Kochi, Aug 23 (IANS): Launched in 1972 as a statutory body of the Ministry of Commerce and Industry, the Marine Products Export Development Authority (MPEDA) is all set to celebrate its Golden Jubilee at a time when India's marine exports touching 1.4 million tonnes and a value of Rs 57,586 crore) as against just 35,523 tonnes in the year of its inception.

Credited with making India's marine products a global brand that has sustained in the face of stiff competition, the MPEDA has provided an impetus to the seafood industry in the country's coastal states.

Union Minister of State for Commerce and Industry Anupriya Patel will kick-start the golden jubilee celebrations here on Wednesday.

MPEDA Chairman Dodda Venkata Swamy said they have decided to chalk out an export development plan to target exports of $20 billion in the next five years.

"It will require a growth rate of about 15 per cent. We need to sustain and accelerate the growth tempo to meet this target. To achieve this, the MPEDA plans to identify around 20 export markets which account for about 90 per cent of exports and assign each market to an officer, who would be tasked with gauging the export potential and monitoring the market trends," he said.

"States play a significant role in the implementation of various activities of the MPEDA. Preparing a state-wise export development plan in consultation with states would be our priority," Swamy added.