Central Government Pradhan Mantri Matsya Sampada Yojana (Blue Revolution) in Budget 2019-20

Pradhan Mantri Matsya Sampada Yojana (Blue Revolution) in Budget 2019-20

Central govt. has announced to launch a new scheme named Pradhan Mantri Matsya Sampada Yojana in Union Budget presented on 5 July 2019. Under PM Matsya Sampada Scheme, govt. will turn India into a hotspot for fish and aquatic products. This would be done through appropriate policy, marketing and infrastructure support. This scheme would address critical infrastructure gap in fisheries sector.

The Union Budget 2019-20 intends to promote aquaculture through PM Kisan Sampada Yojana by ensuring easy access to credit. Moreover, the central govt. also intends to bring all fishermen under the coverage of all farmer welfare programmes and social security schemes with expanded coverage for accident insurance.

In the previous FY 2018, the PM Modi led Cabinet committee had set up Rs. 7,522 crore special Fisheries and Aquaculture Infrastructure Development Fund (FIDF).

PM Matsya Sampada Yojana (PMMSY) 2019

PM Modi led central govt. is committed towards “Blue Revolution” or “Neeli Kranti”. India has the potential to achieve 1st place in the world in production of fish. So, the finance minister has announced the launch of a new PM Matsya Sampada Yojana 2019 to promote aquaculture. The govt. has already constituted a separate department for integrated development of fisheries.

The central govt. has also created a special fund to develop infrastructure related to fishing industry. This fund would be used for creation of fisheries infrastructure facilities both in marine and inland fisheries sectors. The central govt. has targeted to augment fish production to achieve its target of 15 million tonne by FY 2020 would be done under Blue Revolution.

The govt. would further raise the target to 20 million tonnes by FY 2022-23. FIDF fund would be used to attract private investment in creation and management of infrastructure facilities. Moreover, govt. will also focus on acquisition of the state-of-the-art technologies.

FIDF is going to provide concessional finance to state govt, cooperatives, individuals and entrepreneurs. This finance would be used to take up identified investment activities of fisheries development. Under FIDF, loan lending would be over a period of five years from 2018-19 to 2022-23. The maximum repayment will be over a period of 12 years inclusive of moratorium of 2 years on repayment of principal.