Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)

February 10, 2024

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.

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