In 2019, Prime Minister Narendra Modi set an ambitious target of generating ₹1 lakh crore in seafood export revenue by 2025. However, with earnings falling significantly short, the government has now extended the deadline to 2030.
According to data from the Marine Products Export Development Authority (MPEDA), seafood export revenue stood at ₹43,721 crore in 2020–21. Over the next five years, earnings grew by 43%, reaching approximately ₹62,000 crore in 2024–25—well below the ₹1 lakh crore goal. The sector had briefly peaked at around ₹64,000 crore in 2022–23 before witnessing a decline.
The shortfall comes despite major government initiatives, including the Pradhan Mantri Matsya Sampada Yojana (PMMSY), launched with an outlay of ₹20,050 crore. The scheme aimed to raise total fish production to 22 million metric tonnes (mmt) and boost fisheries export earnings to ₹1 lakh crore by 2024–25. However, only about 30% of the allocated funds—less than ₹6,000 crore—have reportedly been utilised so far.
On the production front, India recorded steady growth, with fish output rising from 14.73 mmt in 2020 to 19.73 mmt in 2025. The government has also invested in strengthening fisheries infrastructure, including the development of fishing harbours, landing centres, cold chains, ice plants, fish kiosks and post-harvest facilities, particularly in coastal regions.
In response to the sector’s slowdown, the Centre announced major reforms in the 2026 Union Budget. Amendments to the Customs Act of 1962 aim to modernise outdated customs regulations and promote fish processing. The revised provisions exempt fishermen from duties on fish caught beyond territorial waters, specifically within the Exclusive Economic Zone (EEZ) and on the high seas.
Industry stakeholders have called for additional support to revive export momentum. Mohamed Dawood Sait, President of the Indian Marine Ingredients Association, said that unified regulations, improved supply chain verification and proper chilling infrastructure could help transform the marine ingredients segment into a ₹50,000-crore industry.
Siraj Dosani, President of the Seafood Exporters Association (Maharashtra region), urged the government to renew the interest subvention scheme and extend freight subsidies to support exporters facing rising operational costs.
With policy reforms underway and production levels steadily improving, the government is banking on structural changes and enhanced value addition to help the fisheries sector achieve its revised ₹1 lakh crore export target by 2030.
