Pradhan Mantri Matsya Sampada Yojana: Cabinet Approves Rs 20,050 cr Scheme for Fisheries Sector

The cabinet, chaired by PM Narendra Modi on 20^th May 2020 has given its approval for implementation of Rs 20,050 cr Pradhan Mantri Matsya Sampada Yojana or PMMSY that is aimed at doubling the income of fishers, fish farmers and fish workers by 2024.

Pradhan Mantri Matsya Sampada Yojana will be implemented during a period of five years from fiscal 2020-21 to fiscal 2024-25.

PMMSY will help in improving the infrastructure and also boost investment in fisheries sector.

A senior fisheries department official said that “We target a sustained average annual growth rate of about 9 percent to attain production of 22 million metric tonnes by 2024-25 & create direct gainful employment opportunities to about 15 lakh in fishing & allied activities”.

It is important to mention that the scheme is targeted at bringing about Blue Revolution via sustainable & responsible development of fisheries sector in the country under two components - Central Sector Scheme (CS) & Centrally Sponsored Scheme (CSS).

In this, Centre’s share would be at Rs. 9,407 crore while state government’s and beneficiaries’ share would be Rs. 4,880 crore and Rs. 5,763 crore respectively.

Managing director of National Federation of Fishers Cooperatives, BK Mishra said “Under social security, accidental insurance of fishers must be enhanced from Rs 2 lakh to Rs 5 lakh. Fish markets both wholesale & retail need to be modernised & Safal-type (Mother Dairy’s fruits and vegetable stores) retail outlets could be opened up in cities”.