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Cabinet approves PM-MKSSY for fisheries sector micro & small enterprises
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Monday, 12 February, 2024, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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The Union Cabinet chaired by Prime Minister Narendra Modi approved the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada for formalisation of the fisheries sector and supporting fisheries micro and small enterprises with an investment of over Rs 6,000 crores over a period of next four years from FY 2023-24 to FY 2026-27 in all States/Union Territories.
Expenditure involved
The Sub-scheme will be implemented as a Central Sector Sub-scheme under the Central Sector Component of the PMMSY at an estimated outlay of Rs 6,000 crore consisting of 50% i.e. Rs 3,000 crore public finance including the World Bank and the AFD external financing, and rest 50% i.e. Rs 3,000 crore being the anticipated investment from the beneficiaries/private sector leverage. It will be implemented for four years from FY 2023-24 to FY 2026-27 across all the States and UTs.
Intended Beneficiaries:
- Fishers, Fish (Aquaculture) Farmers, Fish workers, Fish Vendors or such other person directly engaged in fisheries value chain.
- Micro and Small enterprises in the form of Proprietary Firms, Partnership Firms and Companies registered in India, Societies, Limited Liability Partnerships (LLPs), Cooperatives, Federations, Village Level Organizations like Self Help Groups (SHGs), Fish Farmers Producer Organizations (FFPOs) and Startups engaged in fisheries and aquaculture value chains.
- FFPOs also include Farmers Producer Organizations (FPOs).
- Any other beneficiaries that may be included by the Department of Fisheries, Gol as targeted beneficiaries.
Major Impact, including employment generation potential
- To create a National Fisheries Digital Platform to provide 40 lakh small and micro-enterprises work-based identities.
- Gradual formalisation of fisheries sector and enhanced access to institutional credit. The initiative will support 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, providing access to institutional credit.
- Gradual shift from conventional subsidies to performance-based incentives in fisheries
- The program focuses on improving value chain efficiency and ensuring safe, quality fish by supporting 55,000 targeted micro and small enterprises,
- Promotion of Environment and Sustainability Initiatives
- Facilitating Ease of Doing Business and Transparency
- Address issues of aquaculture crop losses due to disease through insurance coverage for aquaculture to strengthen production, productivity
- Enhance export competitiveness through value addition, value realization and value creation
- Increase in incomes due to enhanced profit margins due to value chain efficiencies
- Improved quality of fish and fishery products in domestic market
- Strengthening and deepening of domestic markets
- Facilitating growth of businesses, creation of jobs and creation of business opportunities.
- Women Empowerment through creation of jobs and safe working place
- It is projected to create 1.7 lakh new jobs, with a special emphasis on employing 75,000 women and also aims to generate 5.4 lakh continued employment opportunities in the micro and small enterprises value chain.
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