New Fisheries Scheme Aims to Boost Sector
The Ministry of Fisheries, Animal Husbandry and Dairying has launched the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a four-year initiative designed to enhance the Indian fisheries sector. With an estimated budget of ₹6,000 crore, the scheme aims to improve financial inclusion, promote aquaculture insurance, and enhance the safety and quality of fish products. The initiative is part of the broader Pradhan Mantri Matsya Sampada Yojana (PMMSY) and includes the newly introduced National Fisheries Digital Platform (NFDP).
Components of the PM-MKSSY
The PM-MKSSY consists of four key components aimed at transforming the fisheries sector. Component 1-A focuses on formalizing the fisheries sector and facilitating access to government programs for working capital financing. Component 1-B promotes the adoption of aquaculture insurance, ensuring that fish farmers are protected against unforeseen losses. Component 2 supports microenterprises in enhancing the efficiency of the fisheries value chain, while Component 3 emphasizes the adoption and expansion of safety and quality assurance systems for fish and fishery products. Finally, Component 4 is dedicated to project management, monitoring, and reporting to ensure the effective implementation of the scheme.
Launch of the National Fisheries Digital Platform
On September 11, 2024, the NFDP was launched under the PM-MKSSY to create a digital identity for stakeholders in the fisheries sector. This platform serves as a comprehensive solution for accessing institutional credit, strengthening fisheries cooperatives, and incentivizing aquaculture insurance. It also includes performance-based incentives, traceability systems for fisheries, and training and capacity-building initiatives. To date, over 20 lakh fishers, microenterprises, and fish farmer producer organizations (FFPOs) have registered on the platform, reflecting a significant step towards the formalization of the sector.
Progress and Future Prospects
The PM-MKSSY aims to enhance financial inclusion for fish workers and enterprises by facilitating access to institutional credit. The NFDP’s credit facilitation module is now live, allowing beneficiaries to log in and apply for financial assistance. As of now, 4,066 applications have been received, including 129 from Andhra Pradesh, and these have been forwarded to banks for consideration. This initiative is expected to significantly uplift the livelihoods of those involved in the fisheries sector, contributing to the overall growth and sustainability of the industry.
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