Home / Industry / Agriculture /  New scheme focuses on formalising fisheries sector: agriculture ministry

NEW DELHI : A newly announced scheme with an outlay of 6,000 crore will help in improving incomes of fishermen, vendors and small businesses while helping to formalise the fisheries sector, the agricuture ministry said in a statement on Saturday.

Citing the PM Matsya Kisan Samridhi Sah-Yojana announced in the union budget for FY24, the ministry said the idea is to make focussed intervention to bring about formalization of the fisheries sector.

This includes digital inclusion, providing institutional finance for capital investment and working capital, incentivizing micro and small enterprises to set up supply chains for delivery of safe fish products to consumers and expanding the domestic market, the ministry said.

Indian fisheries sector continues to grow at a very healthy pace, the ministry said adding that India has already become third largest fish producer, second largest aquaculture producer and fourth largest exporter of fish and fisheries products.

It has clocked the double-digit annual growth rate of 10.34% in FY22 and has reached record fish production of 162.48 lakh tonne with much more growth to come in near future, the ministry said. The sector provides sustainable livelihoods to over 28 million people mostly within the marginalized and vulnerable communities and has been instrumental in bringing about sustainable improvements in the socio-economic conditions of the poor and the downtrodden.

The ministry said that schemes such as PM Matsya Sampada Yojana (PMMSY), Fisheries Infrastructure Development Fund (FIDF) and Kisan Credit Card (KCC) which were launhed with a total investment of over Rs. 27,500 crore has started to make their impact felt.


Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Recommended For You
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout