BUDGET
Govt to bring policy to promote fisheries; import duty on inputs cut
This story was originally published at 17:12 IST on 1 February 2025
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--BUDGET: To bring framework for sustainable harnessing of fisheries
--BUDGET: Propose to reduce BCD on frozen fish paste to 5% from 30%
--BUDGET: To cut BCD to 5% from 15% on fish hydrolysates
--Apex Frozen, Avanti Feeds shares rise on govt comments on fisheries sector
NEW DELHI – To boost the fisheries sector, the government will bring in an enabling framework for sustainable fisheries focusing on Andaman & Nicobar and Lakshadweep islands, Finance Minister Nirmala Sitharaman said on Saturday, presenting the Budget for 2025-26 (Apr-Mar) in the Lok Sabha. India is the second-largest fish producer after China.
To boost Indian seafood competitiveness, Sitharaman proposed reducing the import duties of input materials like--frozen fish paste to 5% from 30%, and fish hydrolysate to 5% from 15%. The new duty will be in effect from Sunday, the speech document showed.
The fish paste is used to manufacture processed seafood or analogue products, while fish hydrolysate is a protein powder used as fish and shrimp feed. India exports seafood worth INR 600 billion. Aquaculture stocks like Zeal Aqua, Avanti Feeds, Apex Frozen rose up to 12% after the finance minister proposed duty cuts to enhance India's seafood exports.
The minister also proposed to increase the limit on Kisan credit card loans under the interest subvention scheme to fishermen and dairy farmers to INR 500,000 from the current INR 300,000. End
Reported by Afra Abubacker
Edited by Saji George Titus
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