With robust investments in infrastructure, Indian fish production will cross 13 million metric tons (MT) by 2016 from the current level of over nine million MT, the industry body Associated Chambers of Commerce and Industry of India (Assocham) said.
According to an Assocham study titled Fisheries - A Prize Catch in Indian Export Basket, fish production in India can grow at a compounded annual growth rate (CAGR) of about seven per cent during the course of the next four-to-five years, up from the current level of over 3.5 per cent CAGR.
The report was jointly released by R Sannareddy, chairman of Assocham Southern Regional Council along with national secretary general, DS Rawat.
"Indian marine waters are home to over 1,700 fish species including 200 commercially significant species, while the sector employs over 15 million people and fish eaters account for over half of India's total population," Sannareddy said.
While speaking on the fisheries market, Rawat said, "India is the second largest source of aquaculture production in the world after China. Inland fisheries, reservoirs and freshwater aquaculture are the pillars of growth, besides, floodplain lakes and wetlands, irrigation canals, saline and waterlogged areas too contribute towards rising production."
India's total fisheries exports are about USD 3 billion (EUR 2.2 billion) and are expected to reach about USD 4.7 billion (EUR 3.4 billion) by 2014, which contributes up to ten per cent of the total fish production in India.
