India misses Rs 1-trillion marine export target set under PMMSY by FY25

Business Standard

10 hours ago

India's marine exports have fallen short of the ambitious target of exporting products worth Rs 1 trillion under the flagship Pradhan Mantri Matsya Sampada Yojana (PMMSY) by FY25, owing to a global economic slowdown, compliance issues, infrastructure bottlenecks, policy gaps, and a lack of product diversification, experts said.
Experts attribute inflation in major importing nations as one of the reasons for reduced demand for marine products. 'Export volumes were greatly hurt by inflationary pressures and decreased consumer spending, particularly in the United States, European Union, and Japan,' said S S Raju, Principal Scientist at the Central Marine Fisheries Research Institute (CMFRI).
Additionally, the stringent quality standards set by importers have hurt the sector. 'Consignment rejections and delays were caused by problems with antibiotic residue, traceability, and certification requirements,' said Raju.
Launched in 2020, the Pradhan Mantri Matsya Sampada Yojana aimed to double India's marine export earnings to Rs 1 trillion by FY25 from the 2018–19 baseline, as per the official website of PMMSY.
The scheme 'envisages to enhance fisheries exports to Rs 1 lakh crores by 2024–25,' Fisheries Minister Rajiv Ranjan Singh reiterated in a written reply in Parliament in August 2024.
The original baseline export figure for 2018–19 was cited as Rs 46,589 crore, which was later revised to Rs 46,613.03 crore by the Marine Products Export Development Authority (MPEDA).
In the Union Budget for FY25, the government allocated Rs 2,352 crore towards PMMSY, which was 89.8 per cent of the total allocation (Rs 2,616.44 crore) made for the Department of Fisheries.
The shortfall comes at a time when India's fisheries sector is staring at a fresh crisis. The United States (US) — the largest export destination for India's marine products — may impose retaliatory tariffs starting 9 July. India is currently engaged in bilateral trade talks with the US to avert the impending duty hike. If the tariffs come into effect, 'a billion-dollar sector could be upset by this approach since American consumers might cut back on imports or look for other suppliers,' said Raju.
Rajamanohar Somasundaram, founder of Aquaconnect, explained the policy gaps in aquaculture. While the Kisan Credit Card (KCC) scheme addresses the working capital needs of traditional agriculture, its credit limits often fall short for aquaculture farmers, whose capital requirements are significantly higher, said Somasundaram.
Besides these, infrastructure bottlenecks continue to cripple the sector. In many coastal states, harbours, processing facilities, and cold chain infrastructure are still operating below capacity, said Raju. Exporters also face issues such as high freight costs and a scarcity of containers. 'Shipment delays and higher transportation expenses made it harder to compete in global markets,' he added.
Experts and market participants call for both product and export market diversification. Frozen shrimps account for 66 per cent of total marine export value, according to the Ministry of Commerce and Industry. 'Because of this over-reliance, the industry is more vulnerable to changes in the market or disease outbreaks,' said Raju.
Echoing a similar sentiment, Somasundaram believes in 'diversifying both our product portfolio and export markets, backed by a value-driven strategy such as promoting high-potential species and deepening our presence in underpenetrated regions like the Middle East and South Korea.'
Despite these concerns, marine product exports saw a jump of 20.8 per cent in April 2025. The country exported these products worth Rs 4,981 crore in April 2025, compared to Rs 4,122 crore during the same period a year ago, government data showed.
Emails and queries sent to the Ministry of Fisheries and MPEDA did not elicit a response till the time of going to press.