Government approves Rs 7,522 crore fund to increase Fish Production

Rs 7,522 crore fund has been approved by the government to develop infrastructure such as cold storage units, processing units, hatcheries, ice plants and transport facilities that will help increase annual fish production 67 percent to 20 million tonnes by 2022 to 2023 from the existing levels.

In this way, the government expects to create employment opportunities for around 9.4 lakh fishermen and other entrepreneurs in related activities. It also intends to attract private investment in the formation and management of infrastructure facilities as well as the adoption of new technologies in the sector.

According to an official statement, the Cabinet Committee on Economic Affairs led by Prime Minister Narendra Modi approved the formation of the Fisheries and Aquaculture Infrastructure Development Fund (FIDF).

Moreover, financial support of Rs 5,266.4 crore will come from nodal loaning entities including National Cooperatives Development Corporation, National Bank for Agriculture & Rural Development and scheduled banks - Rs 1,316.6 crore will be donated by beneficiaries and Rs 939.48 crore will be from the government.

Also, the FIDF will give concessional finance to the state and Union Territory governments, state entities, cooperatives, entrepreneurs and individuals investing in expansion of fisheries. The loans will be given for 5 years starting from 2018-19 and the maximum repayment period will be 12 years.