Government Support Boosting the Aquaculture Industry

The aquaculture commercial aquafeed market is projected to grow at a CAGR of around 9% for the forecasted period of 2016-2020, says RNCOS in its latest research report.

According to our recent market research report, India Commercial Aquafeed Market Outlook 2020, the Indian aquaculture industry is witnessing a significant growth in past few years due considerable assistance from government to boost the aquaculture farming in the country. Both State and Central agencies are providing financial and knowledge aid to fish farmers in order boost the inland aquaculture production by assisting farmers with subsidies, establishment of fish seed hatcheries, capital, aiding in acquiring better technology etc. thus more farmers are coming forward and engaging in fish farming, which ultimately increase employment opportunity in the area.

Moreover, independent states are taking various steps to promote state aquaculture production, for instance Himachal Pradesh Government implement rainbow trout farming technology in which 362 trout units were established in Kullu, Shimla, Mandi, Kangra, Kinnaur and Chamba districts. Further, new scheme "Mobile Fish Market" was launched under which four mobile fish market vehicles were purchased to provide fresh fish to consumers. This all initiatives by Government are boosting the demand for commercial aquafeed market in the country.

The assistance from Government and private sector is not only providing livelihood to the fishermen but also helps generating revenue for the state. Further, Government is also working on bilateral ties with other countries to bring the technology know-how in the country, as in 2015 Australia expressed willingness to work with Andhra Pradesh government in the field of aquaculture industry. Moreover many foreign players are willing to invest in aquaculture as it provides better return on investment.

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