New Delhi, Oct. 14 -- Targeted incentives can play a key role in driving growth and sustainable development in India's deep-sea and offshore fishing industry, according to a new NITI Aayog report titled "India's Blue Economy: Strategy for Harnessing Deep-Sea and Offshore Fisheries."

Released on Monday by NITI Aayog member Ramesh Chand, the report stresses that subsidies should be minimal, time-bound, and phased out as soon as possible to promote efficiency and long-term sustainability.

The report identifies six major policy areas essential for transforming the sector. These include overhauling policies and regulations, strengthening institutional frameworks and capacity building, modernising fleets and infrastructure, promoting sustaina...