Interim Budget gives fisheries sector a booster shot with 15% hike in outlay

Prameyanews English

Published By : Prameya News Bureau | February 02, 2024 IST

New Delhi, Feb 2: The Department of Fisheries has been allocated an amount of Rs 2,584.5 crore in the interim budget for financial year 2024-25 which is 15 per cent higher than the current financial year and its highest ever annual allocation.


Finance Minister Nirmala Sitharaman highlighted that a separate Fisheries Department was established to assist fishermen that has resulted in doubling both inland and aquaculture production, doubling of seafood exports since 2013-14.


The flagship scheme, Pradhan Mantri Mastya Sampada Yojana (PMMSY) is being stepped up to enhance aquaculture productivity from existing 3 to 5 ton/Ha, doubling exports to Rs 1 lakh crore and generate 55 lakh employment opportunities along with big infrastructural changes of establishing 5 integrated aquaparks.


In addition, the Blue economy 2.0 will be launched to focus on promoting climate resilient activities, restoration and adaptation measures and development of coastal aquaculture and mariculture with integrated & multi-sectoral approach.


Fisheries sector plays an important role in the Indian economy.


It contributes to the national income, exports, food and nutritional security as well as employment generation.


Fisheries sector is recognized as the 'Sunrise Sector' and is instrumental in sustaining the livelihoods of around 30 million people in India particularly that of the marginalized and vulnerable communities.


The allocation for the fisheries sector since the first five-year plan to 2013-14 was only Rs 3,680.93 crore. However, since 2014-15 to 2023-24, an amount of Rs 6,378 crore has already been released for various fisheries developmental activities in the country.


With record fish production of 175.45 lakh tonnes in FY 2022-23, India is the third largest fish producing country in the world accounting for 8 per cent of global production and contributing about 1.09 per cent to the country's Gross Value Added (GVA) and over 6.724 per cent to the agricultural GVA.

  • Union Budget 2024

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