TAG: GS 3: AGRICULTURE
THE CONTEXT: In a significant move to boost the micro and small enterprises in the fisheries sector, the Union Cabinet has given its nod to the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY).
EXPLANATION:
- This sub-scheme, falling under the Pradhan Mantri Matsya Sampada Yojana, is set to infuse an estimated investment of ₹6,000 crore over the next four years.
- The decision reflects the government’s commitment to the growth and development of the fisheries industry.
Extension of Fisheries and Aquaculture Infrastructure Development Fund (FIDF):
- Simultaneously, the Cabinet also approved the extension of the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) for an additional three years, extending up to 2025-26.
- The FIDF, with an approved fund size of ₹7,522.48 crore and a budgetary support of ₹939.48 crore, has already sanctioned 121 fisheries infrastructure projects with a total investment cost of ₹5,588.63 crore.
- This extension aims to bolster the development of critical infrastructure such as fishing harbours, fish landing centres, ice plants, cold storage, and fish transport facilities.
Financial Implications and Investment Sources:
- The PM-MKSSY sub-scheme will operate on a 50-50 financial model, with 50% of the funding sourced from public finance, including external financing from entities like the World Bank and the Agence Française de Développement (AFD).
- The remaining 50% is anticipated to be generated from the private sector, showcasing a collaborative effort to drive growth in the fisheries sector.
- The expected investment of ₹6,000 crore over the next four years underlines the government’s commitment to fostering a robust and sustainable fisheries industry.
Implementation Timeline and Target Beneficiaries:
- The PM-MKSSY is scheduled for implementation from 2023-24 to 2026-27, covering all States and union territories.
- The beneficiaries of this sub-scheme encompass fishers, aquaculture farmers, fish workers, and fish vendors.
- Its overarching goals include the gradual formalization of the fisheries sector and improved access to institutional credit.
Key Objectives and Outcomes:
- Formalization of Fisheries Sector:
- The PM-MKSSY aims to drive the formalization of the fisheries sector, bringing it under the institutional credit framework.
- Job Creation and Business Growth:
- The scheme is projected to create 1.7 lakh new jobs, with a particular emphasis on employing 75,000 women.
- Additionally, it envisions the generation of 5.4 lakh continued employment opportunities in the micro and small enterprises value chain.
- Support for Micro-Enterprises and Fisheries Cooperatives:
- The initiative is expected to benefit 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, providing them with access to institutional credit.
Pradhan Mantri Matsya Sampada Yojana
- Pradhan Mantri Matsya Sampada Yojana (PMMSY) is an initiative for the fisheries sector launched by the Government of India in September 2020.
- It brings about ecologically healthy, economically viable, and socially inclusive development of India’s fisheries sector.
- The PMMSY scheme has been implemented by the Department of Fisheries, Ministry of Fisheries, Animal Husbandry, and Dairying, Government of India, since September 2020.
- The PMMSY scheme aims to bring about the Blue Revolution in India through sustainable and responsible development of the fisheries sector, with an estimated investment of Rs. 20050 crores for holistic fisheries development, including fisher welfare.
- The PMMSY scheme is being implemented in all the states and union territories for a period of five years from the financial year 2020-21 to the financial year 2024-25.
- PMMSY aims to eliminate critical gaps in the value chain of fisheries, such as
- Fish production
- productivity, and quality
- Technology
- Post-harvest infrastructural facilities, and
Conclusion:
- The Cabinet’s approval of the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana and the extension of the Fisheries and Aquaculture Infrastructure Development Fund reflects a strategic and comprehensive approach towards strengthening the fisheries sector.
- This move is poised to not only enhance the infrastructure but also generate employment, foster business growth, and elevate the overall economic contribution of the fisheries industry.