FY25 seafood exports cross Rs. 60,000 crore (US$ 6.93 billion), govt eyes duty cuts in Budget 2025
- IBEF
- January 20, 2025
India’s seafood exports for the H1 FY25 have exceeded Rs. 60,000 crore (US$ 6.93 billion), the Ministry of Finance reported on Friday. This comes ahead of the Union Budget 2025, scheduled for February 1, 2025, with proposals to enhance the sector’s global competitiveness, including reductions in customs duties. Frozen shrimp has been the standout performer, contributing nearly two-thirds of the total seafood exports.
In FY24, India exported 1.78 million metric tonnes of seafood valued at Rs. 60,523.89 crore (US$ 6.99 billion), marking a 2.67% increase in volume compared to the previous year despite challenges in key export markets. The government has proposed reducing the Basic Customs Duty (BCD) to 5% on several key shrimp and fish feed production inputs to boost exports further. This includes items such as broodstock, polychaete worms, and various feed components, alongside customs duty exemptions for other necessary inputs. The Central Board of Indirect Taxes and Customs (CBIC) has already implemented several tax reforms, including reduced duties on aquatic feed ingredients and tax cuts on prawn and shrimp feed. The US remains the leading importer, accounting for 34.53% of total seafood exports, with frozen shrimp making up 91.9% of the exports to the country. China and Japan follow as major markets.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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