Centre targets investments worth $9 billion in Fisheries Sector in next 5 years

The Central government is targeting investments worth 9 billion dollars in the fisheries sector over the next five years. It was revealed by Union Fisheries Secretary Dr Rajeev Ranjan at the ‘E-conference on Innovation for Transforming the Sustainable Marine Economy’ organized by the Indian Chamber of Commerce (ICC) and the ministry of earth science on November 20.  

Union Fisheries Secretary Rajeev Ranjan said at an e- conference of Indian Chamber of Commerce (ICC) said, “Government is targeting investments to the tune of USD $9 billion in the fisheries sector over the next five years.”  

Ranjan said the PM Matsya Sampada Yojana (PMMSY) has been designed to achieve this target and therefore the Centre is striving to boost the fish production to 220 lakh tonnes by 2024-25 from 138 lakh tonnes.   

"This will also have significant repercussion on employment generation from the sector, which is expected to be around 55 lakh by 2024-25 from close to 15 lakh at the present," he added. 

Ranjan further said, “The central government has also envisaged improving the quality of life in coastal communities and diversification of the coastal economy through sustainable livelihood opportunities and inclusive development in an integrated manner, and Rs 750 crore has been allocated toward the same.” 

"One of the main objectives of PMMSY is to double marine products export to USD $15 billion by 2024," Ranjan added. It was also informed that fisheries export is expected to reach Rs 10,00,00 crore by 2024-25 from the present Rs 46,589 crore, a release issued by ICC.