Cabinet clears stimulus package for fisheries

NEW DELHI: The cabinet, chaired by the Prime Minister Narendra Modi, has given its approval for implementation of Rs 20,050 crore Pradhan Mantri Matsya Sampada Yojana (PMMSY) aimed at doubling of fishers, fish farmers and fish workers incomes by 2024.

The Scheme will be implemented during a period of 5 years from fiscal 2020-21 to fiscal 2024-25.

The scheme will help improve infrastructure and boost investment in fisheries sector.


“We target a sustained average annual growth rate of about 9% to achieve production of 22 million metric tonnes by 2024-25 and create direct gainful employment opportunities to about 15 lakh in fishing and allied activities,” said a senior fisheries department official.

The scheme is targeted at bringing about Blue Revolution through sustainable and responsible development of fisheries sector in India under two components - Central Sector Scheme (CS) and Centrally Sponsored Scheme (CSS).

The central government’s share would be at Rs. 9,407 crore while state government’s and beneficiaries’ share would be Rs. 4,880 crore and Rs. 5,763 crore respectively.

“The money would be spent on enhancement of production and productivity, infrastructure and and post harvest management, fisheries management and regulatory framework.