Indian Finance Minister Nirmala Sitharaman has announced new financial measures aimed at revitalizing the country’s shrimp industry. This initiative includes a reduction in customs duties on vital inputs for shrimp production and the establishment of a network of nucleus breeding centers dedicated to shrimp broodstocks.

Key Customs Duty Reductions

One of the most impactful changes is the decrease in customs duties on essential commodities. The duty on fish and shrimp feed has been slashed from 15% to just 5%. Additionally, customs duties on whiteleg and giant tiger broodstock have also been reduced from 10% to 5%. These changes are expected to lower operational costs for shrimp producers and hatcheries, providing much-needed financial relief.

Industry leaders have responded positively to the budget announcements. Ravi Kumar Yellanki, president of the All India Shrimp Hatchery Association, emphasized the importance of these changes. “The budget is positive to a certain extent. The reduction in customs duty is beneficial,” he stated. Yellanki highlighted that this reduction will serve as a welcome relief for the hatchery sector, which has faced numerous challenges in recent times.

Promising Developments Ahead

While the reduction in customs duty is a considerable positive step, Yellanki also noted the anticipated benefits from the support for nucleus breeding centers. “This is a welcome relief for the hatchery sector. The support for the nucleus breeding center is also promising, however, we are awaiting more details,” he mentioned. The establishment of these centers is expected to enhance the quality and availability of shrimp broodstocks, thereby bolstering the industry as a whole.