ISSN : 2663-2187

The Role Market Based Instruments To Ensure Fisheries Sustainability In India: A Review

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Saranya A Sankar, Mini Sekharan N.
ยป doi: 10.33472/AFJBS.6.10.2024.4599-4607

Abstract

Sustainable fisheries certification is becoming increasingly important in international fisheries and marketing. Ecosystem-based fisheries management and the utilization of market-based mechanisms offer potential strategies for advancing the cause of sustainable fisheries. Fisheries certification is frequently cited as a market-oriented strategy for ensuring the sustainability of resources. This study examines the role and advantages of market-based instruments (MBIs) in fostering sustainability in India's fisheries sector. MBIs include certifications and eco-labelling schemes, employ market mechanisms to promote responsible fishing practices and guarantee the long-term viability of marine resources. Among the several certificates available, the MSC certification is now the dominant certification in India. This article analyses the implementation of sustainable fisheries certification programmes in India, specifically focusing on the successful certification of the Ashtamudi short-neck clam and the ongoing Fishery Improvement Projects (FIPs). The results illustrate that MBIs yield economic and environmental advantages, including expanded market entry, heightened stability, and improved stewardship. This study adds to the discussion on sustainable fisheries management and the worldwide trend towards eco-friendly seafood consumption. It highlights the significance of continuous collaboration among stakeholders to attain long-term sustainability in India's fisheries

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