Pradhan Mantri Matsya Sampada Yojana: The Need, Benefits & The Future
Fisheries are a big part of Indian culture and the economy. In fact, the Indian government has been working hard to develop the fishing industry for many years. The new Pradhan Mantri Matsya Sampada Yojana is designed to improve fisheries infrastructure and encourage growth in this important sector. This program will undoubtedly help make India’s fishing industry even more successful. Here we will help you with a detailed overview of this rising scheme.
About Pradhan Mantri Matsya Sampada Yojana
To generate more revenue for India’s fishing communities, the Pradhan Mantri Matsya Sampada Yojana (PMASY) became effective in September 2020. As part of the new program, clusters or areas were created, which aimed at the sustainable development of our country’s fisheries sector by creating clusters focused on activities.
They most likely would create employment opportunities like seaweed cultivation & other fish breeding techniques among others things. Moreover, Fishers and farmers will be able to earn double what they do now, with an extra 55 lakh jobs for people in the country.
Need for This Scheme
The need for a nationwide program was evident when one considers the necessity of providing food, income & employment in India. The sector employs 16 million fish farmers along with those who work in fisheries or aquaculture-related industries; this number accounts only at its primary level!
As per the Department of Fisheries estimates there are 441 thousand tons worth of resources available which extend over 8118 kms – that’s almost everywhere you look! The ‘Blue Revolution’, a government initiative to develop the Indian fishing industry to its full potential, has been hugely successful.
From 10 MMT production capacity during FY15-16 & 16), there was an increase up until 19 when they reached 1375 MMTS with higher productivity rates at 3 LT/ha which translates into about 22 thousand ton yearly output if applied nationwide.
Farmers are presented with a top-notch opportunity to increase their income & exports through the development of fishery sectors. This, in turn, will drive economic growth across all industries in this country.
Benefits of Pradhan Mantri Matsya Sampada Yojana
The Pradhan Mantri Matsya Sampada Yojana is a new scheme launched by the Government of India with the goal of making India self-reliant in fish production. The scheme aims to promote responsible and sustainable fishing practices, improve fish production and productivity, create employment opportunities, and boost export earnings.
In addition, the scheme also includes measures to protect and conserve aquatic biodiversity. As a result, the Pradhan Mantri Matsya Sampada Yojana is likely to have a positive impact on the economy, environment, and society.
The scheme includes a number of initiatives that will promote responsible and sustainable fishing practices. For example, the scheme provides financial assistance for the construction of fish landing centers and storage facilities.
The Pradhan Mantri Matsya Sampada Yojana also includes measures to improve fish production and productivity. For instance, the scheme provides financial assistance for the construction of new fish farms and hatcheries. Moreover, the scheme also supports the expansion of existing fish farms.
These measures are projected to result in an increase in fish production, which will in turn lead to increased employment opportunities and export earnings.
The Future Ahead
The Union Budget has allocated funds worth Rs. 1,220 crore (US$ 166 million) to the Department of Fisheries for their schemes this year which is an increase from last financial year’s allocation. This comes at a time when India depends heavily upon exports in order to improve our economic growth rate due largely to the fishing industry is one key player among many others including the agriculture & manufacturing sectors.
Innovative thinkers within the government are focusing on empowering fishermen by adopting technologies such as IoT to better integrate their operations with those in other sectors, while also helping them develop new opportunities. Hopefully, these developments will lead us toward better days ahead.
