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The government on Thursday announced a Rs 6,000 crore scheme in order to formalise the unorganised fisheries sector, facilitate institutional finance to micro and small enterprises and promote acqaculture.

The government also decided to extend the Fisheries Infrastructure Development Fund (FIDF) for another three years up to 2025-26 within the already approved fund of Rs 7,522.48 crore and budgetary support of Rs 939.48 crore.

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), which is central sub-scheme under the Pradhan Mantri Matsya Sampada Yojana (PMMSY).

Briefing media, Information and Broadcasting Minister Anurag Thakur said the new sub-scheme will be for fishermen, fish farmers, fish workers, micro and small enterprises, and fish farmers producers organisations, among others.

The scheme aims to formalise the fisheries sector while focusing on micro and small enterprises with an investment of over Rs 6,000 crore over a period of four years from 2023-24 to 2026-27 fiscal years in all states and Union Territories.

Out of which, about 50 per cent i.e. Rs 3,000 crore will come from public finance including the World Bank and the AFD external financing. The remaining 50 per cent is expected from the beneficiaries and private sector, an official statement said.

The sub-scheme is projected to generate about 1.7 lakh new jobs, with a special emphasis on employing 75,000 women. It also aims to generate 5.4 lakh continued employment opportunities in the micro and small enterprises (MSME) value chain.

It will create a 'National Fisheries Digital Platform' to provide 40 lakh small and micro-enterprises work based identities. It will also support 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, providing access to institutional credit.

It will also address issues of aquaculture crop losses due to disease through insurance and enhance export competitiveness through value addition, value realization and value creation.

The sub-scheme will not only increase incomes due to enhanced profit margins due to value chain efficiencies, but will also improve quality of fish and fishery products in domestic market.

There will be a gradual shift from conventional subsidies to performance-based incentives in fisheries. The programme will focus on improving value-chain efficiency and ensuring safe, quality fish by supporting 55,000 targeted MSMEs.

It will also promote environment and sustainability initiatives; facilitates ease of doing business and transparency.

In a separate statement, the government said it created the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) in 2018-19 with a total funds size of Rs 7,522.48 crore in order to address the infrastructure requirement for fisheries sector.

In the earlier phase of implementation of FIDF from 2018-19 to 2022-23, a total 121 fisheries infrastructure projects with an investment of Rs 5,588.63 crore have been approved for creation of various fisheries infrastructures.

The extension of FIDF will further "intensifies development of various fisheries infrastructures", the statement added.