How PMMSY Scheme is Going to Revolutionise The Fisheries Sector

PMMSY scheme aims to boost investments in the fisheries sector.

The Union Cabinet on Wednesday approved the implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) – the scheme aiming to boost the fisheries production in the country. Intensification in the fisheries sector is called the ‘Blue Revolution’.

Centre takes several decisions

The Union Cabinet took several important decisions on Wednesday focused on the welfare of displaced workers and senior citizens. It decided to bring a revolution as well as create vast opportunities in the fisheries sector.

PM Modi in a tweet said, “Pradhan Mantri Matsya Sampada Yojana (PMMSY) will revolutionise the fisheries sector. It will invigorate it with the latest technology, infrastructure, and ensure financial assistance. Our hardworking fishermen will gain immensely”.

Pradhan Mantri Matsya Sampada Yojana will revolutionise the fisheries sector. It will invigorate it with latest technology, infrastructure and ensure financial assistance. Our hardworking fishermen will gain immensely. https://t.co/OOTnz88OvK

Cabinet approves PMMSY Scheme

PM Modi is optimistic that Pradhan Mantri Matsya Sampada Yojana (PMMSY), would bring lots of changes in the fisheries sector. The Union government approved this scheme in its Wednesday meeting which was chaired by the Prime Minister. The scheme is a big step towards significant progress in the sector.

Rs 20,050 crore investment

The project will enhance the production in the fisheries sector and modernise it as well. This plan of action is set to take place with two separate components such as the Central Sector Scheme (CS) and Centrally Sponsored Scheme (CSS) at a total estimated investment of Rs. 20,050 crore comprising of:

(i) Central share of Rs. 9,407 crore,

(ii) State share of Rs. 4,880 crore, and

(iii) Beneficiaries’ share of Rs. 5,763 crore

A five-year project

The PMMSY scheme is likely to bridge the gaps in the fisheries sector. Apart from this, it will create more and more employment opportunities. The far-sighted project will be implemented for five years, from FY 2020-21 to FY 2024-25.

The PMMSY will bring several benefits to the fisheries sector. Here is the list of benefits that can change the complexion of the sector.

Plan to increase fish production and productivity at the rate of about 9 per cent annually to achieve the estimated target of 22 million metric tons by 2024-25.

Another masterstroke is to create infrastructure and modernise the fisheries sector.

Strengthening of the value chain

Creation of employment opportunities to about 15-lakh in fishing and allied activities

To encourage investments in the fisheries sector and stress will be given to boost the competitiveness of the fish market and its products.

Another aim is to double the income of fish workers by 2024.

Security of the workers has been kept in mind. Therefore, fish workers will be provided with social, physical, and economic security.

PMMSY scheme to enhance fish production

The Indian fisheries sector has been providing nutritional security; apart from this, the sector creates enormous employment opportunities in the country. It is estimated that more than 14 million people are contributing to the fisheries sector in India. Despite the enhancement of fish production in the country in recent years, the PMMSY project will further increase its production and push employment opportunities as well.

Low global contribution

The fish production in India during 2017-18 was estimated to be 12.60 million metric tonnes, of which nearly 65% came from the inland sector while about 50% of the total production was from culture fisheries. Therefore, India’s contribution was 6.3 per cent of the global fish production in the year 2017-18. India exports more than 50 different kinds of fish and shellfish products to about 75 countries worldwide.

The PMMSY is one of the schemes revealed by Finance Minister Nirmala Sitharaman last week as part of PM Modi’s Rs 20 lakh crore package. The overall package is aimed at giving a push to all sectors and bring the economy of the country on track. India has been experiencing a staggering economy since the first lockdown announced on March 25 by the government.

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Pradhan Mantri Matsya Sampada Yojana; How is This Going to Revolutionise The Fisheries Sector
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Pradhan Mantri Matsya Sampada Yojana; How is This Going to Revolutionise The Fisheries Sector
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The Union Cabinet has approved the implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY Scheme) which aims to boost the fisheries production in the country.
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