What’s in the news?

• The Union Cabinet has approved the “Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)”, a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada for formalization of the fisheries sector and supporting fisheries micro and small enterprises. 
• The sub-scheme has been approved 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. 

Intended Beneficiaries:

• Fishers, Fish (Aquaculture) Farmers, Fish workers, Fish Vendors or such other persons 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.

Aims and objectives of PM-MKSSY

• Gradual formalization of fisheries sector and enhanced access to institutional credit;
• To create a National Fisheries Digital Platform to provide 40 lakh small and micro-enterprises work based identities for improved service delivery;

• The program focuses on improving value chain efficiency and ensuring safe, quality fish by supporting 55,000 targeted micro and small enterprises;

• 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;