Private sector urged to help strengthen aquaculture
In his keynote address, Rajasekhar emphasised that private sector-led investments in technology, infrastructure, and value chain integration are crucial to overcome bottlenecks, expand capacity, and connect farmers to markets. "We must encourage innovation, reduce inefficiencies, and build forward linkages if we are to scale up the sector sustainably," he added.
Themed "Fostering sustainable growth & competitiveness in fisheries and aquaculture," the conference brought together industry leaders, govt officials, and development organisations.
Discussions centred on growth strategies, conservation, and innovations in marine, brackish water, and inland fisheries.
Rama Shankar Naik, commissioner of fisheries, highlighted the state's efforts to modernise cold chains and logistics. "Our policy framework welcomes long-term private investment," he noted. Dr S Kannappan of NFDB reiterated the importance of aligning state efforts with the national vision of Viksit Bharat@2047.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
34 minutes ago
- Mint
India needs to grow 8% yearly amid geopolitical uncertainties to reach target, says Finance Ministry
The government has set a target to make India a developed economy by 2047, under the 'Viksit Bharat' banner, to meet this goal, the Finance Ministry said that the country would have to grow by 8 per cent each year over the next 10 years, Reuters reported. The ministry told lawmakers that over the next decade, India's economy needs to expand around 8 per cent annually amid rising geopolitical uncertainties. It expects this growth to come from domestic demand and investments, the report added. 'Ideally, the Indian economy will need to grow by around 8 per cent in real terms every year, at least for a decade,' the finance ministry said in its reply to a parliamentary committee in June, according to a report released on August 19. The government estimates India's growth at 6.3-6.8 per cent in this financial year through March 31 (FY 2024-25), broadly in line with the 6.5 per cent growth recorded last year, but much lower than the 9.2 per cent notched in FY23-24 The comments align with economists estimates of 8-9 per cent annual growth requirement for India to hit the Viksit Bharat 2047 target, the report added. Further, the ministry added that in order to become a developed economy by the targeted date, India would also have pump its investment rate to around 35 per cent of GDP from the close to 31 per cent at present. Amid an uncertain trade backdrop, including the 50 per cent total tariffs from the United States on Indian goods, New Delhi is trying to spur domestic demand through planned consumer tax cuts, following personal tax reductions in February, while the central bank has cut rates by 100 basis points this year. The 50 per cent tariff could shave growth by up to 40 basis points in 2025-26, the report noted. Notably, the ministry's estimates were made in June, before the US imposed additional 25 per cent tariffs (taking total to 50 per cent) on India, which US President Donald Trump said was 'punishment' for buying oil from Russia. India-US trade talks faced a setback earlier this month as New Delhi did not agree to give Washington access to its vast agriculture and dairy markets. India is prioritising enhanced opportunities for its labour-intensive exports, including textiles, apparel and leather goods, the finance ministry said. (With inputs from Reuters)
Hans India
2 hours ago
- Hans India
PM Modi highlights landmark initiatives driving India's growth
New Delhi: Prime Minister Narendra Modi on Tuesday highlighted the government's landmark initiatives, such as the National Critical Minerals Mission, Mission Sudarshan Chakra, Viksit Bharat Rozgar Yojana and National Deep Water Exploration, which are driving India as the fastest-growing economy towards 'Viksit Bharat'. The Prime Minister's statement on X social media platform came in response to an article written by Minister of Petroleum and Natural Gas, Hardeep Singh Puri, elaborating how the major reforms undertaken by the PM Modi have accelerated India's growth on the path to achieve the 'Viksit Bharat' goal. The minister said, 'Prime Minister Narendra Modi's unprecedented 12th Independence Day speech was remarkable for its sweep and scope. The speech which unleashed a Brahmastra - aimed at accelerating India's path to Visit Bharat reminded us, the world is watching an ancient civilisation transform into a modern power - not by abandoning its roots but by drawing strength from them.' Puri, in an article titled the 'Red Fort Charter', stated that 'from energy security to employment, PM Modi laid out a blueprint for wide-ranging reform. The speech was remarkable not merely for its sweep but for its scope — next-generation reforms that are bold, and capable of reshaping the destiny of 1.4 billion people — with a clarity