CABINET APPROVES PRADHAN MANTRI MATSYA KISAN SAMRIDHI SAH-YOJANA

1. Union Cabinet approved "Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)" as a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada.
2. PM-MKSSY aims to formalize the fisheries sector and support fisheries micro and small enterprises.

Expenditure and Implementation:

1. The scheme involves an investment of more than Rs. Rs 6,000 crore over the next four years (FY 2023-24 to FY 2026-27), of which 50% is financed through public funds including external financing, and the remaining 50% from beneficiaries/private sector leverage.
2. It will be implemented in all states and union territories, aiming to benefit various stakeholders involved in the fisheries value chain.

Intended Beneficiaries:

1. Beneficiaries include fishers, fish farmers, fish workers, fish vendors, and other individuals directly engaged in the fisheries value chain.
2. Micro and small enterprises, including proprietary firms, partnerships, companies, cooperatives, and startups involved in fisheries and aquaculture, are also targeted beneficiaries.

Major Impact and Objectives:

1. The scheme aims to create a national fisheries digital platform, which will provide work-based identity to 40 lakh small and micro enterprises.
2. It focuses on formalizing the fisheries sector, improving access to institutional credit, moving towards performance-based incentives, and increasing value chain efficiency.
3. Other objectives include promoting environmental and sustainability initiatives, facilitating ease of doing business, and addressing aquaculture crop losses through insurance coverage.

Implementation Strategy:

1. The scheme comprises 4 major components, including formalization of the fisheries sector, adoption of aquaculture insurance, support for microenterprises to improve value chain efficiencies, and adoption and expansion of fish and fishery product safety and quality assurance systems.
2. Each component is designed to incentivize and support stakeholders at various stages of the fisheries value chain.

Conclusion:

The approval of Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana highlights the government's commitment to promoting the fisheries sector, enhancing employment opportunities, and ensuring sustainability and quality in fish production.

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