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HomePosts Tagged "PM-MKSSY"
Acquaculture, AgroPolicy, Live Stock

This accounts for 8 per cent of global production, contributing about 1.09 per cent to the country’s Gross Value Added (GVA) and over 6.724 per cent to the agricultural GVA

India has achieved a record fish production of 175.45 lakh tonnes in FY 2022-23, making it the third-largest fish-producing country in the world. This accounts for 8 per cent of global production, contributing about 1.09 per cent to the country’s Gross Value Added (GVA) and over 6.724 per cent to the agricultural GVA. The sector has immense growth potential and requires focused attention through policy and financial support to ensure sustainable, responsible, inclusive and equitable development.

The government has announced a new sub-scheme called the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY, 2023-24). This is a central sector sub-scheme under PMMSY with a targeted investment of INR 6,000 crore. The scheme has been introduced to enable activities for fishermen, fish vendors and micro & small enterprises. PM-MKSSY aims to focus on the gradual formalization of the unorganized fisheries sector, including digital inclusion, and facilitating access to institutional financing, especially working capital. It also aims to provide one-time incentives to beneficiaries for opting for aquaculture insurance, incentivizing fisheries and aquaculture microenterprises for fisheries sector value-chain efficiencies, incentivizing micro and small enterprises for the establishment of supply chains of safe fish products to consumers, and providing additional incentives to the applicants for creating and maintaining jobs for women in the fisheries sector.

The 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. The fisheries sector is recognised as the ‘Sunrise Sector’ and is instrumental in sustaining the livelihoods of around 30 million people in India, particularly that of the marginalised and vulnerable communities.

This accounts for 8 per cent of

Acquaculture, AgroPolicy, Dairy, Finance, India, Live Stock, Sustainability

Budget FY 2023-24 for Department of Fisheries marks an overall increase of 38.45% over the Budget of FY 2022-23.

While presenting the budget for FY 2023-24, Union Finance Minister, Nirmala Sitharaman in her speech has announced allocation of an amount of Rs 2248.77 crore as against the corresponding figure of Rs 1624.18 crore during 2022-23 and Rs 1360 crore during 2021-22 for the Department of Fisheries. It marks an overall increase of 38.45 percent over the budget of FY 2022-23 from the last one and is one of the highest ever annual budgetary support for the Department.

Further, she has announced a new sub-scheme named Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY): Central Sector Sub-scheme under PMMSY with targeted investment of INR 6,000 crore with the objective to enhance further the earnings and incomes of fishermen, fish vendors and micro & small enterprises engaged in fisheries sector. PM-MKSSY envisages focussed intervention to bring about formalisation of the fisheries sector and this includes digital inclusion, facilitating access to institutional finance for capital investment and working capital, incentives to bring about system and institutions to reduce risk in aquaculture and fisheries incentivising micro-enterprises operating in fisheries and aquaculture sector to work on value-chain efficiencies, incentivising micro and small enterprises to establish supply chains for delivery of safe fish products to consumers, thereby expanding the domestic market and incentives for creation and maintenance of jobs for women in the sector.

The budget speech has also laid stressed on creation of primary cooperative societies including fisheries cooperatives at panchayat level. Formation of co-operative societies at grass root level will formalise the sector and will empower fishers and fish farmers to carry out fish production and its post-harvest activities in an organised manner. With Rs 900 crore allocation for the Ministry of Cooperation for development of cooperatives, enhanced limits for loans, TDS limits and cash deposits and steps to be taken for building the national co-operative database are expected to make operations and financing easier for co-operatives in the sector and help the sector to grow faster. The above, in addition to the earlier announcement on, establishment of National Co-operative Export Society, National Co-operative Society for Organic Products and National Level Multi-State Seed Co-operative Society are expected to support the fisheries in the areas of seed and marketing.

The credit target for agriculture and allied sector has been announced to be increased to Rs 20 lakh crores with focus on animal husbandry, dairy and fisheries. This will substantially improve flow of institutional finance for fisheries sector. Further the announcement to reduce import duty on certain inputs required for shrimp feed is expected to lower the cost of imports and the cost of production and as a result will boost and promote aquaculture exports. Reduction in basic customs duty on fish meal from 15  per cent to 5 per cent, on krill meal from 15 per cent to 5 per cent, on algal Prime (flour) from 30 percent to 15 percent, on fish lipid oil from 30 percent to 15 percent and on mineral and vitamin premixes from 15 percent to 5 percent for manufacturing of aquatic feed is expected to reduce cost of feed, promote domestic feed including and to substantially improve export competitive of Indian shrimps.

Budget FY 2023-24 for Department of Fisheries