In a significant move aimed at bolstering the fisheries sector, the Union Cabinet, chaired by Hon’ble Prime Minister Shri Narendra Modi, has approved the extension of the Fisheries Infrastructure Development Fund (FIDF) for another three years, up to 2025-26. This extension comes within the already approved fund size of Rs 7522.48 crore and a budgetary support of Rs 939.48 crore.
The FIDF, initially created during 2018-19 to address the infrastructure requirements of the fisheries sector, has been instrumental in funding various fisheries infrastructure projects. In the earlier phase of implementation from 2018-19 to 2022-23, a total of 121 fisheries infrastructure projects with an investment cost of Rs. 5588.63 crore were approved. These projects encompassed the development of fishing harbours, fish landing centers, ice plants, cold storage facilities, and more, contributing significantly to the modernization of fisheries infrastructure across the country.
With the extension of FIDF, the government aims to intensify the development of various fisheries infrastructure facilities, including state-of-the-art fish processing units, hatcheries, aquaculture development, and modern fish markets, among others. The fund will continue to provide concessional finance to eligible entities, including state governments, cooperatives, collective groups of fish farmers, NGOs, women entrepreneurs, and private companies.
Under the FIDF, the government provides interest subvention of up to 3% per annum for a repayment period of 12 years, inclusive of a moratorium of 2 years. Additionally, credit guarantee facilities are extended to projects of entrepreneurs, individual farmers, and cooperatives, further enhancing access to finance for fisheries infrastructure development.
The completed projects under the earlier phase of FIDF have had a significant impact, creating safe landing and berthing facilities for over 8100 fishing vessels, enhancing fish landing by 1.09 lakh tonnes, and benefiting around 3.3 lakh fishers and stakeholders. Moreover, these projects have generated approximately 2.5 lakh direct and indirect employment opportunities.
The extension of FIDF is expected to leverage financial resources, encourage more investments from the public and private sectors, and promote economic development in the fisheries and aquaculture sector. It will complement existing schemes such as the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and the Kisan Credit Card (KCC), contributing to the augmentation of fish production and transformation in the fisheries and aquaculture sector.
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