Govt announces incentives for marine exports under MEIS

The Dollar Business Bureau 

Commerce and Industry Minister Nirmala Sitharaman on Friday announced a number of measures that include establishing agencies in all coastal states for aquaculture and fisheries and incentives for exporting marine items, under the Merchandise Exports from India Scheme (MEIS). 

Currently, government allocates Rs.22,000 crore yearly for exports, under the MEIS. 

“From the current fiscal onwards, an additional amount of Rs.1,500 crore will be provided under the MEIS scheme that will include some specific marine and seafood products,” Sitharaman said at the India International Seafood Show in Visakhapatnam. 

The aquaculture and fisheries agencies, under the chief ministers’ guidance and led by the chief secretaries of the states, will be under the supervision of Marine Products Export Development Authority (MPEDA), the nodal agency for exports of marine products under the ministry, a statement from the Commerce Ministry said. 

Despite being a major producer, the country’s seafood industry has to go a long way in utilising its full potential for value addition, Sitharaman said. 

"I held discussions with trade ministers from Japan and South Korea recently and they have expressed interest in collaborating with India for development of aquaculture," she added. 

The minister hoped that MPEDA would play a major role for bringing the best practices of industry from around the world in order to speed up the growth of the country’s seafood industry.