India’s Department of Fisheries has recently joined forces with Startup India and the Ministry of Commerce and Industry to launch the Fisheries Startup Grand Challenge. This initiative is designed to encourage innovation within the country’s startups, especially those working in the fisheries and aquaculture sectors.
Objective of the Fisheries Startup Grand Challenge
The Grand Challenge aims to offer a platform for Indian startups to demonstrate their innovative solutions to various issues within the fisheries sector, particularly in the value chain. The primary focus will be on increasing aquaculture productivity from 3 tons per hectare to 5, doubling export revenues, and reducing post-harvest losses from 25% to 10%. The Department of Fisheries has dedicated a fund of Rs. 3.44 Crore to the challenge, aiming to stimulate a startup culture in the sector and to build a solid base for entrepreneurship.
Related Government Initiatives
This initiative is one among several government strategies to strengthen India’s fisheries and aquaculture sector. These include the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) established in 2018-19, the Pradhan Mantri Matsya Sampada Yojana aiming to produce 22 million tonnes of fish by 2024-25 and generate employment for 55 lakh people, and the Blue Revolution focusing on comprehensive development and management of fisheries.
Other initiatives include extending Kisan Credit Card (KCC) facilities to fishers and farmers, as well as the founding of the Marine Products Export Development Authority (MPEDA) and the drafting of the Marine Fisheries Bill, which proposes licensing only for vessels registered under the Merchant Shipping Act, 1958.
Significance of the Fisheries Sector
The fisheries sector is critical to India’s economy and overall development. Tagged the “sunrise sector”, it promises immense potential for fair and inclusive growth. India ranks second worldwide in fish production through aquaculture and fourth in global fish exports, contributing 7.7% to global fish production. More than 2.8 crore people within the country earn their livelihood from this sector.
However, only 58% of India’s inland potential has been tapped so far, according to the Economic Survey of India, 2019-20. This underlines the untapped potential in the industry.
The Unutilised Potential
The underutilised potential of the fisheries sector offers diverse opportunities for scalable business solutions that can maximize benefits for fishermen and farmers. Despite being one of the fastest-growing primary-producing sectors, the fisheries sector requires technological advances to improve efficiency and enhance production and productivity throughout the value chain.
The Fisheries Startup Grand Challenge represents a significant step towards harnessing this potential, motivating startups to leverage innovation and technology to bring about substantial benefits and advancements in the fisheries sector.