New Scheme Focuses on Formalising Fisheries Sector; Increase of 38.45% Over Previous Budget

The ministry stated that the idea is to make targeted interventions to bring about the formalization of the fisheries sector, citing the PM Matsya Kisan Samridhi Sah-Yojana announced in the union budget for FY24.

According to the ministry, this includes digital inclusion, providing institutional finance for capital investment and working capital, incentivizing micro and small businesses to establish supply chains for the delivery of safe fish products to consumers, and expanding the domestic market.

The Indian fisheries sector is expanding at a healthy rate, according to the ministry, adding that India has already surpassed China as the third largest fish producer, second largest aquaculture producer, and fourth largest exporter of fish and fisheries products.

It achieved a double-digit annual growth rate of 10.34% in FY22 and reached a record fish production of 162.48 lakh tonne, with much more growth expected in the near future, according to the ministry. The sector employs over 28 million people, the majority of whom live in marginalized and vulnerable communities, and has been instrumental in bringing about long-term improvements in the socioeconomic conditions of the poor and oppressed.

According to the ministry, schemes such as the PM Matsya Sampada Yojana (PMMSY), the Fisheries Infrastructure Development Fund (FIDF), and the Kisan Credit Card (KCC), which were launched with a total investment of over Rs. 27,500 crore, have begun to make an impact.

Moreover, the announcement of 3 AI Centres of Excellence in India is expected to galvanize the AI ecosystem in India, and it offers significant opportunities for improvement in fish marketing systems and increased value realization through the accelerated implementation of blockchain-based solutions for traceability and quality.