Question
What is the name of the new scheme approved by the Union
Cabinet to improve the fisheries sector and provide access to institutional credit for fisheries and aquaculture microenterprises, which is also a key objective of the banking industry's financial inclusion initiatives?Solution
The Union Cabinet recently approved the ‘Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY),’ a sub-scheme under the Pradhan Mantri Matsya Sampada Yojana. With a budget of Rs. 6,000 crore, the 4-year initiative aims to formalize the fisheries sector, providing institutional credit to fishers, aquaculture farmers, and vendors. Key benefits include a National Fisheries Digital Platform, support for micro-enterprises and cooperatives, job creation (particularly for women), and a shift from conventional subsidies to performance-based incentives.
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