From the current level of over nine million tonnes, India's fish production is set to cross 13 million tonnes mark by 2016.

This is according to a study brought out by the top industry body the Associated Chambers of Commerce and Industry of India (Assocham).

"With appropriate incentives, coupled with robust investments in infrastructure, fish production in India can grow at a compounded annual growth rate (CAGR) of about 7% during the next four to five years from the current level of over 3.5% CAGR," according to the study titled "Fisheries - A Prize Catch in Indian Export Basket." The study was released Assocham.

"India is the second largest source of aquaculture production in the world after China. Inland fisheries, reservoirs and freshwater aquaculture are the pillars of growth. Besides floodplain lakes and wetlands, irrigation canals, saline and waterlogged areas too contribute towards output," Assocham Secretary General D S Rawat told reporters.

"Indian marine waters are home to over 1,700 fish species, including 200 commercially significant species, while the sector employs over 15 million people. Fish eaters account for over half of India's total population," said R Sannareddy, Chairman, Assocham Southern Regional Council.

Export accounts for 8-10% of the total fish production in India. Fisheries' export currently stood at about US$3 billion and it is expected to reach about US$4.7 billion by 2014. The global fish trade is estimated at US$138 billion with China, Norway and Thailand occupying the top three slots, according to the study.