Marine Products Export Development Authority Applauds Union Budget 2024

Vijayawada: The Marine Products Export Development Authority (MPEDA) has applauded the announcements made in the Union Budget 2024 that it said, “are set to significantly enhance India's aquaculture and seafood export sectors.”

MPEDA chairman DV Swamy said here on Thursday that the budget included a range of strategic steps aimed at bolstering the competitiveness of India's marine products sector, with a special focus on shrimp production and export.

He said the government has promised to provide substantial financial support to establish a network of nucleus breeding centres (NBCs) for shrimp broodstock.

“This initiative is anticipated to drastically reduce India's reliance on imported broodstock, potentially saving the industry up to Rs 150 crore annually. Hatchery operators are expected to benefit significantly from the budget proposals, with a projected savings of 50 per cent on broodstock costs.

He stated that approximately one lakh farmers will benefit from a 30 per cent reduction in shrimp seed costs. NABARD will play a crucial role in facilitating the financing for shrimp farming, processing and export, he said.

He said this intervention was designed to cover 80 per cent of the project costs for farmers, accompanied by an interest subvention of up to 3 per cent. A total of 639 export processing units are expected to benefit from enhanced access to infrastructure development funds, enabling them to improve and expand their facilities through assistance from NABARD.