Fiinovation Welcomes Cabinet's nod to Rs 3K Crore Scheme Booster for Fisheries sector

1. Fiinovation welcomes Cabinet's nod to Rs 3K Crore scheme booster for Fisheries sector Fiinovation, Fiinovation Delhi

2. In a bid to revitalise & stimulate the growth of the fisheries sector & allied industries, government has taken a bold decision by approving an outlay of Rs 3,000 crore for the inclusive development and management of fisheries sector. • Fiinovation contemplates that through this investment government seeks to bring the 'blue revolution in the country'.

3. Fiinovation believes that the central scheme is said to benefit the entire fisheries sector covering about 14.50 million fishermen. • It will be implemented in all the states and the union territories focusing on increasing production and productivity from aquaculture and fisheries resources, both inland and marine. It seeks to boost private investment as well.

4. The Cabinet Committee on Economic Affairs (CCEA) has given its nod for implementation of an umbrella scheme for integrated development and management of fisheries at an outlay of Rs 3,000 crore for a period of five years. • Fiinovationhighligths that the scheme would cover development and management of inland fisheries, aquaculture, marine fisheries including deep sea fishing, mariculture and all activities undertaken by the National Fisheries Development Board (NFDB) towards realising 'Blue Revolution'.

5. Fiinovation believes that the biggest take away from the scheme is that it will prove beneficial for stakeholders such as fish farmers, entrepreneurs, fish retailers, wholesalers, fish processors, fish exporters and women groups. • Fiinovation suggests that industry leaders and private sector must plan their CSR interventions in the sector with a focus on holistic development of fishermen starting from their livelihood, health, education to ensuring their safety and security.

6. Fiinovation believes that the private sector has the potential to bring constructive change through CSR projects in the quality of lifestyle of the fishermen provided that the will is there along with consistent focus on empowerment of fishing community especially the women groups. • It is important to understand that sustainable development is the key to inclusive development of any sector.

7. Fiinovation reviews the scheme that aims at a focused and integrated approach for development and management of fisheries and aquaculture sector to ensure a sustained annual growth rate of 6-8 per cent as against an overall annual growth rate of about 4 per cent in the 11th Five Year Plan period. • Also, the scheme would stimulate growth of the subsidiary and growth of other related economic activities, especially in the coastal regions, leading to many direct and indirect benefits to the entire fisheries sector.

8. Fiinovation understands that the scheme has suitable linkages and convergence with the 'Sagarmala Project' of Shipping Ministry, MGNREGA, RashtriyaKrishiVikasYojana & National Rural Livelihoods Mission etc. • Fish production in the country has jumped from 7.5 lakh tonnes in 1950-51 to 100.70 lakh tonnes during 2014-15, while the export earnings from the sector registered at Rs 33,441 crore in 2014-15. • India today has attained the status of the second largest fish producing and second largest aquaculture nation in the world. • Fiinovationbelieves that with this capital infusion by the government, the sector is poised to register phenomenal growth in the years to come.

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