Cabinet Extends Fisheries Infrastructure Development Fund for 3 More Years

The Union Cabinet, under the leadership of Prime Minister Narendra Modi, has given its nod to extend the Fisheries Infrastructure Development Fund (FIDF) for an additional three years, up to the fiscal year 2025-26. This extension comes within the existing approved fund size of Rs 7522.48 crore, with budgetary support of Rs 939.48 crore. In 2018-19, the Union Government initiated the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) to cater to the infrastructure requirements of the fisheries sector. The initial fund size stood at Rs 7522.48 crore.

Government’s Initiative to Bolster Fisheries Infrastructure

During the first phase of implementation (2018-19 to 2022-23), a total of 121 fisheries infrastructure projects, with an investment cost of Rs. 5588.63 crore, were approved. These projects encompassed the creation of various fisheries infrastructures such as fishing harbours, fish landing centers, ice plants, cold storage facilities, and more.

Extension of FIDF to Accelerate Infrastructure Development

The extension of FIDF aims to intensify the development of fisheries infrastructure across the country. The funds will be utilized for projects including the establishment of brood banks, hatcheries, aquaculture development, fish seed farms, modern fish markets, and fish processing units, among others. Additionally, the extension will facilitate the introduction of deep-sea fishing vessels, diagnostic laboratories, and mariculture facilities.

Concessional Financing for Eligible Entities

FIDF will continue to provide concessional finance to Eligible Entities (EEs), which include State Governments/Union Territories, cooperatives, fish farmers, and private companies. The financing will be facilitated through Nodal Loaning Entities (NLEs) such as NABARD, NCDC, and scheduled banks. The Government of India will provide interest subvention of up to 3% per annum for a repayment period of 12 years, inclusive of a moratorium of 2 years.

Under FIDF, a wide range of entities are eligible to avail of funding, including state governments, cooperatives, self-help groups, NGOs, women entrepreneurs, and private companies. This inclusive approach aims to encourage diverse participation in the development of fisheries infrastructure.

Major Milestones in Fisheries Development

In its earlier phase, FIDF facilitated the completion of 27 projects, leading to the creation of safe landing and berthing facilities for over 8100 fishing vessels. These initiatives resulted in an enhancement of fish landing by 1.09 lakh tonnes, benefiting approximately 3.3 lakh fishers and stakeholders. Moreover, around 2.5 lakh direct and indirect employment opportunities were generated.

Promoting Economic Development in Fisheries Sector

The extension of FIDF is expected to leverage financial resources and attract more investments in fisheries and aquaculture infrastructure. This move will not only boost economic development but also complement initiatives like the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and Kisan Credit Card (KCC), fostering increased stakeholder participation, investments, employment opportunities, and augmentation of fish production.