India's fisheries sector progressing toward financial formalization

The Indian fisheries sector is recognized as the "Sunrise Sector" has evolved from a primarily subsistence-driven activity into a dynamic engine of economic growth, government noted in a latest update. With a contribution of 1.12% to India's Gross Value Added (GVA), the sector plays a pivotal role in delivering nutritional security, providing affordable protein, and sustaining the livelihoods of nearly 30 million people. India today stands as the world's second largest fish producer and largest aquaculture producer, accounting for approximately 8% of global fish production. Over the past decade, the sector has achieved remarkable expansion fish production reached an all-time high of 197 lakh tonnes in FY 2024-25, nearly doubling from 95.79 lakh tonnes in 2013-14.

 

This growth has been structurally reshaped by the rising dominance of inland fisheries, contributing over 75% of total production. The sector's gradual transition from capture-based fisheries to culture-based aquaculture has further strengthened production stability. In FY 2024-25, exports touched Rs 62,408 crore (USD 7.45 billion), with frozen shrimp as the major commodity and the United States and China as key markets. The sector contributes 7.26% to agricultural GVA. The government has set an ambitious target to increase national fish production to 220 lakh tonnes by FY 2025-26.

The journey of credit flow to the sector has been digitized with real time tracking of loan request. All the 12 nationalized banks have been on boarded on the NFDP for easy and direct loan request to banks. The nationalized banks have been very supportive of the scheme and doing fabulous job in processing the loan requests. With strengthened digital financing rails, de-risked lending instruments, and customized institutional partnerships now in place, India's fisheries sector is progressing toward financial formalization and sustainable expansion.

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