The newly elected government in India in June 1991, realized that India's budget deficit, balance of payment problems and structural imbalances would necessitate re-evaluation of past economic policies and financial institutions. To bring about economic reform, the Indian government has tried to bring about a more effective trade regime. The average tariff for fish is 68.6 % with added taxes of 4% and 10% added to most products. In spite of reforms Indian tariffs are the highest in the world. Even after the liberalized system of import license, seafood has strict license rules. This applies to India fish as well.

In 1990 India fish exports increased from 3.7 million tons to 5.3 million tons in 1999. The gross value of fisheries output in 1997-98 was U.S. $ 4845 million. In 1999, most of the fish production consisted of carp, barbell and other cyprinids {2.2 million tons}, next followed red fishes etc { 0.7 million tons}, miscellaneous fresh water fish{0.4 million tons}, marine fish and shrimps/prawns {0.3 million tons}.

India was the largest exporter of fish in 1998, which amounted to 384474 tons which was worth U. S. $1100 million. India fish exports increased steadily from133572 t in 1990 to 384474 t in 1998 and the value went up from U.S.$467 million to U.S.$ 1134 million.

Most of India's fish exports have gone to Japan closely followed by United Arab Emirates, U.S.A. and EU. The Southeast Asian countries like Thailand, Singapore, China and Malaysia are also important markets of Indian fish. The import situation is radically different. Initially, India was a country where no imports were allowed. But once the borders were opened, imports quickly increased, though the import level is still very low. India's main import is fishmeal. Another product imported from Bangladesh is the Hilsa. 97% of the imports in 1998, of fresh and frozen fish, came from Bangladesh.

In the Global Market there is a definite inclination towards India fish which is now considered as the brain food. This is a major boon for developing countries like India, which along with other Southeast Asian countries is earning more than $33 billion annually from the export of fish. The per capita consumption of fish is 14.3 kgs per year, globally. The European union consumes 23.6 kg per capita annually and Southeast Asia 23 kg. By 2020, it is expected that the per capita consumption of fish will rise to 35.9 kg in China alone and 25.8 kg per year in South east Asia.

As of 2000, by order of their value, the most important fishery products which come under the heading of India fish which were being exported were: shrimp ($10.8 billion), salmon and trout($5.2 billion), crabs and lobsters ($3.8 billion), mollusks($2.8 billion), cephalopods ($2.7billion), fish meal ($2.1 billion), small pelagic ($1.6) billion, large pelagic ($1.1 billion) and flatfish($1.1 billion).

One of the most interesting parts about seafood trade is that a more extensive liberalization of world markets could be disastrous for it. 60% of the major fisheries of the world are already being over exploited. Open access will lead to over harvesting and depletion of fish stock. Therefore regulatory restrictions are absolutely necessary. Under these circumstances it would become difficult to sustain the international market.

The fishery production is around 125 million tons. China, Japan, India, U.S.A., Russian federation, Indonesia and Chile are the major fish producing countries. Out of this India holds a third position in the world production. Currently, India's total annual fish production is 5.65 million tons (Inland-2.8 million tons and Marine-2.83 million tons). But India has an estimated potential of about 8.4 million tons (Inland 4.50 and marine3.90 million tons). This vast untapped potential can be utilized successfully to uplift India's fish trade in the international market and secure a position for India fish in the world.

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