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Cabinet approves Rs 20,050cr scheme for fisheries sector

Business Finance

Press Trust of India  |  New Delhi 

The Cabinet on Wednesday approved a scheme to bring about a blue revolution through sustainable and responsible development of the fisheries sector with a total estimated investment of Rs 20,050 crore in the next five years.

Of the total investment under the 'Pradhan Mantri Matsya Sampada Yojana' (PMMSY), the central share would be Rs 9,407 crore, state share of Rs 4,880 crore and beneficiaries' share of Rs 5,763 crore, an official statement said.

The central scheme, announced in the Budget this year, will be implemented for five years from 2020-21 to 2024-25 fiscal.

The objective of PMMSY is to create direct employment opportunities to 15 lakh people in the sector, double income of fish farmers and workers by 2024 besides addressing the critical gaps in the fisheries sector and increase fish production to 22 million tonne by 2024-25 through sustainable and responsible fishing practices.

The scheme will focus on creating critical infrastructure including modernisation and strengthening of value chain and improve availability of certified quality fish seed and feed, traceability in fish and including effective aquatic health management.

It will give a boost to investments in the fisheries sector and increase the competitiveness of fish and fisheries products.

According to the government, the PMMSY will be implemented as an umbrella scheme with two separate components namely Central Sector scheme (CS) and Centrally Sponsored Scheme (CSS).

Under the Central Sector Scheme, the entire project and unit cost will be borne by the central government.

In case there are direct beneficiary oriented activities undertaken by the government entities like National Fisheries Development Board (NFDB), the central assistance would be up to 40 per cent of the project cost for general category people and 60 per cent for backward caste people and women.

However under the Centrally Sponsored Scheme, non-beneficiary oriented project costs will be shared between the centre and state. The centre will provide 100 per cent funding for projects undertaken in union territories, but in hilly states it would be in the ratio of 90:10, while for other states 60:40.

For beneficiary oriented projects, the funding will be limited to 40 per cent of the project cost for general category and 60 per cent for backward caste people and women. For which, the fund will be shared in the ration of 90:10 for hilly states, 60:40 for other states and 100 per cent for union territories, it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 20 2020. 16:42 IST