The Union Cabinet on Thursday approved the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a sub scheme under the Pradhan Mantri Matsya Sampada Yojana, for the micro and small enterprises operating in the fisheries sector with an expected investment of ₹6,000 crore in the next four years. The meeting, chaired by Prime Minister Narendra Modi, also approved the extension of Fisheries and Aquaculture Infrastructure Development Fund (FIDF) to another three years, up to 2025-26. The already approved fund size of the FIDF is ₹7,522.48 crore and the budgetary support is ₹939.48 crore.
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About 121 fisheries infrastructure projects with an investment cost of ₹5,588.63 crore have been approved under the FIDF for creation of various fisheries infrastructures. Extension of FIDF, the government said, would intensify development of various fisheries infrastructure such as fishing harbours, fish landing centres, ice plants, cold storage and fish transport facilities. The Centre said in a release that the extension would further leverage the financial resources and encourage more investments in development of infrastructure for fisheries and aquaculture both from the public and private sector.
The sub-scheme PM-MKSSY is with 50% public finance, including the World Bank and the Agence Française de Développement (AFD) external financing, and rest 50% being the anticipated investment from the private sector leverage. “It will be implemented for four years from 2023-24 to 2026-27 across all the States and union territories,” the Centre said in a statement.
Fishers, aquaculture farmers, fish workers and fish vendors are expected to benefit from the scheme. It is aimed at gradual formalisation of fisheries sector and enhanced access to institutional credit. “The initiative will support 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, providing access to institutional credit,” the release said.
The scheme also aims at facilitating growth of businesses, creation of jobs and creation of business opportunities. “It is projected to create 1.7 lakh new jobs, with a special emphasis on employing 75,000 women and also aims to generate 5.4 lakh continued employment opportunities in the micro and small enterprises value chain,” the Centre claimed.