Cabinet Committee on Economic Affairs okays Rs 7,522 cr fund for creating infrastructure for fisheries sector

New Delhi: The government on Wednesday approved Rs 7,522 crore fund for creating infrastructure facilities in fisheries and aquaculture sector to help boost annual fish production to 20 million tonnes by 2022-23 and generate over 9.40 lakh employment opportunities.

India's fish production is estimated at around 12 million tonnes annually.

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its approval for creation of special Fisheries and Aquaculture Infrastructure Development Fund (FIDF), an official statement said.

 Cabinet Committee on Economic Affairs okays Rs 7,522 cr fund for creating infrastructure for fisheries sector

Representational image. Reuters

"The approval entails an estimated fund size of Rs 7,522 crore, comprising Rs 5,266.40 crore to be raised by the Nodal Loaning Entities (NLEs), Rs 1,316.6 crore beneficiaries contribution and Rs 939.48 crore budgetary support from the Government of India," an official statement said.

National Bank for Agriculture and Rural Development (NABARD), National Cooperatives Development Corporation (NCDC) and all scheduled banks would be the NLEs, it added.

FIDF would provide concessional finance to state governments/UTs and state entities, cooperatives, individuals and entrepreneurs etc, for taking up of the identified investment activities of fisheries development.

Under FIDF, loan lending will be over a period of five years from 2018-19 to 2022-23 and maximum repayment will be over a period of 12 years inclusive of moratorium of two years on repayment of principal.

Listing out the benefits, the government said this fund would help in creation of fisheries infrastructure facilities both in marine and inland fisheries sectors, which would boost fish production and help achieve target of 15 million tonne by 2020 set under the blue revolution.

The government aims to achieve a sustainable growth of 8-9 percent, so that fish production reaches to the level of about 20 million tonnes by 2022-23.

This fund would also create employment opportunities to over 9.40 lakh fishers/ fishermen/fisherfolk and other entrepreneurs in fishing and allied activities. It would help attract private investment in creation and management of fisheries infrastructure facilities.

Updated Date: Oct 24, 2018 15:23:00 IST