Department of Fisheries allocates Rs 2584.50 Cr for financial year 2024-25

Budgetary allocation is 15 per cent higher than the current financial year.

Department of Fisheries has been allocated an amount of Rs. 2584.50 crore for financial year 2024-25 which is highest ever annual allocation to the Department of fisheries. The budgetary allocation is 15 per cent higher than the current financial year. The budget allocated is one of the highest ever annual budgetary support for the Department.

The expenditure towards fisheries sector since first five-year plan to 2013-14 was only Rs. 3680.93 crore however, since 2014-15 to 2023-24 an amount of Rs.  6378 crores have already been released for various fisheries developmental activities in the country. The targeted investment in last nine years in the sector is more than Rs 38572 crores, which is highest ever investment in this sunrise sector.

Finance Minister Nirmala Sitharaman highlighted the development in the sector. The interim budget also emphasises on establishment of digital public infrastructure for formalization of the economy. The Union Finance Minister emphasised that a separate Fisheries Department was established to realise importance of assisting fishermen that has resulted in doubling both inland and aquaculture production, doubling of seafood exports since 2013-14. The flagship scheme, Pradhan Mantri Mastya Sampada Yojana (PMMSY) is being stepped up to enhance aquaculture productivity from existing 3 to 5 ton/Ha, doubling exports to Rs 1 lakh crore and generate 55 lakh employment opportunities along with big infrastructural changes of establishing 5 integrated aquaparks. In addition, the Blue economy 2.0 will be launched to focus on promoting climate resilient activities, restoration and adaptation measures and development of coastal aquaculture and mariculture with integrated & multi-sectoral approach.

Fisheries sector plays an important role in the Indian economy. It contributes to the national income, exports, food and nutritional security as well as employment generation. Fisheries sector is recognized as the ‘Sunrise Sector’ and is instrumental in sustaining livelihoods of around 30 million people in India particularly that of the marginalized and vulnerable communities.

The Fisheries sector was given the required boost by carving out Department of Fisheries from the erstwhile Department of Animal Husbandry, Dairying & Fisheries on 5th February 2019 and has been equipped with profound schemes and programs namely Pradhan Mantri Matsya Sampada Yojana (PMMSY), Fisheries Infrastructure Development Fund (FIDF) and Kisan Credit Card (KCC), the Department is now set to achieve newer heights during the Amrit Kaal.

Budgetary allocation is 15 per cent higher