India begins valuing marine fish resources under a new MoSPI initiative, aiming to integrate ocean wealth into national accounts and reshape the country’s sustainable blue economy.
India’s sustainable blue economy is set for a major shift as the Ministry of Statistics and Programme Implementation (MoSPI) launches an experimental project to assign monetary value to marine fish resources. The initiative, outlined in the concept paper Methodological Approach for Compilation of Experimental Monetary Asset Accounts of Marine Fish Resources, is based on the U.N. System of Environmental-Economic Accounting (SEEA).
India, the world’s second-largest fish producer contributing 8% of global output, is now attempting to measure the wealth contained in its oceans. By valuing marine fish stocks within exclusive economic zones, the government seeks to link environmental assets directly with economic accounts.
India’s fishing industry supports nearly 30 million livelihoods and contributes significantly to exports. In FY25, total fish production reached 19.77 million metric tonnes (MMT), with 23% from the marine sector. The sector added ₹1.76 lakh crore, or 1.09% to national gross value added in 2023-24.
Marine fish production rose to 46.15 lakh tonnes in 2024–25, compared to 34.43 lakh tonnes in 2013–14, reflecting steady expansion. More than 350 varieties of marine products – including frozen fish, squid, cuttlefish and dried items – reached 130 international markets. Exports in FY25 stood at 1.7 MMT, valued at ₹62,408.45 crore, with annual growth of 3.11% in volume.
Yet these figures do not reveal whether commercially important stocks can sustain future production, nor do they capture the long-term impact of fishing pressure and environmental change.
Joining Global Efforts In Blue Accounting
If successful, India would join a select group of nations – including Australia, Netherlands, Norway, Canada, U.K., France, U.S. and New Zealand — that are experimenting with integrating blue natural capital into national accounts. Globally, only a handful of countries have attempted monetary asset accounts for aquatic resources, unlike forests or minerals where methodologies are more established.
India has compiled environmental accounts since 2018 through its EnviStats India programme, covering land, water, forests, minerals and pollination. However, a comprehensive blue economy GDP series comparable to agriculture or manufacturing is still absent. Current estimates suggest the blue economy contributes around 4% of GDP.
The Union Budget recently earmarked ₹2,761.8 crore for the sector, with the Pradhan Mantri Matsya Sampada Yojana (PMMSY) continuing as the central pillar, supported by ₹2,500 crore in 2026-27. With a coastline of 11,100 km, an EEZ of over 2 million sq km, and rich biodiversity, India aims to advance a $100‑billion blue economy by 2030.
How The Valuation Will Work
MoSPI’s framework begins with defining accounting units, commercially or ecologically important marine species. Species-wise landing data from the past decade will be compared with historical peaks to classify stocks as regenerating, stable or depleted.
The next step involves estimating the “asset life” of each resource, bridging fisheries science with economics. Resource rent, income attributable to the natural resource after deducting labour, operating costs, depreciation and normal capital returns will be calculated. Future rents will then be projected over the asset life and discounted at a 2% real rate to estimate present value.
The final output will be a marine fish asset account, recording both physical condition and estimated economic value. Unlike annual catch data, it will indicate whether resources are being maintained, depleted or regenerated.
India’s blue economy stands at a pivotal juncture. While opportunities for expansion are immense, the challenge lies in ensuring sustainability. Integrated accounts could help balance competing uses of marine space including fisheries, ports, tourism, offshore energy and coastal development by providing a transparent database for trade-offs.
The experiment could also estimate the economic cost of climate-induced changes in marine resources and guide decisions on fishing capacity, stock restoration or deep-sea exploration. NITI Aayog estimates India’s EEZ potential at 7.16 MMT but warns of risks of overexploitation in deep-sea resources.
Ultimately, the success of this valuation will depend on whether it leads to better catch limits, sustainable harvesting, stronger coastal livelihoods and a clearer estimate of changes in national wealth.