The Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi on October 24, 2018, gave its approval for the creation of a special Fisheries and Aquaculture Infrastructure Development Fund (FIDF). The National Bank for Agriculture and Rural Development (NABARD), National Cooperatives Development Corporation (NCDC) and all scheduled Banks will be the nodal loaning entities.
The fund size is estimated to be around Rs 7,522 crore, out of which around Rs 5,266.40 crore would be raised by the Nodal Loaning Entities (NLEs), Rs 1,316.6 crore through beneficiary’s contribution and Rs 939.48 crore through budgetary support from the central government.
1. The creation of the special fund will enable the creation of fisheries infrastructure facilities both in marine and inland fisheries sectors.
2. The fund will also boost employment opportunities for over 9.40 lakh fishermen and other entrepreneurs in fishing and allied activities.
3. It will also support the government’s aim to achieve sustainable growth of 8 -9 percent and thereafter take the fish production to the level of about 20 million tonnes by 2022-23.
4. It aims to boost fish production and help achieve the target of producing 15 million tonnes of fish by 2020, which was set under the Blue Revolution.
5. It will also attract private investment in the creation and management of fisheries infrastructure facilities.
6. Further, it will encourage the adoption of new technologies in the fisheries sector.