(MENAFN- KNN India) New Delhi, Feb 9 (KNN) The Union Cabinet, under the leadership of Prime Minister Narendra Modi, has given the green light to the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) to bolster the fisheries sector on Thursday.
This sub-scheme, operating under the Pradhan Mantri Matsya Sampada Yojana, is set to inject an expected investment of Rs 6,000 crore over the next four years into micro and small enterprises within the fisheries industry.
During the meeting chaired by Prime Minister Modi, another pivotal decision was made - the extension of the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) up to 2025-26, thereby adding another three years to its mandate.
Originally budgeted at Rs 7,522.48 crore with a Rs 939.48 crore budgetary support, the FIDF aims to enhance various fisheries infrastructures across the nation.
Under the FIDF, approximately 121 fisheries infrastructure projects, totalling an investment cost of Rs 5,588.63 crore, have already been sanctioned.
These projects encompass the development of vital infrastructures such as fishing harbours, fish landing centres, ice plants, cold storage facilities, and fish transport facilities.
The extension of the FIDF is anticipated to further accelerate the development of these critical infrastructures, fostering both public and private sector investments in fisheries and aquaculture.
The newly approved PM-MKSSY sub-scheme is set to operate with a 50 per cent public finance component, inclusive of external financing from institutions like the World Bank and the Agence Française de Développement (AFD), with the remaining 50 per cent expected to be leveraged from the private sector.
This initiative, slated for implementation from 2023-24 to 2026-27 across all states and union territories, is poised to benefit various stakeholders within the fisheries sector, including fishers, aquaculture farmers, fish workers, and fish vendors.
One of the primary objectives of the PM-MKSSY is the gradual formalisation of the fisheries sector, coupled with improved access to institutional credit.
The scheme is anticipated to support approximately 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, facilitating their access to institutional credit.
Furthermore, it aims to create 1.7 lakh new jobs, with a particular focus on employing 75,000 women, while also generating 5.4 lakh continued employment opportunities within the micro and small enterprises value chain.
The PM-MKSSY is envisioned as a catalyst for the growth of businesses, job creation, and the generation of new business opportunities within the fisheries sector.
With its substantial investment and targeted interventions, the scheme is poised to drive significant socio-economic development, particularly in coastal regions and areas dependent on fisheries and aquaculture activities.
(KNN Bureau)
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