Through the Pradhan Mantri Matsya Sampada Yojana (PMMSY), the Ministry of Fisheries, Animal Husbandry and Dairying would tend to eventually make India the leading fishing production and exporting country in the world. The ministry aims to enhance fish production to 220 lakh metric tons by 2024-25 from 137.58 lakh metric tons in 2018-19 at an average annual growth rate of about 9%.
The Union Minister for Fisheries, Animal Husbandry and Dairying, Giriraj Singh, recently said the ambitious scheme will result in doubling export earnings to Rs.1,00,000 crore and generate about 55 lakhs direct and indirect employment opportunities in fisheries sector over a period of next five years. Dedicating the PMMSY to fishers, fish farmers, fish workers, fish vendors and other stakeholders associated with the fisheries sector, Giriraj Singh said that insurance coverage for fishing vessels is being introduced for the first time.
Addressing a press conference on the “PMMSY – A scheme to bring about Blue Revolution through sustainable and responsible development of fisheries sector in India”, approved by the Union Cabinet chaired by the Prime Minister Shri Narendra Modi on 20th May, 2020, Giriraj Singh said that the scheme envisages an estimated investment of Rs. 20,050 crores comprising Central share of Rs. 9,407 crore, State share of Rs 4,880 crore and Beneficiaries contribution of Rs. 5,763 crore. He added that the PMMSY will be implemented over a period of 5 years from FY 2020-21 to FY 2024-25 in all States/Union Territories.
Constituting about 7.73% of the global fish production and export earnings of Rs.46,589 Crores (2018-19), India today has attained the status of the second largest aquaculture and 4th largest fish exporting nation in the world.