Deep-sea fishing means "Fishing activities beyond 12 nautical miles from the shore line (Territorial water)". As the Indian deep sea fishing industry has not been fully equipped in terms of technology and finance. The Ministry of Agriculture has paying due attention in the past decades to the development of deep sea fishery in the country. Most of the deep sea fishery resources beyond the traditional fishing limit and fishing capability of the indigenous craft can be gainfully exploited only if the upgraded and sophisticated vessels of adequate size and capabilities are inducted into the fishery and mobilization of capital and expertise indigenously to achieve this was found difficult in short span of time, the Government addressed this issue in 1981 Charter Policy. The Govt. revised this policy during 1986 and to rectify the deficiencies noticed during its operation and to make it more beneficial to the country.

The Govt. of India had been taking several steps in the past to finance deep sea fishing ventures, to bring in appropriate technologies and to build trained technical manpower etc. For exploitation of under exploited resources beyond the territorial zone, the Govt. of India has allowed private Indian entrepreneurs to import resources specific deep sea fishing vessels from abroad either by out right purchase or through deferred payment or joint venture agreement. These vessel owners are issued LOP to fish in Indian EEZ in accordance with the deep sea fishing guidelines issued in 2002 and its subsequent modification in 2004 and 2006. The LOP holders are required to comply with various conditions and requirements as stipulated in LOP guidelines. Besides, they are also required to abide by the guidelines of other department/agencies like DG shipping, MPEDA, Coast Guard, Ministry of Home Affairs, Dept of Telecommunications and RBI for getting registration and other clearances.