“Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) Approved By Union Cabinet”

  • PM-MKSSY, a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada, is approved by the Union Cabinet for formalization of the fisheries sector and support for micro and small enterprises.
  • The investment is expected to be over Rs. 6,000 Crore over four years from FY 2023-24 to FY 2026-27 across all States/Union Territories. 
  • The Sub-scheme will be implemented under the Central Sector Component of the PMMSY, with an estimated outlay of Rs.6, 000 Crore. 
  • Beneficiaries include fishers, fish (Aquaculture) farmers, fish workers, fish vendors, micro and small enterprises, and other beneficiaries. 
  • The initiative aims to create a National Fisheries Digital Platform, support 6.4 lakh micro-enterprises and 5,500 fisheries cooperatives, and shift from conventional subsidies to performance-based incentives. 
  • The program focuses on improving value chain efficiency, promoting environment and sustainability initiatives, facilitating business transparency, and enhancing export competitiveness. 
  • The initiative is projected to create 1.7 lakh new jobs, with a special emphasis on employing 75,000 women and generating 5.4 lakh continued employment opportunities in the micro and small enterprises value chain.

 


Implementation Strategy for the Sub-Scheme:

 

Component 1-A: Formalization of Fisheries Sector and Facilitating Access to Government of India Programs for Working Capital Financing: 

 

  • Creation of a National Fisheries Digital Platform (NFDP) to register fish producers, workers, vendors, processors, and micro and small enterprises. 
  • Provision of financial incentives to encourage registration and improve financial literacy. 
  • Activities include training and extension support, improving financial literacy, facilitating project preparation and documentation, and strengthening existing cooperative societies. Component 1-B: Facilitating Adoption of Aquaculture Insurance: 
  • Creation of appropriate insurance products and coverage of at least 1 lakh hectares of aquaculture farms during the project period. 
  • The one-time incentive to farmers against the purchase of insurance with a farm size of 4 hectares of water spread area and less. 
  • SC, ST, and Women beneficiaries provided an additional incentive @ 10% of the incentive payable for General Categories.

 

Component 2: Supporting Microenterprises to Improve Fisheries Sector Value Chain Efficiencies: 

  • Performance grants to improve value chain efficiencies in the fishery sector. 
  • Performance grants for microenterprises should not exceed 25% of the total investment or Rs.35 lakhs, whichever is lower, for the General Category and 35% of the total investment or Rs.45 lakhs, whichever is lower, for SC, ST, and Women-owned microenterprises. 
  • Performance grants for village-level organizations and Federations of SHGs, FFPOs, and Cooperatives should not exceed 35% of total investment or Rs.200 lakhs, whichever is lower.

 

Posted in Current Affairs.