Govt okays Rs 75-bn fund to help boost fish production, jobs in fisheries

The govt aims to achieve a sustainable growth of 8-9%, so that fish production reaches the level of about 20 mn tonnes by 2022-23

The government Wednesday approved Rs 75.22 billion fund for creating infrastructure facilities in the fisheries and aquaculture sector to help boost annual fish production to 20 million tonnes by 2022-23 and generate over 940,000 employment opportunities.

India's fish production is estimated at around 12 million tonnes annually.

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its approval for creation of special Fisheries and Aquaculture Infrastructure Development Fund (FIDF), an official statement said.

"The approval entails an estimated fund size of Rs 75.22 billion, comprising Rs 52.66 billion to be raised by the Nodal Loaning Entities (NLEs), Rs 13.16 billion beneficiaries contribution and Rs 9.39 billion budgetary support from the Government of India," an official statement said.

National Bank for Agriculture and Rural Development (NABARD), National Cooperatives Development Corporation (NCDC) and all scheduled banks would be the NLEs, it added.

FIDF would provide concessional finance to state governments/UTs and state entities, cooperatives, individuals and entrepreneurs etc, for taking up the identified investment activities of fisheries development.

Under FIDF, loan lending will be over a period of five years from 2018-19 to 2022-23 and maximum repayment will be over a period of 12 years inclusive of moratorium of two years on repayment of principal.

Listing out the benefits, the government said this fund would help in creation of fisheries infrastructure facilities both in marine and inland fisheries sectors, which would boost fish production and help achieve the target of 15 million tonnes by 2020 set under the blue revolution.

The government aims to achieve a sustainable growth of 8-9 per cent, so that fish production reaches the level of about 20 million tonnes by 2022-23.

This fund would also create employment opportunities to over 940,000 fishers/ fishermen/fisherfolk and other entrepreneurs in fishing and allied activities. It would help attract private investment in the creation and management of fisheries infrastructure facilities.