Mr Rao said that the new policy aims to increase the aquaculture production in the state from Rs 22,000 crore in 2014-15 to Rs 35,000 by 2018-19, reported the Economic Times.
Mr Rao was addressing farmers at a seminar organised by the state fisheries department on transforming Andhra Pradesh into an aquaculture hub.
The government, through its new fisheries policy, introduced many schemes for farmers and feed and seed manufacturers to promote their activity, he said.
The interest subsidy on loans for all farmers, feed and seed manufacturers has been introduced. Also, the power tariff for farmers has reduced from Rs 4.65 per unit to Rs 3.75 a unit, he said.
The government has liberalised the process of permission for construction of fish tanks by farmers, he said.
Mr Rao also said that the government is contemplating setting up an 'Aqua park' and a fisheries university in West Godavari district.
An entrepreneur has came forward to provide Rs 300 crore financial assistance for setting up of a fisheries university on public-private partnership model.
Meanwhile, the government has approved to fill 300 extension officers' posts in the fisheries department to support the farmers, the minister added.
