Presenting the budget for FY 2023-24, Union Finance Minister, Smt Nirmala Sitharaman has announced allocation of an amount of Rs 2248.77 crore as against the corresponding figure of Rs 1624.18 crore during 2022-23 and Rs 1360 crore during 2021-22 for the Department of Fisheries.
It marks an overall increase of 38.45% over the budget of FY 2022-23 from the last one and is one of the highest ever annual budgetary support for the Department.
Further, she has announced a new sub-scheme named Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY): Central Sector Sub-scheme under PMMSY with targeted investment of INR 6,000 crore with the objective to enhance further the earnings and incomes of fishermen, fish vendors and micro & small enterprises engaged in fisheries sector.
PM-MKSSY envisages focused intervention to bring about formalization of the fisheries sector and this includes digital inclusion, facilitating access to institutional finance for capital investment and working capital.
It also gives incentives to bring about systems and institutions to reduce risk in aquaculture and fisheries incentivizing microenterprises operating in fisheries and aquaculture sector to work on value-chain efficiencies, incentivizing micro and small enterprises to establish supply chains for delivery of safe fish products to consumers.