New Delhi: Commerce and industry minister Piyush Goyal on Wednesday said that India should aim at $20 billion of marine export in the next five years. There is a potential to add another 2 lakh shrimp farmers in the next few years which will increase the current production of 40,000 tons to 7 lakh tonnes.
In the event organized by the Marine Products Export Development Authority, Goyal said “Marine exports have reached $7.6 billion in 2022, up 30 percent from the previous year. We must look at a $20 billion export target for five years,”
India is the third largest maritime exporter in the world and the country has 18,000 farmers who contribute to marine exports worth $20 million.
India has signed free trade agreements with the UAE and Australia and is in discussion with Israel, the UK, Canada, and the EU.
According to the experts, India is currently a USD 3-3.5 trillion economy and soon will achieve USD 5 trillion. India is expected to grow by 7.1-7.6 percent in 2022-23 and 6-6.7 percent in 2023-24. This will ensure that India reigns as the world’s fastest-growing economy over the next few years, driving world growth,” the report said.
“India has performed better than China in the financial sector. Indian bond market is known as one of the most liquid in Asia, which is well regulated by the RBI and is fully electronic. India is known as one of the best countries in the world in the way the financial sector is managed,” Experts added.
