Today, Smt. Nirmala Sitharaman, the Central Finance Minister, unveiled the interim budget for 2024-25 in Parliament, heralding significant developments for the fisheries sector and farmers alike. Key among the announcements is the accelerated implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY), aimed at enhancing aquaculture productivity, doubling exports, and generating employment opportunities.
The budget also earmarks substantial allocations for initiatives benefiting farmers, including the utilization of NANO-DP, expansion of the PM Matsya Sampada Yojana, and the Atma Nirbhar Oil Seed Abhiyaan. These measures are anticipated to boost farmers’ income and reduce expenses, contributing to overall agricultural prosperity.
In a major boost to the fisheries sector, the budget allocation for 2024-25 sees a significant increase compared to the previous year. With Rs. 2352 crores allocated, up from Rs. 2025 crores in the 2023-24 budget, the sector is poised for substantial growth and development. Additionally, the allocation for the PM Formalisation of Micro Food Processing Enterprises Scheme has been raised to Rs. 880 crores, up from Rs. 639 crores, indicating strong government support for the sector’s expansion and modernization.
Furthermore, the establishment of five integrated aquaparks underscores the government’s commitment to promoting sustainable aquaculture practices and facilitating technological advancements in the sector.
Overall, the interim budget presents a promising outlook for the fisheries sector, with an array of initiatives aimed at driving growth, enhancing productivity, and creating employment opportunities. As the government focuses on cementing the nation’s agricultural and fisheries industries, stakeholders can look forward to a period of unprecedented growth and prosperity.
More elaborate articles on the allocations to the fisheries will follow soon.
