India's Fish Production Set to Cross 13 Million Tonnes Mark

"With appropriate incentives, coupled with robust investments in infrastructure, fish production in India can grow at a compounded annual growth rate (CAGR) of about seven per cent during the next four-five years from the current level of over 3.5 per cent CAGR," according to the study titled "Fisheries - A Prize Catch in Indian Export Basket".

The study was released by the Associated Chambers of Commerce and Industry of India (Assocham), reports the IndianExpress.

"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 output," Assocham Secretary General D S Rawat told reporters.

"Indian marine waters are home to over 1,700 fish species, including 200 commercially significant species, while the sector employs over 15 million people. Fish eaters account for over half of India's total population," said R Sannareddy, Chairman, Assocham Southern Regional Council.

Export accounts for eight to 10 per cent of the total fish production in India. Fisheries' export currently stood at about USD 3 billion and it is expected to reach about USD 4.7 billion by 2014. The global fish trade is estimated at USD 138 billion with China, Norway and Thailand occupying the top three slots, according to the study.