Fisheries sector disappointed by Budget 2017

KOCHI: The seafood sector has been disappointed by the union budget for 2017. The sector was expecting tax incentives for aqua farming and seafood processing to bring down the cost of operation.

"In comparison to an allocation for schemes under green revolution (Rs 13,741 crore) and White Revolution (Rs 1,634 crore) in the budget, blue revolution has been allocated with only Rs 401 crore,’’ said Kamlesh Gupta, chairman and managing director of WestCoast group.

Fisheries do not enjoy the same benefits as agriculture, despite the sector coming under the purview of agriculture ministry. It is high time for the government to set up a fisheries ministry to oversee the growth of the sector, he added.

"There is an announcement about introducing a new modern legislation on contract farming. However, it remains to be seen if aqua-farming sector could be one of its beneficiaries," he said.

Indian fisheries and aquaculture contributes to more than 6% of the global fish production, more than 1% of the GDP, more than 5% of the agriculture GDP and providing employment to 14 million people.