The Union Cabinet, led by Prime Minister Narendra Modi, has given the green light to the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a subsidiary program falling under the Pradhan Mantri Matsya Sampada Yojana. This initiative targets micro and small enterprises operating within the fisheries sector and is poised to receive an estimated investment of ₹6,000 crore over the forthcoming four years.
Anurag Singh Thakur, the Union Minister for Information and Broadcasting, highlighted the move as a step towards formalizing the fisheries sector. The initiative includes the establishment of a National Fisheries Digital Platform to assign work-based identities to 40 lakh small and micro-enterprises.
During the meeting, the Cabinet also approved the extension of the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) for an additional three years, extending its duration up to 2025-26. Initially set at ₹7,522.48 crore, with a budgetary support of ₹939.48 crore, the FIDF aims to bolster the development of various fisheries infrastructures.
Under the FIDF, approximately 121 fisheries infrastructure projects, amounting to ₹5,588.63 crore, have been sanctioned for the establishment of diverse facilities such as fishing harbours, fish landing centres, ice plants, cold storage, and fish transport facilities. The extension of the FIDF is anticipated to further amplify the development of fisheries and aquaculture infrastructure by leveraging financial resources and encouraging investments from both public and private sectors.
The sub-scheme PM-MKSSY is structured with 50% public financing, including contributions from the World Bank and the Agence Française de Développement (AFD), with the remaining 50% expected to be sourced from private sector investments. Scheduled for implementation over four years, from 2023-24 to 2026-27, across all States and union territories, this initiative is projected to benefit fishers, aquaculture farmers, fish workers, and fish vendors.
The primary objectives of PM-MKSSY include the gradual formalization of the fisheries sector and increased accessibility to institutional credit. The scheme is expected to support 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, facilitating access to institutional credit. Furthermore, it aims to foster business growth, job creation, and the emergence of new business opportunities.
The projected outcomes of PM-MKSSY indicate the creation of 1.7 lakh new jobs, with a particular focus on employing 75,000 women. Additionally, it aims to generate 5.4 lakh sustained employment opportunities within the micro and small enterprise value chain. The Centre asserts that this scheme will significantly contribute to the economic development of the fisheries sector while empowering various stakeholders within the industry.
