The Indian government, led by Prime Minister Shri Narendra Modi has approved the implementation of the Pradhan Mantri Matsya Kisan Samridhi Sah Yojana (PM MKSSY) , an initiative aimed at revolutionizing the fisheries sector in India. With an investment of Rs. 6,000 crores over the four years (from FY 2023 24 to FY 2026 27) PM MKSSY is a part of the broader Pradhan Mantri Matsya Sampada Yojana (PMMSY) and focuses on formalizing the sector while providing support to micro and small enterprises.
Under PMMSY this specific Central Sector Sub scheme allocates Rs. 3,000 crores in funding with contributions expected from beneficiaries and private sector participation. It aims to benefit stakeholders such as fishers, fish farmers, individuals involved in the fisheries value chain as well as micro and small enterprises engaged in fisheries and aquaculture.
The objectives of PM MKSSY are diverse. It aims to establish a National Fisheries Digital Platform that will provide work based identification for 40 lakh small and micro enterprises. By enabling access to loans from institutions and gradually bringing more structure to the industry the initiative aims to create job opportunities, particularly for women.
The program consists of components, including the formalization of the fishing sector implementation of insurance for aquaculture support for businesses to improve efficiency in the value chain and establishment of safety and quality assurance systems, for fish and fishery products. These measures are expected to enhance competitiveness in the market, boost export potential and ensure the production and distribution of high quality fish.
In PM-MKSSY, women empowerment is also considered as a prime goal which plans to create 1.7 lakh new job opportunities and provide continued employment opportunity to 5.4 lakh women in micro and small enterprises value chains. On the other hand, it also guides towards the sectoral challenges such as the weak operation of the formal and informal fisheries associations, leasing and transport vehicles, and the sub-optimal safety and hygiene standards in fish sold by micro and small business enterprises.
Designing a program that holistically deals with the fisheries segment (PM-MKSSY programme) is not simple, but it can ensure the fisheries sector’s growth; employment; and in the long run sustainable ecosystem.