Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana

Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana

News: Recently, The Government approved the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY). It is a sub scheme of Pradhan Mantri Matsya Sampada Yojana.

Background:
• The Cabinet has also approved the extension of the Fisheries Infrastructure Development Fund (FIDF) for another 3 years up to 2025-26.
• To address the infrastructure requirement for the fisheries sector, the Government during 2018-19 created the Fisheries and Aquaculture Infrastructure Development Fund (FIDF).

About PM-MKSSY:
• The scheme aims to enhance the earnings and incomes of fishermen, fish vendors, and micro and small enterprises operating in the fisheries sector.
• Job Creation and Gender empowerment: The PM-MKSSY provides incentives for job creation, with a special emphasis on employing women in the sector.
• Access to Institutional Finance: The scheme facilitates access to institutional finance for capital investment and working capital needs. Fishermen can avail financial assistance to install modern fishing equipment and develop fisheries infrastructure.
• Formalization and Value Chain Efficiency: Gradual formalization of the fisheries sector is a key goal. The program focuses on improving value chain efficiency, ensuring safe and quality fish products.
• Insurance Coverage and Risk Mitigation: The initiative addresses aquaculture crop losses due to disease by providing aquaculture insurance coverage. This strengthens production and productivity, benefiting fish farmers.
• Digital Platform and Ease of Doing Business: A National Fisheries Digital Platform will provide workbased identities to 40 lakh small and micro-enterprises. The scheme aims to enhance export competitiveness through value addition and realization.
• Performance-Based Incentives: The program encourages a shift from conventional subsidies to performance-based incentives. It incentivizes micro and small enterprises to establish supply chains for safe fish products.

Fund Allocation and Tenure:
• The PM-MKSSY, a central sector sub-scheme under the Pradhan Mantri Matsya Sampada, has been allocated a budget of over ₹6,000 crore for the next four years, spanning from FY 2023-24 to FY 2026-27.
• The total estimated outlay for the scheme is ₹6,000 crore.
• 50% of this amount, which is ₹3,000 crore, will come from public finance, including contributions from the World Bank and the AFD (Agence Française de Développement) external financing.
• The remaining 50%, also ₹3,000 crore, is anticipated to be invested by the beneficiaries and private sector leverage.