Pradhan Mantri Matsya Sampada Yojana: It’s Objectives, Challenges and Benefits

What is Pradhan Mantri Matsya Sampada Yojana?

Pradhan Mantri Matsya Sampada Yojana seeks to create a blue revolution. This program was started by the government to help the fishing industry and advance its production, infrastructure, marketing, and technology.

This program aims to enhance fisheries’ socioeconomic well-being and modernize fishing management. For five years, from 2020 to 2025, PMMSY is implemented in all Union Territories and Indian States.

Aquaculture will be supported by Pradhan Mantri Matsya Sampada Yojana by way of a subsidized loan facility. Fishermen are intended to get benefits via social security programs and agricultural welfare initiatives from the Central Government.

This plan also increases accident insurance coverage.

However, to submit a successful application for this program, applicants must meet the qualifying requirements.

What Prerequisites Must Be Met for Pradhan Mantri Matsya Sampada Yojana?

The following criteria must be satisfied to complete the PM Matsya Sampada Yojana online application procedure.

Candidates must be full-time anglers.
They have to be a part of the neighborhood fisherman’s cooperative group.
People must fall within the BPL category.
They must be between the ages of 18 and 60.
A savings account must receive a deposit of Rs. 1500 from the applicant.
The ideal beneficiaries are those who fall within the aforementioned categories:
Fish dealers, employees, and federations of fisheries farmers and producers (FFPOs/Cs)
Entrepreneurs that are fishermen or fish farmers ST/SC
Specially abled individuals
Candidates who are female members of Self Help Groups or Joint Liability Groups in the Fisheries Sector
Candidates who meet these requirements can easily receive PMMSY rewards.

What Advantages Does the PM Matsya Sampada Yojana Offer?

The Pradhan Mantri Matsya Sampada Yojana offers the following advantages.

The goal of this plan is to improve the supply chain from the fisheries to the retail establishments.
PMMSY aids in the advancement of food preparation in India.
It helps to increase employment and the GDP of the nation.
The horticultural waste is reduced through the Pradhan Mantri Matsya Scheme.
It modernizes quality improvement and merit chains.
This plan helps fishermen and fish farmers make a living.
PMMSY lowers the rates associated with GVA in agriculture.
It provides beneficiaries with LC BG, an overdraft facility, a demand loan, a term loan, and cash credit.
It makes sure ranchers get higher prices for their goods.
This plan builds a fisheries board and keeps an eye out for value chain flaws.

Influence of Pradhan Mantri Matsya Sampada Yojana

The following effects of the Pradhan Mantri Matsya Sampada Yojana on the Indian fishing industry as a whole projected increase in fish output from 13.75 million metric tonnes in 2018–19 to 22 million metric tonnes by 2024–25 consistent yearly rise in fish output of about 9% By 2024–25, the GVA of the fisheries industry will make up roughly 9% of the GVA of agriculture, up from 7.28% in 2018–19.

By 2024–25, export revenues will have doubled from 2018–19 to around Rs. 46,589 crores.
Increase aquaculture production from the present average of three tonnes per hectare to around a national average of five tonnes per hectare.
Post-harvest losses should be decreased from the observed 20–25% to about 10%.
Increase home fish intake from the present five kilograms per person to roughly twelve kilograms.
55 lakh new jobs, both direct and indirect, would be created in the fishing industry, along with supply and value chains.
double fish growers’ and fishermen’s earnings
Fostering the expansion of entrepreneurship and promoting private investment in the fisheries industry

Obstacles to Overcoming and the Future of the Pradhan Mantri Matsya Sampada Yojana

Allocating funding and resources: The scheme’s size and breadth necessitate significant financial resources. Its success depends on ensuring appropriate finance and efficient resource utilization at all levels.
knowledge and involvement: To encourage the active participation and engagement of fishermen, fish farmers, and other stakeholders, it is crucial to raise knowledge of the advantages and possibilities provided by the PMMSY.
Regulatory framework: For the industry to expand sustainably and responsibly, it has to be strengthened, licensing concerns need to be resolved, and environmental and quality requirements must be followed.
Capacity-building initiatives should be carried out to provide fishermen and fish farmers with the skills and knowledge they need to embrace contemporary methods, best practices, and cutting-edge technology. Government, business, academia, and civil society must work together to find solutions to these problems. Mechanisms for routine review, tracking, and feedback should be in place to keep tabs on the scheme’s development and correct course as needed.