India has emerged as the third-largest producer of fish, the second-largest producer of aquaculture, and the fourth-largest exporter of fish and fisheries products globally.
Recognizing the importance of fisheries and fish farming in India, the government has implemented the new sub scheme named Pradhan Mantri Matsya Kisan Samridi sah-Yojana (PM-MKSSY). This scheme aims to support and empower fish farmers and fishermen by providing them with financial assistance, infrastructure development, and technical support to enhance fish production, productivity, and income.
During the budget for FY 2023-24, the Union finance minister has announced this new sub scheme under the umbrella of Pradhan Mantri Matsya Sampada Yojana (PMMSY). The scheme has a targeted investment of INR 6,000 crore and the main objective of PM-MKSSY is to further enhance the earnings and incomes of fishermen, fish vendors, and micro & small enterprises involved in the fisheries sector.
PM-MKSSY also focuses on various aspects, which includes digital inclusion, facilitating access to institutional finance for capital investment and working capital, incentivizing risk reduction in aquaculture and fisheries, promoting value-chain efficiencies for micro-enterprise in the sector, establishing supply chains for safe fish products, expanding the domestic market, and encouraging employment opportunities for women in the sector. The ultimate goal of PM-MKSSY is to bring about formalization and development in the fisheries sector through targeted interventions and incentives.
