CCEA approves Rs 7,522 fund for creating infra facilities in fisheries and aqua-culture sector

New Delhi, Oct 24 (KNN) The Cabinet Committee on Economic Affairs (CCEA) has approved creation of special Fisheries and Aquaculture Infrastructure Development Fund (FIDF) of Rs 7,522 crore fund for creating infrastructure facilities in fisheries and aqua-culture sector.

The move aims to help boost annual fish production to 20 million tonnes by 2022-23 and generate over 9.40 lakh employment opportunities.

India's fish production is estimated at around 12 million tonnes annually.

The Rs.7,522 crore fund approved comprised of Rs.5,266.40 crore to be raised by the Nodal Loaning Entities (NLEs), Rs. 1,316.6 crore by beneficiaries contribution and Rs.939.48 crore budgetary support from the Government of India. 

National Bank for Agriculture and Rural Development (NABARD), National Cooperatives Development Corporation (NCDC) and all scheduled Banks (hereinafter referred as Banks) shall be the nodal Loaning Entities.

CCEA said the fund would help generate employment opportunities to over 9.40 lakh fishers/fishermen/fisherfolk and other entrepreneurs in fishing and allied activities. It will also attract private investment in creation and management of fisheries infrastructure facilities. And help in adoption of new technologies.

FIDF would provide concessional finance to State Governments / UTs and State entities, cooperatives, individuals and entrepreneurs etc., for taking up of the identified investment activities of fisheries development.

Under FIDF, loan lending will be over a period of five years from 2018-19 to 2022-23 and maximum repayment will be over a period of 12 years inclusive of moratorium of two years on repayment of principal.