India's Seafood Sector Emerges as a Global Export Powerhouse
India spots an export champion in a sector tariffs failed to sink
The Economic TimesImage: The Economic Times
India's seafood sector has shown remarkable resilience, transforming challenges posed by a 50% US tariff into opportunities for growth. With record exports of $8.28 billion in FY26, the government is now considering a production-linked incentive (PLI) scheme to further enhance the sector's global competitiveness and diversify markets.
- 01India's seafood exports reached a record $8.28 billion in FY26, reflecting an 11.2% year-on-year growth.
- 02The US accounted for $2.71 billion of total exports, but faced a 14.15% decline in value due to tariffs.
- 03Exports to the European Union grew by 37.9% in value, amounting to $1.59 billion.
- 04The proposed PLI scheme aims to increase the number of exporters from 1,200 to 5,000 and focus on high-value marine products.
- 05Five major ports handled nearly 64% of the total export value, highlighting the importance of established infrastructure.
Advertisement
In-Article Ad
India's seafood sector is emerging as a significant player in global exports, demonstrating resilience against challenges like the 50% tariff imposed by the United States. In FY26, seafood exports soared to a record $8.28 billion, with a notable 11.2% increase from the previous year. Despite a 14.15% decline in exports to the US, alternative markets such as the European Union and China saw substantial growth, with EU exports increasing by 37.9% in value. The government's proactive measures, including market diversification and regulatory compliance, have been pivotal in this turnaround. A proposed production-linked incentive (PLI) scheme aims to boost the sector further by increasing the number of exporters and enhancing the focus on high-value products. This strategic shift not only addresses immediate challenges but also positions India's seafood industry for sustained growth, creating employment and enhancing rural incomes. By fostering international credibility and compliance with global standards, India is laying the groundwork for its seafood sector to become a leading export champion in the coming years.
Advertisement
In-Article Ad
The growth of India's seafood sector is expected to create jobs and increase rural incomes, benefiting local communities involved in fishing and processing.
Advertisement
In-Article Ad
Reader Poll
Should the government invest more in the seafood sector to enhance exports?
Connecting to poll...
Read the original article
Visit the source for the complete story.
