VIJAYAWADA: The Marine Products Export Development Authority (MPEDA) has expressed strong approval of the recent Union Budget 2024-25, which promises to significantly enhance India’s aquaculture and seafood export sectors.
In a press release on Thursday, MPEDA lauded the government's commitment to establishing a network of Nucleus Breeding Centres (NBCs) for shrimp broodstock. This initiative is expected to considerably reduce India’s reliance on imported broodstock, potentially saving the industry up to Rs 150 crore annually. Hatchery operations are projected to benefit from a 50% reduction in broodstock costs, with around 1 lakh farmers likely to see a 30% decrease in shrimp seed costs.
The National Bank for Agriculture and Rural Development (NABARD) will be pivotal in financing shrimp farming, processing, and export. This support will cover 80% of project costs for farmers, with an interest subvention of up to 3%. Additionally, 639 export processing units are anticipated to gain from improved access to infrastructure development funds.
The Budget also includes key measures such as the full exemption from import duty on mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, and algal oil. Artemia and Artemia cysts, essential for aqua hatcheries, will also be duty-free.
Furthermore, the Basic Customs Duty (BCD) on critical aquafarm and hatchery inputs, including vannamei and black tiger broodstock, polychaete worms, and fish/shrimp feed, has been reduced to 5%. Import duties on insect meal and single-cell protein have been similarly cut to 5%. Additionally, the import duty on pre-dust breading powder, crucial for products like breaded and battered shrimps, fish fingers, and squid rings, has been removed.