PMMSY- Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana

Context:

• The Government has approved the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana, a sub scheme of Pradhan Mantri Matsya Sampada.
• They have also extended the Fisheries Infrastructure Development Fund (FIDF) for another 3 years.
• To meet the infrastructure needs of the fisheries sector, the Government created the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) in 2018-19.

Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana:

About:

• The Union Cabinet has given its approval for the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana, a sub-scheme under the Pradhan Mantri Matsya Sampada for the fisheries sector.
• This scheme will be implemented nationwide for a period of four years, starting from the financial year 2023-24 to 2026-27.
• The program is designed for individuals and groups involved in various aspects of the fisheries industry, including fishermen, fish farmers, fish sellers, small businesses, cooperatives, self-help groups, and other entities that contribute to the fisheries value chain.
• The main components of the project include establishing a digital platform to formalise the aquaculture sector, encouraging the adoption of insurance for aquaculture, providing grants to improve value chain efficiencies, offering grants for implementing safety and quality assurance systems, and monitoring and managing the project.

Investment:

• Implementation of the scheme shall start from the financial year 2023-24 to the financial year 2026-27 in all states and union territories.
• The estimate is Rs.6,000 crore.
• Half of the funding will come from the government and the other half is expected to come from the private sector.
• Purpose:
• The primary goal is to develop a web-based electronic system which allows the registration of 4 million micro and small fishing enterprises.
• It will open a passage for 640,000 micro-enterprises and 5,500 co-operatives to get the institutional loans.
• Further, the objective is also to end with the disbursement of grants and to instead start with giving out performance-based incentives.
• The efficiency in the supply chain and generation of clean fish will be increased.
• Equally important is to preserve sustainability and also provide a conducive environment for business.
• Insurance will be provided to reduce risk, therefore, crop losses will be avoided.
• In the end, will aim to increase exports value by increasing value added.

Conclusion:

• The government aims at creating a digital platform for the fisheries sector to assign work- based identification to 4 million small and micro enterprises.
• This programme seeks to regularise the sector, make credit accessible and hence emphasises from subsidies to performance-based incentives.
• It also looks at improving value chain efficiency, producing safe and quality fish, environmental sustainability and income through improved profit margins.
• Besides, the government intends to deal with the losses caused by disease in aquaculture production through use of insurance to boost production and productivity.

Source: PIB

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