Rs 20,000 Crore Scheme for Fisheries under PM Matsya Sampada Yojana Launched; More Insurance Schemes Inside

The Finance Minister Nirmala Sitharaman announced Rs 20,000 Crore Scheme, under Pradhan Mantri Matsya Sampada Yojana, to address critical infrastructure gaps for the fisheries sector. This good news comes as a part of the third tranche of economic reforms. Out of this, Rs 11,000 crore will be spent on activities in marine, inland fisheries & aquaculture. However, Rs 9000 crore will be used to build infrastructure, like fishing harbours and cold chain.

Rs 20,000 Crore Scheme for Fisheries

The minister said that this step is taken to improve farm infrastructure & logistics for the agriculture sector. We are well aware that since Wednesday the Centre has announced various measures aimed to benefit small businesses, migrants, street vendors, small traders, farmers, as part of the Rs 20 trillion package for reviving the economy.

PM Matsya Sampada Yojana

Nirmala Sitharaman said, “The PM Matsya Sampada Yojana, which was announced in the financial year 20 budget to plug critical gaps in the fisheries value chain, which includes modernization, traceability, production, productivity and post-harvest quality control will be executed immediately.”

She added, “We expect it will give employment to 5.5 million people & help to double India’s export to Rs 1 trillion. It will also be bringing better standards & traceability; new fishing vessels can be provided to fishermen, new fishing harbours can also be there. Fishermen don’t go to the sea during a particular time period. They can get assistance for that period. Personnel & boat insurance will also be given. This will lead to additional fish production of 700,000 tonnes over the next 5 years.”

Cage culture, seaweed farming & ornamental fisheries, also new fishing vessels and laboratory network will be key activities, said the minister. She emphasized on the government’s focus to empower the financially & socially marginalized sections, rather than focusing on entitlements.

To this Nirmala Sitharaman said, “The underlying principle is to empower the people, provide them resources so that they can produce & have livelihoods for themselves rather than going for entitlements. However, wherever entitlements are due, yes, they will be given. But largely our focus is to make sure India stands up on its own, & generates its own jobs."