Union Cabinet approves new fisheries scheme

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CategoryYojana

Last Updated10/02/2024

Recently, the Union Cabinet approved the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY).

It is a central sector sub-scheme under Pradhan Mantri Matsya Sampada aimed at formalizing the fisheries sector and supporting fisheries micro and small enterprises.
Over Rs 6,000 crore investment will be made over the next four years (2023-24 to 2026-27) in all States/Union Territories under PM-MKSSY.
A National Fisheries Digital Platform will be established to provide work-based identities to 40 lakh small and micro-enterprises in the fisheries sector.
The Cabinet approved the extension of FIDF for another three years until 2025-26.
- Within the approved fund size of Rs 7,522.48 crore and budgetary support of Rs 939.48 crore.

PMMSY was launched in September 2020 with an aim to double the income of fish farmers and fishers in the country.
It focuses on sustainable development of India’s fisheries sector and is a part of the Atmanirbhar Bharat scheme.
In order to facilitate access to institutional credit, fishermen are provided with insurance coverage, financial assistance and a facility of Kisan Credit Card (KCC) as well.

Harness the potential of the fisheries sector in a sustainable, responsible, inclusive and equitable manner
Enhance fish production and productivity through expansion, intensification, diversification and productive utilisation of land and water
Modernise and strengthen the value chain including post-harvest management and quality improvement
Double fishers' and fish farmers’ incomes and generate meaningful employment
Enhance the contribution of the fisheries sector to agricultural Gross Value Added (GVA) and exports
Ensure social, physical and economic security for fishers and fish farmers
Build a robust fisheries management and regulatory framework

It is implemented as an umbrella scheme with two separate components namely
- Central Sector Scheme: The project cost will be borne by the Central government.
- Centrally Sponsored Scheme: All the sub-components/activities will be implemented by the States/UTs, and the cost will be shared between the Centre and State.