Answer:  The fisheries sector in India contributes significantly to the food and nutritional requirements of its people, as a sunrise sector it supports the livelihood of over 30 million people by providing income and employment and earns an annual foreign exchange worth USD 8.09  billion through exports. (MPEDA 2023)

Significance of the Fisheries Sector in the Indian Economy:

• Doubling fisher's and fish farmer's incomes and generation of employment: Provide livelihood support to approximately 30 million individuals, including fishers, fish farmers, and those involved in the value chain, enhancing economic opportunities and well-being of people of the coastal community. Can help in doubling the farmers income.
• Food and Nutrition Security: Fish being an affordable and rich source of animal protein, is one of the healthiest options to mitigate hunger and nutrient deficiency. 
• Biodiversity Richness: India has rich and diverse fisheries resources ranging from deep seas to lakes, ponds, rivers. Which results in more than 10 percent to the global biodiversity in terms of fish and shellfish species
• Aquaculture Success: In brackish or saline water, particularly the remarkable growth in farmed shrimp production, has substantially contributed to export revenues.
• Global Export Leader: India, producing, is a major player in the global seafood export market. India is the 4th largest exporter of fish and fisheries products with a growth in exports of 26.73% in terms of quantity between FY 2021-22 and FY 2022-23. Despite challenges like the COVID-19 pandemic, marine product exports generated significant revenue, with the US being the largest importer.
• Blue Revolution: Integrated Development and Management of Fisheries with its multi-dimensional activities, focuses mainly on increasing fisheries production and productivity from aquaculture and fisheries resources, both inland and marine.
• Role in ensuring gender equality: Women play a crucial role in Marine fisheries and aquaculture, specifically in the small-scale and artisanal fisheries sector. It is estimated that there are about 5.4 million people fully engaged in fisheries activities, out of which  1.50 million are fisherwomen

Role of the Marine Products Export Development Authority in regulating the fisheries sector:

• Quality Control and Standards: For exported seafood, ensuring compliance with international norms and consumer safety. This includes inspection of processing facilities, laboratories, and export consignments.
• Registration and Licensing:  For fishing vessels, processing plants, and exporters, maintaining traceability and facilitating responsible fishing practices. 
• Sustainable Practices Promotion: By encouraging adoption of sustainable fishing methods and aquaculture practices like responsible gear usage and environmental impact mitigation.
• Trade Facilitation and Promotion of Indian marine products in overseas markets: Assisting exporters with market access, trade agreements, and participation in international trade fairs, promoting global competitiveness.
• Dispute Resolution: By helping address trade disputes with importing countries and providing legal assistance to exporters facing quality-related issues.
• Training and Capacity Building: By organizing training programs for fishermen, processors, and exporters on quality control, food safety, and sustainable practices, enhancing professional skills and knowledge.

•  Diversification of  species and Up Gradation of Technology: Promotion of aquaculture for augmenting export production through hatchery development, new farm development, diversification of species and up gradation of technology

To further maximize the fisheries sector's contribution, MPEDA proposes strategies like investing in technology, promoting value-added products, and fostering collaborations with international bodies along with sustainable practices. These initiatives, coupled with continued regulatory efforts, can propel India's seafood industry towards India’s Amrit Kaal by 2047 for the fishing community in India.