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Cabinet approves Rs 6,000 crore fishery scheme
Context
The government announced a Rs 6,000 crore scheme in order to formalise the unorganised fisheries sector, facilitate institutional finance to micro and small enterprises and promote acqaculture insurance.
More about the news
- The government also decided to extend the Fisheries Infrastructure Development Fund (FIDF) for another three years up to 2025-26 within the already approved fund of Rs 7,522.48 crore and budgetary support of Rs 939.48 crore.
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Fisheries Infrastructure Development Fund (FIDF)
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What is this new scheme?
- The Union Cabinet approved the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY).
- PM-MKSSY is central sub-scheme under the Pradhan Mantri Matsya Sampada Yojana (PMMSY).
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Pradhan Mantri Matsya Sampada Yojana (PMMSY)
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- Target group: fishermen, fish farmers, fish workers, micro and small enterprises, and fish farmers producers organisations, among others.
- Objectives: To formalise the fisheries sector while focusing on micro and small enterprises in all states and Union Territories.
- It will also address issues of aquaculture crop losses due to disease through insurance and enhance export competitiveness through value addition, value realization and value creation.
- Funding: Rs 6,000 crore
- About 50 per cent i.e. Rs 3,000 crore will come from public finance including the World Bank and the AFD external financing.
- The remaining 50 per cent is expected from the beneficiaries and private sector.
- Period: four years from 2023-24 to 2026-27 fiscal years
- Significance:
- Employment generation: The sub-scheme is projected to generate about 1.7 lakh new jobs, with a special emphasis on employing 75,000 women.
- Opportunities in MSME: It also aims to generate 5.4 lakh continued employment opportunities in the micro and small enterprises (MSME) value chain.
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National Fisheries Digital Platform
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Fisheries Sector of India
- India is the third largest fish producing country, contributing 8 percent to the global fish production and ranks second in aquaculture production.
- India is the 4th largest exporter of fish and fisheries products.
- 100% FDI is allowed under the automatic route in pisciculture and aquaculture sector in India.
- Key Policy Decisions
- Blue Revolution Scheme
- Creation of a new Ministry of Fisheries, Animal Husbandry & Dairying
- Separate Department of Fisheries with the independent administrative structure
- Fisheries and Aquaculture Infrastructure Development Fund (FIDF)
- Pradhan Mantri Matsya Sampada Yojana (PMMSY)
- Sagar Parikrama
- PM Gati Shakti Master Plan
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