India registers 35% marine exports growth during April-December 2021

India registered 35% marine products growth to USD 6.1 billion during April to December 2021 (provisional).

The growth for the same period was USD 4.5 billion in the year 2020, reports ANI.

As compared to April-December 2019 (USD 5.5 Billion) and April-December 2014 (USD 4.4 Billion), exports of Marine Products registered a growth of 12 per cent and 38 per cent respectively.

As per a press release from the Ministry of Commerce and Industry, in the month of December 2021, exports of marine products touched USD 720.51 Million, registering a growth of 28.01 per cent over USD 562.85 million logged in December 2020.

The overall exports of marine products in the last Financial Year (March, 2020-April, 2021) was USD 5.96 Billion. With USD 6.11 billion scaled during the first three-quarters of FY 2021-22, the sector is very likely to exceed the all-time high of USD 7.02 billion exports achieved in FY 2017-18, despite the impact of the COVID-19 pandemic since January 2020, adds the release.

The top 5 export destinations in April-November 2021 (latest available, share per cent in bracket) are USA (44.5 per cent), China (15.3 per cent), Japan (6.2 per cent), Vietnam (4 per cent) & Thailand (3 per cent).

Frozen shrimps constitute the major share in India's marine products exports items with 74 per cent share in value terms (USD); Frozen Fish (7 per cent), Others (6 per cent) and Frozen Squid (5 per cent) constitute the other major items in the Marine Products exports basket in FY 2020-21.

Other categories included primarily Surimi and Surimi analogue (imitation) products, added the release.

Several exports promotion schemes for Fisheries have been implemented by the Marine Products Export Development Authority (MPEDA), a statutory body set up in 1972 under the Ministry of Commerce & Industry for the promotion of the export of marine products from India. '

Prime Minister Narendra Modi launched the Pradhan Mantri Matsya Sampada Yojana (PMMSY) in May 2020 with an array of 100 diverse activities. With a budget of Rs. 20,050 crore, it is by far the largest investment to bring about Blue Revolution through sustainable and responsible development of the fisheries sector in India. PMMSY, being implemented over a period of 5 years from FY 2020-21 to FY 2024-25 in all States/Union Territories, has set a target of Rs. 1,00,000 crore fisheries export, additional 70 lakh tonnes fish production, and generation of 55 lakh employment in the years to come.