Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) for India's Fisheries Sector

Empowering India's Fisheries Sector: Unveiling the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) [Source Image: IAS Gyan]

The Union Cabinet has greenlit the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a crucial sub-scheme falling under the broader Pradhan Mantri Matsya Sampada initiative. Aimed at formalizing and bolstering the fisheries sector, this scheme stands poised to provide vital support to fisheries micro and small enterprises across the nation.

Key Features:

Investment and Duration:

• Implementation period: FY 2023-24 to FY 2026-27
• Estimated outlay: Rs. 6,000 crore
• Funding structure: 50% public finance, 50% private sector contribution

Beneficiaries:

• Fishers, fish farmers, fish vendors, micro and small enterprises, cooperatives, self-help groups, and other entities involved in fisheries value chains

Objectives:

• Creation of a digital platform to register 40 lakh micro and small fisheries enterprises
• Facilitation of institutional credit access for 6.4 lakh micro-enterprises and 5,500 cooperatives
• Transition from subsidies to performance-based incentives
• Enhancement of value chain efficiency and assurance of safe, quality fish
• Promotion of sustainability and ease of doing business
• Provision of insurance coverage against crop losses
• Enhancement of export competitiveness through value addition

Major Components:

• Formalization of the sector via a digital platform
• Facilitation of aquaculture insurance adoption
• Provision of performance grants to enhance value chain efficiencies
• Allocation of grants for the adoption of safety and quality assurance systems
• Project monitoring and management

Expected Impact:

• Creation of 7 lakh new jobs, with a focus on women employment
• Augmented incomes owing to enhanced value chain efficiencies and profit margins
• Improvement in quality and safety standards in the domestic fish market
• Empowerment of women through job creation and the establishment of safe workplaces

Background:

Despite growth in production and exports from 2013-14 to 2022-23, the fisheries sector grapples with challenges such as informality, lack of insurance, poor credit access, and quality issues. With a total outlay of Rs. 6,000 crore, the new scheme endeavors to address these challenges comprehensively, heralding a new era of growth and development in India's fisheries sector.