Cabinet approves new scheme for MSMEs in fisheries sector

The Union Cabinet on Thursday approved Pradhan Mantri Matsya Kisan Samriddhi Saha Yojana (PM-MKSSY), a sub-scheme under the Pradhan Mantri Matsya Sampada Yojana with an expected investment of ₹6,000 for micro and small enterprises operating in the fisheries sector. Gave it. Crore in the next four years. The meeting chaired by Prime Minister Narendra Modi also approved extension of the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) for three years till 2025-26. The already approved fund size of FIDF is ₹7,522.48 crore and the budgetary support is ₹939.48 crore.

About 121 fisheries infrastructure projects with an investment cost of ₹5,588.63 crore have been approved under FIDF for creation of various fisheries infrastructure. The government said the expansion of FIDF will accelerate the development of various fisheries infrastructure such as fishing ports, fish landing centres, ice plants, cold storage and fish transportation facilities. The expansion will further leverage financial resources and encourage greater investment in infrastructure development for fisheries and aquaculture from both the public and private sectors, the Center said in a release.

The sub-scheme PM-MKSSY is with 50% public finance, including World Bank and Agence Française de Développement (AFD) external financing, and the remaining 50% is anticipated investment from private sector leverage. “It will be implemented in all states and union territories for four years from 2023-24 to 2026-27,” the Center said in a statement.

The scheme is expected to benefit fishermen, aquaculture farmers, fish workers and fish sellers. It aims to gradually formalize the fisheries sector and increase access to institutional credit. “This initiative will provide access to institutional credit to 6.4 lakh micro enterprises and 5,500 fisheries cooperatives,” the release said.

The scheme also aims to facilitate the growth of businesses, creation of jobs and business opportunities. “It is estimated to create 1.7 lakh new jobs with a special emphasis on employing 75,000 women and also aims to create 5.4 lakh sustained employment opportunities in the micro and small enterprise value chain,” the Center claimed.