Union Cabinet approves "Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana

New Delhi [India], February 8 :The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the "Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)" on Thursday.
PM-MKSSY is a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada for formalisation of the fisheries sector and supporting fisheries micro and small enterprises with an investment of over Rs 6,000 crores over a period of four years from FY 2023-24 to FY 2026-27 in all States and Union Territories.
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 AFD external financing, and the rest, i.e., Rs 3,000 crore, being the anticipated investment from the beneficiaries and private sector leverage.
The intended beneficiaries of the scheme are fishers, fish (aquaculture) farmers, fish workers, fish vendors, or any other person directly engaged in the 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, and federations; village-level organisations like self-help groups (SHGs), fish farmers producer organisations (FFPOs), and startups engaged in fisheries and aquaculture value chains; FFPOs also include farmers producer organisations (FPOs); and any other beneficiaries that may be included by the Department of Fisheries, Gol as targeted beneficiaries.
According to the government, the scheme will help create a National Fisheries Digital Platform to provide 40 lakh small and micro-enterprises with work-based identities. It will also help with the gradual formalisation of the fisheries sector and enhanced access to institutional credit. The initiative will support 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, providing access to institutional credit.
The scheme also aims to gradually shift from conventional subsidies to performance-based incentives in fisheries.
The programme focuses on improving value chain efficiency and ensuring safe, quality fish by supporting 55,000 targeted micro and small enterprises. It also promotes environmental and sustainability initiatives.
According to the government, the scheme facilitates the growth of businesses, the creation of jobs, and the creation of business opportunities.
The scheme also aims for women's empowerment through the creation of jobs and a safe working environment.
It is projected to create 1.7 lakh new jobs, with a special emphasis on employing 75,000 women, and also aims to generate 5.4 lakh continued employment opportunities in the micro- and small-enterprise value chain.
The PM-MKSSY aims for the gradual formalisation of the unorganised fisheries sector through self-registration of fishers, fish farmers, and supportive workers under the National Fisheries Sector Digital. The scheme also facilitates access to institutional financing for the fisheries sector for micro and small enterprises.
The scheme also provides a one-time incentive to beneficiaries for purchasing aquaculture insurance. It also incentivizes fisheries and aquaculture microenterprises through performance grants for improving fisheries sector value-chain efficiencies, including the creation and maintenance of jobs.
It also incentivizes micro and small enterprises through performance grants for the adoption and expansion of fish and fishery product safety and quality assurance systems, including the creation and maintenance of jobs.