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Cabinet Approves “Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana”

The “Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)”, a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada, was approved by the Union Cabinet, which is led by Prime Minister Shri Narendra Modi.

The program aims to formalize the fisheries sector and support micro and small businesses in the industry with an investment of over Rs. 6,000 crores over the course of the next four (4) years, from FY 2023–24 to FY 2026–27 in all States and Union Territories.

With an estimated outlay of Rs. 6,000 crore, the Sub-scheme will be implemented as a Central Sector Sub-scheme under the PMMSY’s Central Sector Component. Of this amount, Rs. 3,000 crore will come from public financing, including funding from the World Bank and the AFD, and the remaining Rs. 6,000 crore will come from anticipated investments from the beneficiaries and the private sector. It will be implemented for four years, from fiscal year 2023-24 to fiscal year 2026-27, throughout all states and UTs.

Intended Beneficiaries:

  • Fishers, Fish (Aquaculture) Farmers, Fish workers, Fish Vendors or such other person directly engaged in fisheries value chain.
  • Micro and Small enterprises in the form of Proprietary Firms, Partnership Firms and Companies registered in India, Societies, Limited Liability Partnerships (LLPs), Cooperatives, Federations, Village Level Organizations like Self Help Groups (SHGs), Fish Farmers Producer Organizations (FFPOs) and Startups engaged in fisheries and aquaculture value chains.
  • FFPOs also include Farmers Producer Organizations (FPOs).
  • Any other beneficiaries that may be included by the Department of Fisheries, Gol as targeted beneficiaries.

Major Impact, including employment generation potential

  • To create a National Fisheries Digital Platform to provide 40 lakh small and micro-enterprises work based identities.
  • Gradual formalization of fisheries sector and enhanced access to institutional credit. The initiative will support 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, providing access to institutional credit.
  • Gradual shift from conventional subsidies to performance based incentives in fisheries
  • The program focuses on improving value chain efficiency and ensuring safe, quality fish by supporting 55,000 targeted micro and small enterprises,
  • Promotion of Environment and Sustainability Initiatives
  • Facilitating Ease of Doing Business and Transparency
  • Address issues of aquaculture crop losses due to disease through insurance coverage for aquaculture to strengthen production, productivity
  • Enhance export competitiveness through value addition, value realization and value creation
  • Increase in incomes due to enhanced profit margins due to value chain efficiencies
  • Improved quality of fish and fishery products in domestic market
  • Strengthening and deepening of domestic markets
  • Facilitating growth of businesses, creation of jobs and creation of business opportunities.
  • Women Empowerment through creation of jobs and safe working place
  • It is projected to create 1.7 lakh new jobs, with a special emphasis on employing 75,000 women and also aims to generate 5.4 lakh continued employment opportunities in the micro and small enterprises value chain.

Aims and objectives of PM-MKSSY:

  1. Gradual Formalization of the unorganized fisheries sector through self registration of fishers, fish farmers and supportive workers under a National Fisheries Sector Digital Platform including creation of work based digital identifies of fish workers for improved service delivery.
  2. Facilitating access to institutional financing fisheries sector micro and small enterprises.
  3. Providing one-time incentive to beneficiaries for purchasing aquaculture insurance.
  4. lncentivizing fisheries and aquaculture microenterprises through performance grants for improving fisheries sector value-chain efficiencies including creation and maintenance of jobs.
  5. Incentivising micro and small enterprises through performance grants for adoption and expansion of fish and fishery product safety and quality assurance systems including creation and maintenance of jobs.

Intended Beneficiaries:

  • Fishers, Fish (Aquaculture) Farmers, Fish workers, Fish Vendors or such other person directly engaged in fisheries value chain.
  • Micro and Small enterprises in the form of Proprietary Firms, Partnership Firms and Companies registered in India, Societies, Limited Liability Partnerships (LLPs), Cooperatives, Federations, Village Level Organizations like Self Help Groups (SHGs), Fish Farmers Producer Organizations (FFPOs) and Startups engaged in fisheries and aquaculture value chains.
  • FFPOs also include Farmers Producer Organizations (FPOs).
  • Any other beneficiaries that may be included by the Department of Fisheries, Gol as targeted beneficiaries.

Major Impact, including employment generation potential

  • To create a National Fisheries Digital Platform to provide 40 lakh small and micro-enterprises work based identities.
  • Gradual formalization of fisheries sector and enhanced access to institutional credit. The initiative will support 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, providing access to institutional credit.
  • Gradual shift from conventional subsidies to performance based incentives in fisheries
  • The program focuses on improving value chain efficiency and ensuring safe, quality fish by supporting 55,000 targeted micro and small enterprises,
  • Promotion of Environment and Sustainability Initiatives
  • Facilitating Ease of Doing Business and Transparency
  • Address issues of aquaculture crop losses due to disease through insurance coverage for aquaculture to strengthen production, productivity
  • Enhance export competitiveness through value addition, value realization and value creation
  • Increase in incomes due to enhanced profit margins due to value chain efficiencies
  • Improved quality of fish and fishery products in domestic market
  • Strengthening and deepening of domestic markets
  • Facilitating growth of businesses, creation of jobs and creation of business opportunities.
  • Women Empowerment through creation of jobs and safe working place
  • It is projected to create 1.7 lakh new jobs, with a special emphasis on employing 75,000 women and also aims to generate 5.4 lakh continued employment opportunities in the micro and small enterprises value chain.

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