The Union Cabinet approved the Pradhan Mantri Matsya Kisan Samriddhi Sah Yojana (PM-MKSSY). The scheme aimed at formalizing the fisheries sector which is largely informalized and an effort to support the medium and small enterprises in the fishing sector.

Investment and Duration:

The Investment in the fisheries sector shall come half (50%) from both of the private and public sectors respectively. This scheme will be into force from FY 2023-24 and till FY 2026-27 in all the respective States and Union Territories with a capital estimate of Rs 6000 crore.

Beneficiaries:

This scheme shall support medium and small farmers, fish farmers, medium and small enterprises, self-help groups and other groups involved in this chain of fisheries sector.

Objectives:

• Providing a digital platform to record the activities of the fisheries sector.
• To extend institutional credit for all the cooperatives and different enterprises in the sector.
• Reducing dependency on subsidies and emphasizing more on performance-based tasks.
• To improve value chain efficiency and ensure safe, quality fish.
• Providing sustainability and the ease of doing business.
• To provide insurance for crop losses against any sort of natural disaster too.
• To ensure greater foreign exchange and exports from India.
• To become self-reliant and competitive in the sector.

Major components:

• Development of an aquaculture to ensure maximum productivity.
• Digitization of the tasks and operations involved in this sector.
• Performance-based incentives for greater skill improvement.
• Improving the efficiency of value chain-based industry.
• Surveillance, and monitoring for better management as a key development.

Expected Impact:

• The scheme shall bring thousands of employment opportunities creating upto 7 lakh jobs.
• Enhanced income as there has been greater investment. Investment multiplies to generate greater income
• Improvement of quality and safety standards in the domestic fish market.
• The feminization of Agriculture and Allied activities is a sign of women's empowerment.

Way Forward:

With the informality, losses, no technical assistance, insufficient credit and quality issues used to marginalise this sector but now this scheme is going to change the landscape of the fisheries sector in totality.

.    .    .

References:

• gktoday.in
• thehindu.com