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Economy News, Latest Economic News Today | The HinduBusinessLine

GE, HAL clinch tech deal on joint jet engine plan India rejects USTR allegations, seeks termination of Section 301 probe Indian automobile sales record highest-ever sales in FY26, first time after FY19: SIAM Madhya Pradesh CM says basmati rice from the State is exported to 47 nations 63 Moons’ cybersecurity arm pilots GPS-spoofing solution at Indian airports Highways ministry notifies amendment to streamline fee for overloaded vehicles on NHs Global aviation crisis deepens as fuel shortage, Iran conflict hit airlines TRI launches agri-voltaic project to help farmers earn double income Hotel industry to hit $31 billion in 2029; listed hotel firms set to add 70k rooms by 2030: CBRE Temperatures may trend up over North-West, Central India until weekend Reduction in airport tariff credit neutral, minimal impact on revenue: Ind-Ra Global coffee prices rise as fertiliser costs and West Asia tensions threaten supply Bluspring Enterprises to acquire LSG Sky Chefs India, enters aviation catering sector China says policy to improve relations with India remains unchanged amid Arunachal naming row Research firms divided over impact of below normal monsoon on food inflation Unnat Krishi Mahotsav concludes, farmers to emerge as energy, fuel & hydrogen providers, says Gadkari Airlines may get ₹5,000 crore credit support under proposed ECLGS variant How kashmir’s breakthrough is making Gucchi mushroom farming possible Centre not taking away State’s power on bonus for agri produces, says FM Sitharaman Carriers cut flights on cost pressures, uncertain demand GE Aerospace scales AI from pilots to production; India anchors global capability West Asia crisis may push India’s current account deficit to 2% of GDP: Crisil Tax Dept to resume Tiger Global reassessment, says GAAR relief won’t alter SC ruling Ceasefire talks fail to restore vessel movement in Strait of Hormuz, fate of 599 ships remain inconclusive DMRC launches mid-life refurbishment of Blue Line trains to enhance safety and passenger experience Retail inflation likely rose 3.5-4% in March India-UK free trade pact may come into force from second week of May: Official 'West Asia war a good opportunity for energy reforms, lower costs for industry' India’s marine exports surge to ₹62,408 crore in 2024-25, Govt sets ₹1 lakh crore target PM Modi to inaugurate Dehradun-Delhi Expressway on April 14
India to start issuing permits for high sea fishing by co...
2026-04-27 · via Economy News, Latest Economic News Today | The HinduBusinessLine

Recognising the global demand for Indian deep-sea fishing expertise, the Indian government is set to launch a new “Letter of Authorisation” (LoA) scheme as early as next month. This policy will permit Indian firms and vessels to operate in the high seas, extending the same regulatory framework currently applied within the Exclusive Economic Zone (EEZ).

The move aims to formalise Indian participation in international waters, where European vessels are currently active, and to retain skilled local fishermen often recruited by countries like Iran and Oman. Recently, the government said that 657 Indian fishermen have been moved out of Iran into Armenia and Azerbaijan since the West Asia war began on February 28.

Official sources said that Iran, Oman and some other countries in the Gulf region started deep-sea fishing 8-10 years ago, for which they recruited Indian fishermen, mostly from Tamil Nadu and Kerala, for their expertise.

Driven by expertise

Industry sources indicate that Indian fishermen are a mainstay of Iran’s fishing sector, frequently recruited through both formal and informal channels. This high demand is driven by their formidable reputation for expertise in deep-sea operations.

Joseph Xavier Kalappurackal, general secretary of the Federation of Fishing Boat & Fishing Industries of Kerala, told businessline that many Iranian companies recruit Indian fishermen for their ability to operate in challenging marine conditions. A majority of these workers hail from Colachel and Thoothoor in Tamil Nadu and are known for their seamanship, technical skills, and willingness to venture into deep waters.

Indian crews often operate in the northern stretches of the Arabian Sea, an area rich in marine resources. Its proximity to the Strait of Hormuz has made it easier for fishermen to engage in operations linked to Iranian waters. Highlighting their global footprint, Kalappurackal said that Indian fishermen have also demonstrated their capabilities in distant regions such as Diego Garcia, located about 4,500 km from Kochi.

New rules

In November, the Centre notified new rules for deep-sea fishing in the EEZ, banning foreign vessels from operating in Indian waters and a National Plan of Action to deter illegal fishing practices in the Indian EEZ. It introduced an Access Pass for mechanised and large-sized motorised vessels, though traditional and small-scale fishers are exempted. So far, about 4,000 such passes have been issued, sources said.

India, the world’s second-largest fish producer with an 8 per cent share in global output, has around 2.38 lakh registered fishing vessels across 13 coastal States and Union Territories, of which 1.72 lakh small vessels are exempt. But 64,187 mechanised fishing vessels will be required to obtain Access Passes for deep-sea fishing.

“Unlocking high-sea fishing potential will bring in more opportunities for Indian fishermen so that they can get the same level of earnings here rather than working overseas. Besides, if Chinese and European vessels are fishing in the Indian Ocean, why not India?” an official said, adding the government has made a lot of changes to create a business atmosphere so that investment happens in high sea fishing.

Visa rules eased

The changes included not treating the marine products from high seas as imports once they enter Indian territory and also treating those under export if they get delivered in other countries from the high sea itself without entering Indian boundary. Besides, visa rules have been relaxed for technical staff required to operate and train Indian staff in such specialised vessels, the sources said.

Meanwhile, Union Fisheries Secretary Abhilaksh Likhi, who is leading an official delegation at the four-day World Small-Scale Fisheries Congress in Thailand, said that small-scale fisheries are central to food security, livelihoods, cultural identity and coastal economies, particularly in the Bay of Bengal region. He highlighted the diverse and context-specific nature of small-scale fisheries, underscoring the need for governance frameworks that recognise varied local realities and ensure inclusion of marginalised groups across the value chain, according to an official statement.

In India, small-scale fisheries (SSF) dominate marine fishing activities, with around 4 million marine fishers operating largely within territorial waters up to 12 nautical miles. The sector faces challenges such as near-shore fishing pressure, climate risks and market volatility.

Published on April 27, 2026