Disclaimer: Copyright infringement not intended.

Context:

• Cabinet approves Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY).
• Approved by the Union Cabinet, PM-MKSSY is a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada Yojana (PMMSY).
• It aims to formalize the fisheries sector and support fisheries micro and small enterprises with an investment exceeding Rs. 6,000 crores over the next four years from FY 2023-24 to FY 2026-27 in all States/Union Territories.

Expenditure Involved:

• The Sub-scheme will be implemented with an estimated outlay of Rs. 6,000 crore, with 50% financed publicly including external financing, and the remaining 50% anticipated from beneficiaries/private sector leverage.

Intended Beneficiaries:

• Fishers, fish farmers, fish workers, fish vendors, and others directly engaged in fisheries value chain.
• Micro and Small enterprises including proprietary firms, partnerships, companies, cooperatives, federations, village-level organizations, and startups involved in fisheries and aquaculture value chains.

Major Impact and Employment Generation:

• Creation of a National Fisheries Digital Platform to provide work-based identities to 40 lakh small and micro-enterprises.
• Gradual formalization of the fisheries sector and enhanced access to institutional credit, supporting 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives.
• Gradual shift from conventional subsidies to performance-based incentives in fisheries.
• Improvement in value chain efficiency and safety of fish by supporting 55,000 targeted micro and small enterprises.
• Promotion of environment and sustainability initiatives, facilitation of ease of doing business, and transparency.

Aims and Objectives of PM-MKSSY:

• Formalization of the unorganized fisheries sector through self-registration and creation of work-based digital identities.
• Facilitating access to institutional financing for fisheries sector micro and small enterprises.
• Providing one-time incentives for purchasing aquaculture insurance.
• Incentivizing adoption and expansion of fish and fishery product safety and quality assurance systems.

Implementation Strategy:

• The Sub-scheme consists of four major components focusing on formalization, aquaculture insurance, value chain efficiencies, and safety and quality assurance systems.
• Each component has specific objectives and activities aimed at achieving the desired outcomes in the fisheries sector.

Background:

• Despite significant achievements in the fisheries sector, challenges such as informality, lack of crop risk mitigation, poor access to credit, and sub-optimal safety and quality persist.
• PM-MKSSY aims to address these challenges and further improve the fisheries sector's performance with a total outlay of Rs. 6,000 crore over four years.

This scheme reflects the government's commitment to promoting the growth and sustainability of the fisheries sector while enhancing the livelihoods of stakeholders involved.

Pradhan Mantri Matsya Sampada Yojana (PMMSY)

About PMMSY:

• PMMSY is a flagship scheme initiated by the Government of India to foster sustainable development in the fisheries sector. Launched as part of the AatmaNirbhar Bharat Package, the scheme spans five years from FY 2020-21 to FY 2024-25, with an estimated investment of Rs. 20,050 crores.

Features of PMMSY:

Funding Allocation:

• Varies by region:
• North Eastern and Himalayan States: 90% central share, 10% state's contribution.
• Other states: 60% central share, 40% state's share.
• Union Territories: 100% funding from the central government.

Implementing Agencies:

• Implemented through Central Government entities, including the National Fisheries Development Board. State and Union Territory Governments, along with State Fisheries Development Boards, are actively involved.

Objectives:

• Boost production and productivity, develop essential infrastructure, modernize the sector, and strengthen the value chain.
• Introduce innovative elements such as fishing vessel insurance and support for vessel upgrades.
• Promote aquaculture in challenging environments through a cluster-based approach.

Cluster-Based Approach:

• Fosters strong linkages across the fisheries value chain, promoting collaboration and shared resources. Focuses on generating employment opportunities through activities like seaweed and ornamental fish cultivation.

Quality and Diversification:

• Prioritizes improvements in brood, seed, and feed quality. Encourages species diversification and critical infrastructure development to support quality enhancement.

Significance of PMMSY:

Fish Production Boost:

• Aims to increase fish production from 13.75 million metric tons in 2018-19 to 22 million metric tons by 2024-25.

Annual Growth Rate:

• Targets an annual growth rate of around 9% in fish production, contributing significantly to the sector's Gross Value Added (GVA).

Export Earnings:

• Aims to double India's export earnings in the fisheries sector to approximately Rs. 1,00,000 crores by 2024-25.

Aquaculture Productivity:

• Aims to raise national average aquaculture productivity from 3 tons per hectare to about 5 tons per hectare.

Post-Harvest Loss Reduction:

• Aims to reduce post-harvest losses from 20-25% to around 10%, ensuring effective utilization of fish resources.

Income Doubling:

• Aims to double the incomes of fishers and fish farmers, directly benefiting those engaged in the sector.

Employment Generation:

• Expected to generate approximately 15 lakh direct employment opportunities and three times that number of indirect employment opportunities.

Private Investment and Entrepreneurship:

• Actively encourages private investment and entrepreneurship in the fisheries sector to boost overall development and economic growth.

PRACTICE QUESTION Q. Which of the following statements regarding the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) is/are correct? 1.PM-MKSSY is a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada Yojana (PMMSY). 2.The investment for PM-MKSSY over the next four years from FY 2023-24 to FY 2026-27 exceeds Rs. 6,000 crores. 3.The scheme aims to provide financial assistance solely from public finance without any involvement of the private sector. Select the correct answer using the codes below: a) 1 only b) 2 only c) 1 and 2 only d) 1 and 3 only Answer: c) 1 and 2 only