The Indian government is drafting its first overarching national fisheries policy to cover all aspects of the seafood sector, First Post reported.

The policy is backed by a budget of INR 450 billion (€5.6 billion/$6.3 billion) and is designed to promote marine fisheries, aquaculture and mariculture over the next five years.

The only existing policy at the moment is related to marine fisheries, which produce 4.3 million metric tons per year, but there is no policy related to aquaculture, which has an output of 23 million metric tons.

The policy acts as a statement of intent by the government to implement legislation as needed as well as schemes to give monetary support.

Two fisheries schemes are being implemented at the moment, the Fishery Infrastructure Development Fund -- five year scheme -- and fishery development scheme funded partially by the World Bank for eight years.

The third scheme announced in July 2019 is yet to receive cabinet approval.