Fisheries constitute an important segment of the national economy and the subnational economies along the coast line of India. But notwithstanding its contribution to NDP, employment, food and nutritional security, export earnings and high potential for inclusive development, slow growth and high instability remain the grim concerns for development of this sector. This paper analyses the development of fisheries sector in Odisha, a poor coastal state in India, by estimating the trend growth rate and instability indices during the pre- and post-WTO (World Trade Organisation) periods. The results indicate that both production growth and instability have been lower in the post-WTO period relative to the pre-WTO period. While production growth has slowed down because of lower growth in exports following the WTO conditions, instability has declined mainly due to underproduction. Government provisioning of primary, secondary and tertiary infrastructure is suggested to achieve smooth and high growth of the sector.