Why in the news?
The Union Cabinet approved the “Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)”.
About the Scheme
- Central Sector Sub-scheme: The scheme is under the Central Sector Component of the Pradhan Mantri Matsya Sampada (PMMS).
- Objectives:
- Gradual formalization of the unorganised fisheries sector.
- Facilitating institutional finance to fisheries sector micro and small enterprises.
- Providing a one-time incentive to beneficiaries for purchasing aquaculture insurance.
- Incentivizing for improving fisheries sector value-chain efficiencies.
- Incentivizing for adoption and expansion of fish and fishery product safety and quality assurance systems.
- Funding: Total outlay of 6000 crore rupees, of which-
- 50% will come from public finance including the World Bank and the AFD (French Development Agency) external financing and,
- 50 % will be contributed by the beneficiaries from the private sector.
- Duration: The scheme will be implemented for 4 years from FY 2023-24 to FY 2026-27 across all the States and UTs.
Pradhan Mantri Matsya Sampada Yojana (2020)
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Implementation Strategy of PM-MKSSY
- Component 1-A: Formalization of the fisheries sector and facilitating access of fisheries microenterprises to Government of India programs for the financing of working capital.
- National Fisheries Digital Platform (NFDP) will be created and all the stakeholders will be mobilized to register on it.
- The NFDP will serve multiple functions including disbursement of financial incentives.
- National Fisheries Digital Platform (NFDP) will be created and all the stakeholders will be mobilized to register on it.
- Component 1-B: Facilitating the adoption of aquaculture insurance: It is proposed to facilitate the creation of appropriate insurance products and to cover at least 1 lakh hectares of aquaculture farms.
- SCs, STs and Women beneficiaries would be provided an additional incentive @ 10% of the incentive payable for General Categories.
- Component-2: Supporting microenterprises to improve fisheries sector value chain efficiencies.
- Component-3: Facilitating Adoption and expansion of fish and fishery product safety and quality assurance systems.
- Component-4: Project management, monitoring, and reporting: It is proposed to set up Project Management Units (PMUs) to manage, implement, monitor, and evaluate project activities.
Significance of the scheme
- Formalization of the fisheries sector: It will support 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, providing access to institutional credit.
- National Fisheries Digital Platform: It is estimated to provide 40 lakh small and micro-enterprises work-based identities.
- Focuses on improving value chain efficiency and ensuring safe, quality fish by supporting 55,000 targeted micro and small enterprises.
- Job Creation: It is projected to create 1.7 lakh new jobs, with a special emphasis on employing 75,000 women.
- Also aims to generate 5.4 lakh continued employment opportunities in the micro and small enterprises value chain.
- Other: Facilitate Ease of Doing Business, increase incomes, enhance export competitiveness, address issues of aquaculture crop losses due to disease through insurance coverage etc.
Conclusion
The fisheries sector is a sunrise sector and has shown remarkable growth in recent years. However, it has yet to realize its potential. Considering the huge scope for domestic consumption, export potential and greater economic returns, the sector warrants strong and sustained policy support.