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Commerce and Industry Minister Nirmala Sitharaman on Friday announced a number of measures that include establishing agencies in all coastal states for aquaculture and fisheries and incentives for exporting marine items, under the Merchandise Exports from India Scheme (MEIS).

The global SONAR system market is segmented into application such as commercial, scientific and military. Among these segments, military SONAR system segment is expected to occupy the top position in global SONAR system market. Further, increasing spending on the military strengthening by many developing nations is anticipated to drive the growth of the military SONAR system market. Moreover, development of advanced military SONAR systems is envisioned to bolster the growth of the market. Global SONAR system market is expected to flourish at a significant CAGR of 6.9% over the forecast period. Moreover, the global SONAR system market was estimated at USD 2.8 Billion in 2016. Increasing manufacturing of marines and ships, heavy usage in military applications and technological innovations are some of the factors which are expected to intensify the growth of the global SONAR system market. Moreover, government initiatives to make military technologically advanced is believed to fuel the growth of the global SONAR system market. North America grabbed the highest percentage share in overall SONAR system market in 2016. Further, North America is expected to continue its dominance over the forecast period. Evolution in the SONAR system technology such as development of advanced flank array is expected to intensify the growth of the SONAR system market. Moreover, presence of major players in the region is anticipated to positively impact the growth of the SONAR system market in North America. U.S. is the major contributor to the growth of global SONAR system market. Asia Pacific is also expected to showcase significant growth in the SONAR system market. Rising expenditure on defense naval shipbuilding is expected to escalate the demand for the SONAR system. Countries such as India, China, Japan and South Korea are believed to witness the augmented demand for SONAR system. Growth in Naval Shipbuilding Market Rise in the military defense spending is anticipated to positiv

The Indian economy is ranked as the world's 5th largest economy in terms of GDP with USD 3,942 billion. Unlike other top economies of the world, the Indian economy is still more agriculture-centric. According to 2016 data, agriculture and allied sectors like animal husbandry, forestry and fisheries constitute 16% of our GDP and still 50% of our workforce resides in the agriculture sector. Explore the list of best fertilizer stocks in India in 2024 as per analyst rating Know in detail about best fertilizer stocks in India