Good news for the Indian fisheries sector! The Union Cabinet has approved a 3-year extension of the Fisheries and Aquaculture Infrastructure Development Fund (FIDF), providing a ₹7,522.48 crore boost to infrastructure development until 2025-26.
Why FIDF Matters:
- Addressing the Gap: Launched in 2018-19, FIDF tackles the crucial need for modern infrastructure in the fisheries sector.
- Tangible Impact: In its initial phase, it approved 121 projects worth ₹5,588.63 crore, creating:
- Safe landing facilities for 8,100+ fishing vessels
- Increased fish landing capacity by 1.09 lakh tonnes
- Benefitted 3.3 lakh fishers and stakeholders
- Generated 2.5 lakh direct & indirect jobs
- Extended Reach: The extension will further develop essential infrastructure like:
- Fishing harbours
- Fish landing centers
- Ice plants & cold storage
- Fish transport facilities
- Modern fish markets
- Aquaculture development facilities
- Fish processing units
- Deep-sea fishing infrastructure
- Financial Support: FIDF offers concessional loans through NABARD, NCDC, and scheduled banks. The government provides an interest subvention of up to 3% per annum for 12 years.
- Credit Guarantee: Entrepreneurs, individual farmers, and cooperatives can benefit from existing credit guarantee schemes.
- Eligibility: Open to various entities, including state governments, cooperatives, SHGs, NGOs, women entrepreneurs, private companies, and individual entrepreneurs.
Overall Impact:
- Leveraging resources: FIDF encourages investments from both public and private sectors.
- Economic development: Promotes expansion of the fisheries and aquaculture sector.
- Modern infrastructure: Enhances efficiency, safety, and fish production.
- Employment opportunities: Creates jobs directly and indirectly.
- Stakeholder involvement: Attracts more participants to the sector.
- Complementary Schemes: Works in conjunction with PMMSY and KCC for holistic development.
This extension promises a significant boost to India’s fisheries sector, leading to economic growth, improved livelihoods, and sustainable practices.