Government Allocates Rs 3490 Crore for PMMSY Scheme to Boost Shrimp Exports

The Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme provides financial assistance for infrastructure development in the fishing industry, including construction of fishing harbours and maintenance dredging. The scheme aims to enhance production, productivity, and exports, as well as address post-harvest losses. In FY23-24, India exported a record 17,81,602 MT of seafood worth Rs. 60,523.89 crore. The Government has sanctioned projects adjacent to major ports for modernization and upgradation under PMMSY with 100% financial assistance.

The Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme, launched by the Ministry of Fisheries, Animal Husbandry & Dairying, aims to revolutionize India's fishing industry. With a total outlay of Rs. 20,050 crore over five years, the initiative focuses on enhancing production, productivity, and exports, while addressing post-harvest losses ([1]).

India's fishing sector has shown remarkable growth in recent years. According to the Ministry of Fisheries, the country's annual fish production increased from 141.64 lakh tonnes in 2019-20 to an all-time high of 175.45 lakh tonnes in 2022-23 ([2]). This growth can be attributed to the PMMSY's efforts in modernizing and upgrading infrastructure, promoting private investment, and enhancing entrepreneurship.

One of the key aspects of the PMMSY is its emphasis on infrastructure development. The scheme provides financial assistance for constructing fishing harbors and maintaining dredging. For instance, projects adjacent to major ports have been sanctioned for modernization and upgradation with 100% financial assistance ([1]). These improvements not only enhance the productivity of the fishing industry but also create employment opportunities.

Moreover, the PMMSY aims to reduce post-harvest losses, which currently stand at around 25% ([2]). This is a significant challenge for the fishing industry, as it leads to a substantial amount of wastage. The PMMSY plans to address this issue by implementing various measures, such as improving cold storage facilities and promoting the use of modern processing technologies.

The PMMSY also focuses on enhancing fisheries exports, which stood at Rs. 46,589 crore in 2018-19 ([2]). The scheme aims to increase exports to Rs. 1 lakh crore by 2024-25. This growth will not only boost the revenue of the fishing industry but also contribute to the country's overall economic growth.

In conclusion, the Pradhan Mantri Matsya Sampada Yojana is a comprehensive initiative that aims to transform India's fishing industry. By focusing on infrastructure development, productivity enhancement, and export promotion, the scheme has the potential to significantly boost the sector's growth and contribute to the country's economic development.

References:

[1] https://nfdb.gov.in/welcome/PMMSY
[2] https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2078595