Union Cabinet Approves Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)

On 8th February, 2024, the Union Cabinet, chaired by Prime Minister, sanctioned the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a sub-scheme under the Pradhan Mantri Matsya Sampada Yojana.

Key Points

  • FIDF Extension: The extension of the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) aims to bolster the development of fisheries infrastructure, including fishing harbours, fish landing centres, ice plants, cold storage, and fish transport facilities.
  • About 121 fisheries infrastructure projects, totaling Rs 5,588.63 crore, have already been greenlit under the FIDF.
  • Enhanced Investments: The government expects the extension to attract additional financial resources and stimulate investments in fisheries and aquaculture infrastructure from both public and private sectors.
  • PM-MKSSY Scheme Details: The PM-MKSSY sub-scheme will operate with 50% public financing, including contributions from the World Bank and the Agence Française de Développement (AFD), with the remaining 50% anticipated from private sector investments.
  • It will span four years from 2023-24 to 2026-27 across all states and union territories.
  • Benefits and Objectives: The scheme aims to benefit fishers, aquaculture farmers, fish workers, and fish vendors by facilitating formalization of the fisheries sector and enhancing access to institutional credit.
  • It is projected to support 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, providing access to institutional credit.
  • Job Creation: PM-MKSSY is expected to generate significant employment opportunities, with projections indicating the creation of 1.7 lakh new jobs.
  • The scheme prioritizes the employment of 75,000 women and aims to generate 5.4 lakh continued employment opportunities in the micro and small enterprises value chain.