Indian marine exports saw a growth spurt of 41 percent in March—mostly contributed by shrimp export—after 12 months of sharp decline. In part, the centre's PLI scheme for the food processing sector is responsible for the sharp growth.

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The central government's recently announced PLI scheme for the food processing sector, which includes value-added shrimps is expected to give an impetus to shrimp exports. In fact, the government too has sharpened focus on the development of this industry, ergo India has been one of the biggest exporters of seafood in the world.

Seafood exports have gradually increased from $3.5 billion in FY12 to $6.8 billion in FY20.

Out of the total seafood exports, frozen shrimp contributes the most to the market. Its share was 73 percent of the total exports in FY20—a sharp increase from 50 percent levels in FY12.

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(Edited by : Yashi Gupta)

First Published:Jul 19, 2021 4:31 PM IST