Union Minister Announces Rs 1 Lakh Crore Investment Annually to Boost Fisheries Sector

New Delhi, Sep 12 (KNN) In a major push for India's fisheries sector, Union Minister for Animal Husbandry and Fisheries Rajiv Ranjan Singh announced ambitious plans to boost seafood exports to Rs 1 lakh crore annually. 

Speaking at an event marking the 4th anniversary of the Pradhan Mantri Matsya Sampada Yojna (PMMSY), Mr. Singh emphasised that the sector had long been neglected since Independence, but the current government is determined to bring about transformative changes.

Addressing the gathering in New Delhi, the Minister revealed that seafood exports, which stood at Rs 60,000 crore last financial year, are expected to soar with the steps being taken under the PMMSY. 

He also launched a new sub-scheme called the Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), aimed at further strengthening the sector’s foundation over the next five years.

The PM-MKSSY scheme will receive a substantial investment of Rs 6,000 crore and focus on creating digital identities for stakeholders, including fish workers and enterprises. 

This digital registry will benefit around three crore individuals and businesses involved in the fisheries value chain across the country. 

With these identities, stakeholders will be able to access institutional credit, performance grants, aquaculture insurance, and other benefits through the National Fisheries Development Board (NFDB).

“The Pradhan Mantri Matsya Sampada Yojna has already transformed the sector since its inception in 2020 with an outlay of over Rs 20,000 crore. The increase in fish production to 175.45 lakh tonnes in 2023-24, up from 95.79 lakh tonnes in 2013-14, is a testament to the progress we’ve made,” Mr. Singh said, crediting the government’s infrastructure development and technological innovations post-2014.

Despite decades of neglect, the current focus on fisheries has generated optimism about the future. 

With the government’s clear vision and robust plans, the sector is poised to significantly contribute to India's economic growth and global seafood trade, while ensuring prosperity for millions of fish workers across the nation.

The Centre’s continued efforts, including the PMSSY and its new sub-scheme, signal a new era for India’s fisheries industry, which is now set to become a cornerstone of the country’s economy.

(KNN Bureau)