The Indian Fisheries sector has been on a rapid growth trajectory and is poised for further growth with the allocation in Budget FY 2023-24 for the Department of Fisheries, marking an overall increase of 38.45% over the budget of FY 2022-23. The allocation is one of the highest ever annual budgetary support for the department and a significant step towards further formalizing and empowering the sector.
New Sub-scheme: Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)
Union Finance Minister, Nirmala Sitharaman, in her budget speech, announced a new sub-scheme named Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a Central Sector Sub-scheme under PMMSY with a targeted investment of INR 6,000 crore. The objective of PM-MKSSY is to enhance the earnings and incomes of the people engaged in the fisheries sector, including fishermen, fish vendors, and micro & small enterprises.
Primary Cooperative Societies for Fisheries
The budget speech also laid stress on the creation of primary cooperative societies, including fisheries cooperatives at panchayat level. The formation of such cooperatives at the grass-root level will formalize the sector and empower the fishers and fish farmers to carry out fish production and post-harvest activities in an organized manner. With an allocation of INR 900 crore for the Ministry of Cooperation for the development of cooperatives, the sector is expected to grow faster with easier operations and financing.
Increased Credit Target for Agriculture & Allied Sectors
The credit target for agriculture and allied sectors has been increased to INR 20 lakh crore with a focus on animal husbandry, dairy, and fisheries. This move is expected to substantially improve the flow of institutional finance for the fisheries sector. Additionally, the announcement to reduce import duty on inputs required for shrimp feed is expected to lower the cost of production and boost aquaculture exports.
Digital Infrastructure and Agricultural Accelerator Fund
The proposed Digital Public Infrastructure and Agricultural Accelerator Fund will intensify innovations around the fisheries value chain. The budget FY 2023-24 is expected to help accelerate growth in the fisheries and aquaculture sector with enhanced flow of institutional credit, increased risk mitigation instruments, incentives for expansion and deepening of the domestic and export markets, and acceleration of innovations.
Three Centres of Excellence for Artificial Intelligence
The announcement of three Centers of Excellence in India for artificial intelligence offers great scope for improvement in fish marketing systems and increased value realization through the accelerated implementation of blockchain-based solutions for traceability and quality.
India: A Global Player in the Fisheries Sector
India has already become the 3rd largest fish producer, 2nd largest aquaculture producer, and 4th largest exporter of fish and fisheries products. The sector has clocked a double-digit annual growth rate of 10.34% in FY 2021-22, reaching a record fish production of 162.48 lakh tons, with much more growth to come in the near future. The sector provides sustainable livelihoods to over 28 million people, mostly within marginalized and vulnerable communities, and has been instrumental in bringing about sustainable improvements in the socio-economic conditions of the poor.
The allocation in Budget FY 2023-24 for the Department of Fisheries is a significant step towards the growth of the Indian Fisheries sector and will help further empower the sector. With a focus on primary cooperative societies, increased credit target for agriculture and allied sectors, digital infrastructure, and strengthening of the value chain, the Department of Fisheries will be well-equipped to tackle the challenges faced by the sector and drive sustainable development.