PM Matsya Sampada Scheme Announced in Budget 2019-20

PMMSY Scheme in Budget 2019-20

Finance Minister Nirmala Sitharaman has announced to launch a new scheme called the Prime Minister Fisheries Scheme in the Union Budget on July 5, 2019. Under the PM Fisheries Scheme, India will be converted to hotspot for fish and aquaculture products. This scheme will address the important infrastructural differences in the fishery sector.

The Union Budget 2019-20 aims to promote aquaculture through the PM Farmer Scheme, to ensure easy access to the loan. In addition, the Central Government intends to provide extended coverage for accident insurance to all fishermen under all farmer welfare programs and social security schemes.

Pradhan Mantri Matsya Sampada Yojana (PMMSY)

India has the ability to get first place in the world of fish production. So, the Finance Minister has announced to launch a new Prime Minister Fisheries Plan 2019 to promote Fisheries. The government has already formed a separate department for integrated development of fisheries.

The central government has also created a special fund for the development of infrastructure related to the fishing industry. This fund will be used for the construction of fishery infrastructure facilities in both marine and inland fishery sectors.

The FIDF (Creation of Fisheries and Aquaculture Infrastructure Development Fund) fund will be used to attract private investment in infrastructure building and management. Apart from this, the government will also focus on the acquisition of state-of-the-art technologies.

FIDF is going to provide concessional finance to the state government’s co-operatives, individuals and entrepreneurs. This finance will be used to take investment activities identified for fishery development.

Creation of Fisheries and Aquaculture Infrastructure Development Fund ( FIDF)

Creation of Fisheries and Aquaculture Infrastructure Development Fund (FIDF) was approved by the Cabinet Committee on Economic Affairs under the chairmanship of Prime Minister Narendra Modi.

FIDF will provide concessional finance to state governments / union territories and state institutions, co-operatives, individuals and entrepreneurs etc. for taking investment activities identified for development of fisheries. Under the FIDF, the loan borrowing will be for a period of five years from 2018-19 to 2022-23 and the maximum repayment will be more than the 12-year period of two years moratorium on principal repayment.

Source :  Budget 2019-20

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