of vision that the nation has never witnessed before.' He further stated that India's clear assertion of sovereignty over critical technologies, announcement of National Critical Minerals Mission, focus on nuclear energy, unveiling of Mission Sudarshan Chakra, bold tax and legal reforms, PM Viksit Bharat Rozgar Yojana and National Deep Water Exploration Mission -- with other far-reaching reforms and measures -- will triple India's domestic hydrocarbons production to 85 million tonnes by 2032. The Petroleum Minister further pointed out that energy security had long been the Achilles' heel of India's growth. For decades, hesitation and 'no-go' classifications throttled exploration and deepened import dependence. Under PM Modi, India has reduced 'no-go' areas for Exclusive Economic Zones by almost 99 per cent, freeing 10 lakh sq km for exploration and production (E&P). "Coupled with Open Acreage Licensing Policy (OALP), this has opened a vast canvas to Indian champions and global majors alike — our hydrocarbon basins will no longer lie dormant but be harnessed for national progress," the minister wrote. The National Deepwater Exploration Mission, announced from the ramparts of the Red Fort, sets an ambitious frontier agenda in the Bay of Bengal and the Arabian Sea. It aims to unlock 600-1,200 million metric tonnes of oil and gas reserves through the drilling of nearly 40 wildcat wells. For the first time, India will systematically open up its complex offshore frontiers — from the Bay of Bengal to the Arabian Sea — with a framework that de-risks investment by allowing recovery of up to 80 per cent of costs in the case of dry wells, and 40 per cent upon commercial discovery, he added.
News18
2 hours ago
- News18
Bihar economy expected to grow to USD 1.1 trn by 2046-47: CII report
Agency: Last Updated: Mumbai, Aug 19 (PTI) Bihar's economy is likely to grow to USD 1.1 trillion by 2046-47 considering the huge underlying potential of the state, according to a report released on Tuesday. In the immediate term, the state's economy is estimated to grow more than double at USD 219 billion by 2030-31, in an optimistic scenario, industry body CII said in its report. 'CII estimates Bihar's economy to more than double by 2030-31 and reach USD 219 billion levels (the optimistic scenario). Over a longer horizon, the economy is expected to reach the size of USD 1.1 trillion by 2046-47," said the report titled 'Bihar: A USD 1-trillion Economy," released at the 4th CII East India Summit here. According to the report, Bihar is emerging as a unique opportunity for investors buoyed by rapid economic transformation, demographic advantage, and policy-driven dynamism. The state is one of the fastest-growing states in the country. In 2023-24, Bihar recorded a GSDP of Rs 8.54 lakh crore, growing at 14.4 per cent at current prices, surpassing India's growth rate of 12 per cent for the corresponding year, it said. This surge is the result of sustained structural improvements underpinned by policy reforms, expanding infrastructure and a deliberate pivot towards industrial growth. In 2016, the state launched the Bihar Industrial Investment Promotion Policy for promoting industrial development in the region. The policy was further amended in 2020 and extended till 2025 to make it more investor-friendly, CII said in the report. The policy offers a wide range of incentives, including capital subsidies, power and rental rebates employment generation and skill training grants, SGST reimbursements and land subsidies. Besides, the state government has also been very proactive in terms of notifying policies for other emerging industries such as biofuel, logistics, startups, IT, tourism and exports among others, as per the report. In addition, the single-window system, digital land records, and pro-business reforms are enhancing the ease of doing business, while the Startup Bihar initiative is nurturing grassroots innovation, CII said in its report. Stating that Bihar's economy has several comparative advantages that underpin the target of USD 1 trillion by 2047, the report said, adding that the state is blessed with abundant natural resources, including fertile land, minerals, and water. These resources offer immense potential for various industries, such as agriculture, food processing, and manufacturing, it said. Moreover, the majority of the state remains a rural economy with a 12 per cent urbanisation compared to 35 per cent at the all-India level. This presents a huge economic opportunity for the state to plug in, it said, adding that this also would mean a growing consumer market. Also with nearly 58 per cent of the state's 12.7 crore residents under the age of 25, it has the youngest population among Indian states. This creates a vast, trainable, and cost-elective workforce — critical for industries, the report added. PTI IAS TRB TRB view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
