The NITI Aayog report advocates policy changes for the fishing sector

Targeted stimulus can play a crucial role in promoting growth and sustainable development in India’s deep-sea and offshore fisheries sector, says a report prepared by the NITI Aayog on ‘India’s Blue Economy: Strategy for Harnessing Deep-Sea and Offshore Fisheries’. The report, released here on Monday by NITI Aayog member Ramesh Chand, said all subsidies should be kept to a minimum, applied for a limited period and phased out as soon as possible.

The report has identified six key policy interventions for reviewing policies and regulations; strengthening institutional and capacity building; modernizing fleets and upgrading infrastructure; promoting sustainable fisheries management; mobilizing resources and financing; and strengthening local community participation and partnerships. “The report recognizes the capital-intensive nature of deep-sea fishing and also emphasizes inclusive fleet development by supporting fishing cooperatives and cluster-based approaches, enabling collective ownership, operations and access to modern technology. It also outlines investment priorities and monitoring mechanisms needed to ensure long-term environmental and economic sustainability,” said a press release from the NITI Aayog.

“An indicative cost framework for the three phases has also been provided by taking into account the convergence of centrally sponsored and central sector schemes related to fisheries: Phase 1: Laying the foundation and promoting early growth (3 years | 2025-28); Phase 2: Scaling up and achieving global competitiveness (4 years | 2029-32) and Phase 3: Global leadership in sustainable deep sea fishing (8 years and beyond). | 2033 and later),” it added.

Building on the industry’s strong growth trajectory, the report provides a roadmap to strengthen governance, foster innovation and increase stakeholder participation. “Through integrated interventions across policy reforms, infrastructure development, sustainability, financing and community empowerment, the initiative aims to make India a global leader in sustainable deep-sea fisheries, ensure prosperity for coastal communities and contribute significantly to the nation’s vision of the Blue Economy,” the NITI Aayog said.