Fisheries can attract about Rs 67,000 cr investment in 5 years: Report

The central government has also envisaged to improve the quality of life in coastal communities, the official said

India expects the fisheries sector to attract investments worth USD 9 billion (about Rs 67,000 cr) over the next five years along with huge employment generation, a top official said on Sarturday.

Fisheries exports are expected to more than double to Rs 100,000 crore by 2024-25 from Rs 46,589 crore at present, he said.

"Government is targeting investments to the tune of USD 9 billion in the fisheries sector over the next five years," Union Fisheries Secretary Rajeev Ranjan said at an e- conference of Indian Chamber of Commerce.

He said the PM Matsya Sampada Yojana (PMMSY) has been designed to achieve this target and the Centre is striving to raise fish production to 220 lakh tonnes by 2024-25 from 138 lakh tonnes, the official was quoted as saying in a release.

"This will also have significant repercussion on employment generation from the sector, which is expected to be around 55 lakh by 2024-25 from close to 15 lakh at present," Ranjan said.

The central government has also envisaged to improve the quality of life in coastal communities and diversification of the coastal economy through sustainable livelihood opportunities and inclusive development in an integrated manner, and Rs 750 crore has been allocated toward the same, he said.

"One of the major objectives of PMMSY is to double marine products export to USD 15 billion by 2024," Ranjan added.

($1 = Rs 74.16)