India Aims for $30 Billion Seafood Exports by 2028, Says Piyush Goyal
India can increase seafood exports to $30 billion in five years: Piyush Goyal
Image: The Economic Times
India's Commerce Minister Piyush Goyal announced a target to increase seafood exports to $30 billion in five years, emphasizing value-added products and improved production. The country aims to leverage free trade agreements and enhance local fisheries infrastructure to boost exports significantly.
- 01India's seafood exports reached ₹73,890.46 crore ($8.45 billion) in FY26 with a target of ₹1 lakh crore in the next five years.
- 02Piyush Goyal highlighted the importance of branding and value-added products to increase market access.
- 03Andhra Pradesh is the largest seafood producer, contributing 66% of India's shrimp exports.
- 04Only 12% of fish is currently processed in India, indicating significant room for growth in value addition.
- 05The US and China are the primary markets for India's seafood exports, with frozen shrimp as the leading product.
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During a national workshop on seafood exports, Commerce and Industry Minister Piyush Goyal stated that India can potentially increase its annual seafood exports to $30 billion within five years, which represents a 2.5 times increase from current levels. Goyal emphasized the need for higher production quality and the promotion of ready-to-eat and branded products. India has established nine free trade agreements with developed nations to enhance market access for seafood. In FY26, India's marine product exports reached a record ₹73,890.46 crore (approximately $8.45 billion), with a target set for ₹1 lakh crore. Andhra Pradesh Chief Minister N Chandrababu Naidu highlighted the necessity for improved infrastructure to facilitate value addition, as only 12% of fish is currently processed in India. Fisheries Minister Rajiv Ranjan Singh noted that despite high tariffs, exports to markets such as the EU and Japan have increased. The government is also planning to expand airport infrastructure to support cargo operations, which will further aid the seafood export sector.
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The seafood export initiative aims to significantly boost local economies, especially in coastal regions like Andhra Pradesh, by enhancing production and processing capabilities.
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