Indian Economy News

India aims to double the marine product exports to Rs. One lakh crore within the next five years, says Shri Piyush Goyal

Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Mr. Piyush Goyal, stated that India plans to double its marine product exports to Rs. 1 lakh crore (US$ 12.86 billion) from the current level of Rs. 50,000 crore (US$ 6.43 billion) within the next five years. This goal will be met by guaranteeing quality and variety in fishing, promoting coastal shipping and aquaculture, and supporting the entire fisheries environment.

Mr. Piyush Goyal stated that free trade agreements with the UAE and Australia have been finalized, while negotiations with the UK and Canada are ongoing. He stated that the objective of these FTAs was to create market access and new chances for the country's exporters, so providing a better future for fishermen. The Minister promised that he will intervene to reduce the barriers to the import of raw materials for value addition, so that India may be transformed into a seafood processing centre in the near future. He asked exporters to educate, help, and encourage fishermen to use sustainable fishing methods while also preserving the quality of the catch to maximise profits.

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