To augment fish production under the Blue Revolution, the Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has given its approval for creation of special Fisheries and Aquaculture Infrastructure Development Fund (FIDF) on Wednesday.
FIDF would provide concessional finance to State Governments, cooperatives, individuals and entrepreneurs etc., for taking up of the identified investment activities of fisheries development. Under FIDF, loan lending will be over a period of five years from 2018-19 to 2022-23 and maximum repayment will be over a period of 12 years inclusive of moratorium of two years on repayment of principal.
National Bank for Agriculture and Rural Development (NABARD), National Cooperatives Development Corporation (NCDC) and all scheduled Banks shall be the nodal Loaning Entities, says govt source.
The approval entails an estimated fund size of Rs.7,522 crore, comprising Rs.5,266.40 crore to be raised by the Nodal Loaning Entities (NLEs), Rs 1,316.6 crore beneficiaries contribution and Rs.939.48 crore budgetary support from the Government of India.
It aims at creation of fisheries infrastructure facilities both in marine and Inland fisheries sectors and aims fish production target of 15 million tonne by 2020. It also aims to achieve a sustainable growth of 8% -9% thereafter to reach the fish production to the level of about 20 MMT by 2022-23.
The Fund is expected to boost employment opportunities to over 9.40 lakh fishers and other entrepreneurs in fishing and allied activities, attract private investment in creation and management of fisheries infrastructure facilities and help in adoption of new technologies.