Budget announcements for the marine sector such as rationalisation of customs duties and financing facilities will help boost the country’s India’s aquaculture and seafood exports, MPEDA said on Thursday.

The Marine Products Export Development Authority (MPEDA) also said the Budget includes a range of strategic measures aimed at bolstering the competitiveness of marine products, with a particular focus on shrimp production and export.

Various inputs used in the manufacture of shrimp and fish feed will now enjoy customs duty exemptions, it said adding a number of feed inputs such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, algal oil are fully exempted from any import duty.

Artemia and Artemia cysts which are key nutritional inputs in aqua hatchery were also fully exempted from any import duty.

The Basic Customs Duty (BCD) on essential aquafarm/ hatchery inputs such as Vannamei and black tiger broodstock, polychaete worms, and fish/shrimp feed has been reduced to 5 per cent.

Import duty for insect meal and single-cell protein has been cut down to 5 per cent.

“These announcements made in the Union Budget 2024-25 are set to significantly enhance aquaculture and seafood export sectors,” the authority said.

It also said that the government has committed to providing substantial financial support to establish a network of Nucleus Breeding Centres (NBCs) for shrimp broodstocks.

“This initiative is anticipated to drastically reduce India’s reliance on imported broodstock, potentially saving the industry up to Rs 150 crore annually,” it said adding hatchery operators are expected to benefit significantly, with projected savings of 50 per cent on broodstock costs.