The Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a crucial Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada Yojana aims to formalize and strengthen the fisheries sector, supporting micro and small enterprises across India. Over the next four years, the scheme will mobilize an ambitious investment of over Rs. 6,000 crores, spanning from FY 2023-24 to FY 2026-27, covering all States and Union Territories.
Financial Allocation and Implementation
PM-MKSSY will operate as a Central Sector Sub-scheme under the PMMSY, with an estimated outlay of Rs. 6,000 crore. This budget includes 50% i.e., Rs. 3,000 crore from public finance, including contributions from the World Bank and the AFD, and the remaining 50% i.e., Rs. 3,000 crore expected from beneficiaries and the private sector. The scheme’s duration spans four years, emphasizing comprehensive support and development within the fisheries and aquaculture sectors.
Targeted Beneficiaries
The initiative aims to benefit a wide array of stakeholders, including:
– Primary Beneficiaries: Fishers, fish farmers, and workers directly engaged in the fisheries value chain.
– Micro and Small Enterprises: Proprietary firms, partnerships, cooperatives, startups, and other entities identified by the Department of Fisheries, Government of India.
Major Impact and Employment Generation
PM-MKSSY is expected to generate significant impacts, including:
– Creation of a National Fisheries Digital Platform to provide digital identities to 40 lakh small and micro-enterprises within the sector.
– Gradual formalization of the fisheries sector, facilitating enhanced access to institutional credit and transitioning from conventional subsidies to performance-based incentives.
– Support for 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, contributing to job creation and economic growth.
– Focus on environmental sustainability through enhanced value chain efficiency, quality assurance systems, and disease management in aquaculture.
Aims and Objectives
The objectives of PM-MKSSY include
– Formalization of Fisheries Sector: Creation of a National Fisheries Digital Platform for registration and financial incentives.
– Institutional Financing: Facilitation of institutional financing for fisheries micro and small enterprises.
– Aquaculture Insurance: Incentivizing the adoption of aquaculture insurance and safety measures for fish and fishery products.
– Value Chain Efficiency: Promotion of value chain efficiencies and job creation, particularly targeting women empowerment and sustainable business practices.
Implementation Strategy
The sub-scheme will be executed through four major components:
1. Formalization of Fisheries Sector: Establishment of a National Fisheries Digital Platform for registration and financial incentives.
2. Aquaculture Insurance: Facilitation of insurance coverage for aquaculture farms to mitigate risks and enhance operational scale.
3. Value Chain Efficiency: Provision of performance grants to microenterprises for enhancing productivity and product safety.
4. Project Management and Monitoring: Setting up Project Management Units (PMUs) to oversee and evaluate scheme implementation.
Background and Sectoral Challenges
Despite significant strides in fish production and export earnings, challenges such as informal sector practices, inadequate access to credit, and quality assurance issues persist. PM-MKSSY aims to address these challenges comprehensively, ensuring sustainable growth and improved livelihoods for millions engaged in the fisheries sector.
The approval of PM-MKSSY underscores the government’s commitment to transforming the fisheries sector, fostering economic resilience, and promoting sustainable practices. By leveraging substantial investments and strategic interventions, the scheme aims to create a robust framework for inclusive growth and development in India’s vibrant fisheries industry.
