Budget 2025 May Boost Seafood Exports with Duty Cuts
India’s seafood industry is set to receive a significant boost as Budget 2025 is expected to propose a reduction in customs duties for shrimp and fish. This move is anticipated to enhance the global competitiveness of Indian seafood exporters and strengthen their position in international markets.
Focus on Supporting the Seafood Industry
The seafood sector, a crucial part of India’s export landscape, has been urging the government to address high production costs and increasing competition in global markets. A reduction in customs duties would lower input costs, making Indian seafood products more price-competitive.
“Budget 2025 is likely to focus on creating a favorable environment for seafood exporters by reducing customs duties on shrimp and fish imports. This would ease the cost burden on exporters and help the sector expand its reach in key global markets,” industry experts noted.
Shrimp and Fish Exports in Focus
Shrimp exports account for a significant share of India’s seafood trade, with major markets including the United States, Europe, and Southeast Asia. However, rising operational costs and stiff competition from countries like Vietnam and Thailand have posed challenges for Indian exporters.
By addressing these issues through duty reductions, the government aims to bolster export volumes and increase foreign exchange earnings. Additionally, this measure aligns with India’s broader goal of doubling its seafood exports by 2030.
Industry Response to Proposed Reforms
Seafood exporters and trade associations have welcomed the anticipated reforms, stating that such measures are critical for sustaining growth in a competitive global market. They also emphasized the need for infrastructure development, including modern cold storage facilities and streamlined logistics, to further support the industry.
The proposed reductions in customs duties are seen as a step in the right direction, enhancing the viability of Indian seafood in international markets. Budget 2025 is expected to not only address industry concerns but also reinforce India’s reputation as a leading global seafood exporter.
