap into this potential further, particularly by focusing on expanding marine fisheries, which remain underutilized.
The Rise of Aquaculture in India
Aquaculture, encompassing the farming of fish, shrimp, algae, and other aquatic species, has become one of the most dynamic sectors in India. The industry has flourished thanks to advancements in technology, improved production methods, and rising global demand for seafood. In FY24, India’s seafood export volume hit a record 17,81,602 tonnes, valued at INR 60,523.89 crore (~USD 7.38 billion), highlighting the sector’s global significance.
Aquaculture contributes about 1% to India’s GDP and over 5% to agricultural GDP. As the third-largest fish producer globally, India accounts for roughly 8% of global fish production, cementing its role as a key player in the global seafood industry.
Challenges and Opportunities for Growth
Despite the sector’s rapid growth, challenges remain. A significant portion of India’s aquaculture industry still lacks proper structure, quality control, and efficient marketing practices, which hinders profitability. The government has launched initiatives like the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) to formalize and modernize the sector. These efforts are expected to standardize farming practices, reduce wastage, and improve yields.
A more structured sector will also generate more employment by offering better wages, job stability, and social security. Furthermore, improving quality control and marketing will help Indian seafood products gain greater access to international markets, boosting foreign exchange earnings.
Tapping into Marine Fisheries
While India’s aquaculture sector is growing rapidly, it is still largely reliant on inland fisheries, which accounted for 131.13 lakh tonnes of the total 175.45 lakh tonnes of fish production in FY2022-23. Only 44.32 lakh tonnes came from marine sources, indicating significant untapped potential in the marine sector.
The way forward
The combination of government support, sustainable fishing practices, innovation, and improved international market access will ensure India’s dominance in the global aquaculture industry. With a strong foundation in both inland and marine aquaculture, India is well-positioned to create lasting economic growth and job opportunities, reinforcing its status as a global leader in seafood production.
Source: The Business Line
