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India allocates $1.55 billion to its fisheries sector

Staff Writer | February 21, 2018
India has allocated INR 100 billion ($1.55 billion) to support its fisheries and aquaculture sector in its 2018-19 fiscal year budget.
India fisheries
Asia   Fishery and Aquaculture Infrastructure Development Fund
The announcement was made by Indian Finance Minister Arun Jaitley in his 2018-19 general budget speech. Jaitley announced the money will be allocated to the government’s Fishery and Aquaculture Infrastructure Development Fund.

The fund supports subsidized loans to encourage the development of fisheries infrastructure projects initiated by state governments, fishing cooperatives, and individual investors.

The goal of the program, Jaitley said in his speech, is to help to speed the pace of construction of fish landing centers, cold storage and transportation facilities, processing units, and hatcheries.

Jaitley reported India has invested INR 29.13 billion ($453 million, EUR 364 million) in into fisheriess and aquaculture development during the fiscal-year cycle.

The total is an increase of 64 percent over the investment made in the 2016-17 fiscal year, when the Indian government contributed INR 17.72 billion ($275 million, EUR 221 million) to the se3ctor.