The Indian government has allocated a record amount of ₹2,584.50 crore for the Department of Fisheries in FY24-25.
This budgetary allocation is 15% higher than the previous year, making it the highest-ever annual allocation for the department. The investment in the fisheries sector has been steadily increasing over the years, with a total of ₹6,378 crore released from 2014-15 to 2023-24 for various developmental activities.
The fisheries sector plays an important role in the Indian economy, contributing to national income, exports, food security, and employment generation. With a record fish production of ₹175.45 lakh tonnes in FY22-23, India is the third-largest fish-producing country in the world.
The sector accounts for 8% of global production and contributes around 1.09% to the country’s Gross Value Added (GVA) and over 6.724% to the agricultural GVA. It also sustains the livelihoods of approximately 30 million people, especially marginalized and vulnerable communities.
According to the Ministry of Fisheries, Animal Husbandry & Dairying, inland fisheries and aquaculture have witnessed a significant increase in fish production. In 1950-51, annual fish production stood at a mere 2.18 lakh tonnes. The national fish production for 2022-23 is expected to reach or exceed ₹174 lakh tonnes, a remarkable 81% increase compared to 2013-14. The fisheries sector provides livelihoods, employment, and entrepreneurship to over 2.8 crore fishers and fish farmers at the primary level and several lakhs along the value chain.
This story is from the February, 2024 edition of Beyond Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February, 2024 edition of Beyond Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
PRUDENT PRACTICES
Banks worldwide navigate a complex balancing act, steering economies toward growth while safeguarding financial stability through thoughtful management of interest rates and credit risks
RETAIN ROULETTE
Inexperienced investors spin the market wheel, chasing dizzying valuations and risking a bubble burst
UNRAVELED THREADS
Bangladesh's crisis disrupts global textiles, offering India a potential opportunity, but production constraints limit its gains
PASSING THE BATON
Succession planning helps ensure uninterrupted leadership
RISKY BUSINESS?
SEBI's efforts to protect retail investors from derivatives market risks could inadvertently dampen market volumes
INFLATION-PROOF YOUR CHILD'S FUTURE
Inflation might be stealing your child's future, but children's mutual funds can be their superhero
EMBRACE UNCERTAINTY, SAYS MARKS
Howard Marks urges investors to embrace uncertainty, long-term thinking, and focus on controllables, shunning in his memo “The Folly of Certainty”
IMPORTANT JARGON
70% OF INDIVIDUAL INTRADAY TRADERS IN THE EQUITY CASH SEGMENT MAKE LOSSES, FINDS SEBI STUDY
AN ASCENT T'O NEW HEIGHTS
The IMF predicts India's economy to reach 55 trillion by 2047, driven by various economic indicators showing positive growth and government initiatives
CARRY TRADE CRASH: GLOBAL MARKETS REEL
Japan’s Policy Shift Sends Shockwaves Through Global Markets, Including India, as Yen Carry Trade Disintegrates
