PM Matsya Kisan Samridhi Sah-Yojana Focuses On Formalizing The Fisheries Sector: Agriculture Ministry

The agriculture ministry stated in a statement that a recently announced program with an outlay of 6,000 crores will help in improving the incomes of fishermen, vendors, and small businesses while aiding in the formalization of the fisheries sector.

According to the ministry, the goal of PM Matsya Kisan Samridhi Sah-Yojana, which was mentioned in the union budget for FY24, is to make targeted interventions to formalize the fisheries sector.

According to the ministry, this includes digital inclusion, institutional financing for working capital and capital investments, encouraging micro and small businesses to establish supply chains for delivering safe fish products to consumers, and growing the domestic market.

Indian fisheries sector continues to expand at a very healthy pace, also, the ministry mentioned in words that India has already become the third largest fish producer in the world and second largest aquaculture producer, so it is also known as the fourth largest exporter of fish and fisheries products.

According to the ministry, it reached a record fish production of 162.48 lakh tonnes in FY22 and has clocked a double-digit annual growth rate of 10.34%, with much more growth still to come. Over 28 million people, mostly in marginalized and vulnerable communities, rely on the sector for sustainable livelihoods. It has also played a significant role in improving the socioeconomic circumstances of the poor and the oppressed.

According to the ministry, programs like the PM Matsya Sampada Yojana (PMMSY), Fisheries Infrastructure Development Fund (FIDF), and Kisan Credit Card (KCC), which were introduced with a combined investment of more than Rs. 27,500 crores, have begun to have an effect.

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