Kochi: The Marine Products Export Development Authority (MPEDA) applauds the recent announcements made in the Union Budget 2024-25, which are set to significantly enhance India’s aquaculture and seafood export sectors.
The budget includes a range of strategic measures aimed at bolstering the competitiveness of India’s marine products Sector, with a particular focus on shrimp production and export.
Key Highlights:
- Financial Support for Shrimp Broodstock Centers:
The government has committed to providing substantial financial support to establish a network of Nucleus Breeding Centres (NBCs) for shrimp broodstocks. This initiative is anticipated to drastically reduce India’s reliance on imported broodstock, potentially saving the industry up to ₹150 crores annually. Hatchery operators are expected to benefit significantly, with projected savings of 50% on broodstock costs. Approximately 1 lakh farmers will benefit from a 30% reduction in shrimp seed costs.
- Facilitated Financing through NABARD:
The National Bank for Agriculture and Rural Development (NABARD) will play a crucial role in facilitating financing for shrimp farming, processing, and export. This intervention is designed to cover 80% of project costs for farmers, accompanied by an interest subvention of up to 3%. A total of 639 export processing units are expected to benefit from enhanced access to infrastructure development funds, enabling them to improve and expand their facilities through assistance from NABARD.
- Customs Duty Reductions for Aqua Hatchery; Aqua Farm inputs:
Various inputs used in the manufacture of shrimp and fish feed will now enjoy customs duty exemptions. Various feed inputs viz. mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, and algal oil were fully exempted from any import duty. Artemia and Artemia cysts which are key nutritional inputs in aqua hatchery were also fully exempted from any import duty.
The Basic Customs Duty (BCD) on essential aquafarm/hatchery inputs such as Vannamei and black tiger broodstock, polychaete worms, and fish/shrimp feed has been reduced to 5%. Import duty for insect meal and single-cell protein also reduced to 5%
- Customs duty exemption for key input for Value Addition:
Breaded and battered shrimps, fish fingers, squid rings, etc, are in high demand in the international market. Pre-dusted breading powder is one of the integral ingredients for manufacturing the product. Pre-dust Breaded Powder for Seafood Processing was exempted from 30% import duty.
