Addressing a press conference on the “Pradhan Mantri Matsya Sampada Yojana (PMMSY) – A scheme to bring about Blue Revolution through sustainable and responsible development of fisheries sector in India”, Giriraj Singh, the Indian Minister for Fisheries, Animal Husbandry and Dairying, said that the scheme envisages an estimated investment of Rs 20,050 crore.
“The ambitious scheme will result in doubling export earnings to Rs.1,00,000 crore and generate about 55 lakh direct and indirect employment opportunities in the fisheries sector over a period of next five years,” Singh added.
PMMSY aims to enhance fish production to 220 lakh metric tons by 2024-25 at an average annual growth rate of about 9%, according to the Indian government.
Notably, India has taken several initiatives, including the creation of a separate ministry of Fisheries, Animal Husbandry and Dairying, the constitution of FIDF (Fisheries and Aquaculture Infrastructure Development Fund) and implementation of the centrally sponsored scheme on Blue Revolution, in order to harness the potential of the fisheries sector in a sustainable manner towards ushering the Blue Revolution in Fisheries sector.
It is worth noting that with over 7.70% of the global fish production and export earnings of more than Rs.46,500 crores (2018-19), India is currently the 4th largest fish exporting nation in the world.