Fisheries
The fishery can refer to either the business of growing or harvesting fish and other aquatic life or the location where such business is conducted. The fishery is a significant business in India because it employs millions of people and helps the country’s food security. Fisheries play an important role in a country with a coastline of over 8,000 kilometers, an Exclusive Economic Zone (EEZ) of over 2 million square kilometers, and abundant freshwater resources.
Role of Fisheries in farmers’ economy:
- Small-scale fisheries and aquaculture contribute significantly to employment creation and development.
- Employment in fisheries adds to the country’s food security.
- Fish has long been recognized for its medicinal and therapeutic properties. Fish’s therapeutic qualities are used to prevent and treat heart disease, arthritis, asthma, and a variety of other ailments, allowing humans to maintain their general health.
- Fish is used in the manufacturing of animal feeds, notably fishmeal, as well as for direct human consumption. Non-food products account for around a quarter of global fish production, with the majority being processed into fishmeal and fish oil.
Currently, fisheries and aquaculture contribute 1.07 percent to the national GDP, whereas agriculture and related sectors provide 5.30 percent, with an average annual value of the output of rupees 31,682.50 crores over the Tenth Five Year Plan (2002-2007). Fishing is a large sector in India, employing 14.5 million people. India is the world’s second-largest producer of aquaculture and third-largest producer of fisheries. Fisheries account for 1.07 percent of India’s total GDP.
Diversification Towards Animal Husbandry, Fisheries and Horticulture
Diversification is the process of transferring an economy’s income sources away from a single source and toward an increasing number of sectors and marketplaces. It has historically been used as a tactic to promote positive economic growth and development. Diversification into other activities is vital because it would provide people in communities with long-term livelihood options and also provide ecological equilibrium. Diversification adds to the exchange of experiences and possibilities in the creation and distribution of economic resilience metrics, techniques, and instruments.
Due to the unfavorable climate of India, farmers suffer crop losses every year, so their dependence on agriculture is reduced in recent days, in this situation, these diversifications provide a boost to self-employment and the new generation’s export capacities. Animal husbandry, fisheries, and horticulture also provide alternate sources of income as well as a reduction in traditional agriculture’s over-dependence.