Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)
The Union Cabinet approved the “Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)”, a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada aimed at formalizing the fisheries sector and supporting fisheries micro and small enterprises.
Key Features
Investment and Duration
- The scheme will be implemented from FY 2023-24 to FY 2026-27 in all States/Union Territories with an estimated outlay of Rs. 6,000 crore.
- 50% of the investment will be public finance and 50% is expected from the private sector.
Beneficiaries
- The scheme targets fishers, fish farmers, fish vendors, micro and small enterprises, cooperatives, self-help groups, and other entities engaged in fisheries value chains.
Objectives
- To create a digital platform for registering 40 lakh micro and small fisheries enterprises.
- To facilitate institutional credit access for 6.4 lakh micro-enterprises and 5,500 cooperatives.
- To shift from subsidies to performance-based incentives.
- To improve value chain efficiency and ensure safe, quality fish.
- To promote sustainability and ease of doing business.
- To provide insurance coverage against crop losses.
- To enhance export competitiveness through value addition.
Major Components
- Formalization of the sector through a digital platform.
- Facilitating aquaculture insurance adoption.
- Performance grants to improve value chain efficiencies.
- Grants for adopting safety and quality assurance systems.
- Project monitoring and management.
Expected Impact
- 7 lakh new jobs will be created with a focus on women employment.
- Enhanced incomes due to value chain efficiencies and profit margins.
- Improved quality and safety standards in domestic fish market.
- Empowerment of women through job creation and safe workplaces.
Background
The fisheries sector has seen growth in production and exports from 2013-14 to 2022-23. However, challenges like informality, lack of insurance, poor credit access, and quality issues persist. The new scheme aims to address these issues with a total outlay of Rs. 6,000 crore.
Month: Current Affairs - February, 2024
Category: Government Schemes Current Affairs