Growing at a compound annual growth rate (CAGR) of about seven per cent, India’s marine and fish industry is likely to reach Rs 67,800 crore by 2015 from the current level of Rs 53,000 crore, according to a study conducted by the Associated Chambers of Commerce and Industry of India (Assocham).
The processed segment comprises of about Rs 8,000 crore, which is 15 per cent of the total domestic marine and fish industry, according to the study, titled ‘Indian Marine and Fish Industry’ released on Thursday.
Fish production in India is likely to cross 12 million tonnes (mt) by 2015 from the current level of 9.3 mt. Captured fish accounts for about 65 per cent of the total fish production, while aquaculture accounts for over 30 per cent of the annual fish production.
India is the second-largest fish producer in the world after China and accounts for nearly six per cent of the global fish production.
“Over 8,000 km of coastline, four million hectares of reservoirs, two million hectares of brackish water and nearly 51,000 sq km of continental shelf area offers a plethora of opportunities for growth of the marine and fish industry of India,” said D S Rawat, secretary general of Assocham while releasing the study report.
India’s substantial fishery resources are under-utilised and there is tremendous potential to increase the output. There is a huge scope for investments in packaged marine processing plants, operations in preservation, processing and export of coastal fish for the private sector as it holds vast, untapped marine resources with a great export potential. Nearly 30 per cent of the marine and fish produced domestically is exported annually.
Processing of fish into canned and frozen forms is carried out mostly for exports. The export earnings in 2010-11 reached $3 billion (about Rs 15,000 crore), recording a growth of 20 per cent compared to the previous year.
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Vannamei shrimp, black tiger shrimp, cuttlefish, lobster, clams, fish fillets and squid are certain products that are exported from India.
The seafood exports from India are likely to touch $4.7 billion (about Rs 23,500 crore) by 2013 through value addition, expansion of aquaculture, technological upgradation and tapping of unexplored resources, according to the study.
There is a scope for developing technology for value addition and infrastructure for exports in the form of marine-based food parks through public private partnership.
Besides, there is an increased demand for processed and ready-to-eat marine products in the domestic market and as such Assocham suggests the government to encourage foreign investment in infrastructure for distribution and storage.
Andhra Pradesh, Gujarat, Karnataka, Kerela, Maharashtra, Orissa, Tamil Nadu and West Bengal are key states that have huge potential to enhance India’s seafood exports.