In the Budget speech, FM has announced that a network of Nucleus Breeding Centres for Shrimp Broodstocks will be setup. Additionally, financing for shrimp farming, processing, and export will be facilitated through the National Bank for Agriculture and Rural Development (NABARD).
In a recent report, CareEdge highlighted India’s position as the world’s second-largest aquaculture producer after China and one of the largest exporters of seafood globally. Over the past decade, shrimp production in India has seen an impressive growth of 255 percent, with production reaching 11.6 lakh MT in FY23 compared to 3.3 lakh MT in FY14.
Shrimp exports, which constitute approximately 70 percent of India’s marine exports, have also experienced remarkable growth. From FY14 to FY23, shrimp export volumes increased by 136 percent, and their value in INR terms grew by 122 percent. However, FY24 saw a deviation from this trend, with a 10 percent moderation in exports in INR terms, primarily due to international pricing pressures.
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