PM MATSYA KISAN SAMRIDHI YOJANA (Syllabus: GS Paper 3 – Economy)

Context: The Union Cabinet has approved Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana, a Central Sector sub-scheme under the Pradhan Mantri Matsya Sampada for the fisheries sector.

Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana

• Objective: To enhance further the earnings and incomes of fishermen, fish vendors and micro & small enterprises engaged in fisheries sector.
• Targeted investment: 6,000 crore
• Funding: 50% public finance, including the World Bank and the Agence Française de Développement (AFD) external financing, and rest 50% being the anticipated investment from the private sector leverage.
• Aim: At facilitating growth of businesses, creation of jobs and creation of business opportunities
• India is the 4th largest exporter of fish and fisheries products, 3rd largest fish producer and 2nd largest aquaculture producer.

Pradhan Mantri Matsya Sampada Yojana

• About: This initiative represents a flagship scheme aimed at fostering sustainable development in India's fisheries sector. 
• Ministry: Ministry of Fisheries, Animal Husbandry, and Dairying.
• Aim: To drive a blue revolution by promoting the sustainable and responsible growth of India's fisheries sector.
• Income Enhancement: The scheme intends to double the incomes of fishers and fish farmers while reducing post-harvest losses from 20-25% to approximately 10%. Additionally, it seeks to create employment opportunities within the sector.