First Tripartite Agreement on Fisheries and Aquaculture Development Fund

On December 23, 2019, the department of fisheries (GoI), NABARD and Tamil Nadu Government signed an agreement to implement Fisheries and Aquaculture Development Fund (FIDF). The tripartite agreement set a total of Rs 7522 crores to address the infrastructure requirement of fisheries sector.

Highlights

The fund includes setting up of berth facilities for safe landing for number of fishing vessels. It will also be used to increase fish production, stimulate fisheries related economic activities, and to boost economic activities in the region. The projects are to be implemented in the southern coasts of Tamil Nadu. The funding will also be used to augment deep sea fishing, cage culture and promote exports in the future.

Role of NABARD

NABARD provides concessional financing to fisheries infrastructure facilities through state governments under FIDF. It is the Nodal Loaning Entity of the fisheries department. It also supports fisheries under Rural Infrastructure Development Fund (RIDF)

Fisheries in Tamil Nadu

Tamil Nadu is the home of 10 lakh fisher families. The state is ideal for brackish water fisheries, marine fisheries and inland fisheries. Tamil Nadu ranks fourth in total fish production in the country.

India ranks second in the world fish production. The fisheries sector in the country contributes to 1% of GDP of the country.

Month: Current Affairs - December, 2019