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The government announced 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.

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).

• 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.

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