PMMSY to enhance fisheries production and R&D by FY 2024-25

The Pradhan Mantri Matsya Sampada Yojana (PMMSY) has been launched to promote fishery production, R&D in the sector

September 10, 2020

Aquaculture, marine fishery and inland fishery are among the priority areas for development.

The five year policy will allow for the strengthening of the fisheries infrastructure and promotion of allied activities.

The Institution of Vessel Insurance, amplifying Traceability, Sagar Mitras, Aquatic laboratories are other initiatives planned.

Fish production is expected to increase by 7 mn tonnes by the FY 2024-25 period.

The Pradhan Mantri Matsya Sampada Yojana (PMMSY) with an investment amount of over US$ (200 bn) is a unique policy aimed at equipping the fisheries sector in India with improved infrastructure and support in allied activities including aquaculture and marine fishery. Spread across a five year period, the policy will facilitate the allocation of US$ (77.1bn) towards the strengthening of fisheries infrastructure and US$ (123.4)bn towards the promotion of allied activities. The institution of provisions and machinery including Incubators for Fisheries and Agriculture Startups, Vessel Insurance, amplifying Traceability, Sagar Mitras, Aquatic laboratories and the development of Integrated Coastal Fishing Villages are also on the anvil.

In terms of expected outcome, the policy envisages an increase in export earnings to US$ (1000bn) and fish production by 70 lakh tonnes by the FY 2024-25 period.  With a view to double the income of fishermen and enablers of the economy, the policy seeks to contribute to a substantial increase in direct and indirect employment opportunities within the sector. Additionally, the policy accommodates an investment of US$ (13.9bn) and an additional fish production target pegged at 0.3mn tonnes for the State of Bihar. 

The fisheries sector in India, according to the Economic Survey of 2018-19 caters to the employment of 14.5 mn Indian citizens. The Survey would also reveal that the sector contributes towards 5.23 percent of Agricultural GDP in India. The Blue Revolution led by the Government of India continues to play a significant role in facilitating the modernization of production, R&D, and increasing productivity. The policy also outlines post-harvest management as a priority area. The PMMSY accordingly looks to minimise post-harvest losses to 10% as against the current scheme of 20-25% loss. Spread across water bodies including wetlands and brackish water, the Blue Revolution is characterised by the impetus to maintaining a diversity of aquatic species and adopting technology in most aspects of the operation.  Policies like the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and initiatives like the Blue Revolution, India can expect to see significant growth in the fisheries sector and allied sectors. 

Recent Articles

Indian banks among Asia’s top 50 banks: Report

April 19, 2024

According to a report by S&P Global Market Intelligence, three …

Read More

India’s mobile phone exports reach US$ 15 bn.

April 18, 2024

India’s mobile phone exports surged by over 35% to a …

Read More

India’s economy to grow at 8 to 8.3%: PHDCCI

April 18, 2024

According to the PHD Chamber of Commerce and Industry (PHDCCI), …

Read More