Fishing for Success: Union Budget 2023-24 Boosts India’s Aquaculture Industry

The Indian budget for Financial Year 2023-24 has allocated a significant amount of INR 2248.77 crore for the Department of Fisheries, marking a 38.45% increase from the previous year. The finance minister announced a new sub-scheme, Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), aimed at enhancing the earnings and incomes of those in the fisheries sector. The budget also focuses on the development of primary cooperative societies, increasing institutional finance, reducing import duties, and promoting innovations in the sector.

Overview

The Indian Union Budget for 2023-24 has allocated a significant amount of money to the Department of Fisheries. The allocation of INR 2248.77 crore marks a 38.45% increase from the previous year and is one of the highest annual budgetary supports ever provided to the department. The finance minister also announced a new scheme called PM-MKSSY, with a targeted investment of INR 6,000 crore, aimed at enhancing the earnings and income of fishermen, fish vendors, as well as small & micro businesses in the fishing industry. The budget speech emphasized the creation of primary cooperative societies, including fisheries cooperatives, and increasing the credit target for agriculture and allied sectors, including animal husbandry, dairy, and fisheries. The budget will help in the growth of the fisheries and aquaculture sector by increasing institutional credit, risk mitigation instruments, and promoting innovation and exports.

Fishermen and fish farmers stand to benefit greatly from the allocation of funds for the Department of Fisheries in the 2023-24 budget. The creation of primary co-operative societies, including fisheries cooperatives, will provide a formal structure for the sector, empowering farmers to carry out production and post-harvest activities in an organized manner. The launch of a new sub-scheme, Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana, would boost the revenues and incomes of fishermen, fish dealers, and micro and small businesses in the fisheries industry. The scheme aims to bring about the formalization of the sector, including digital inclusion, access to institutional finance, and incentives to reduce risk in aquaculture and fisheries. Overall, the budget 2023-24 will bring about a new phase of growth in the fisheries and aquaculture sector, with improved flow of institutional credit, increased risk mitigation instruments, incentives for market expansion and deepening, and acceleration of innovations.

Important points

• The Union Finance Minister has announced an allocation of INR 2248.77 crore for the Department of Fisheries in the FY 2023-24 budget, marking a 38.45% increase from the previous year.
• The Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) has been launched with an investment target of INR 6,000 crore to enhance the earnings and incomes of those in the fisheries sector.
• The budget speech emphasizes the creation of primary cooperative societies, including fisheries cooperatives at the panchayat level for the formalization of the sector.
• The credit target for agriculture and allied sector, including animal husbandry, dairy and fisheries has been increased to 20 lakh crore.
• Import duties have been reduced on inputs required for shrimp feed and on aquatic feed ingredients to reduce production costs and improve exports.
• Three Centers of Excellence in India for Artificial Intelligence will be established, offering opportunities for improvements in fish marketing systems.
• The budget will accelerate growth in the fisheries and aquaculture sector through increased access to institutional credit, risk mitigation, market expansion, and innovation.

Conclusion

The budget for 2023-24 promises to bring a new era of growth for the fisheries and aquaculture sector. The provision of INR 2248.77 crore, a 38.45% increase over the previous budget, would boost the wages and incomes of fishers, seafood vendors, and micro and small businesses. The new sub-scheme, PM-MKSSY, will bring formalization of the sector and increase the flow of institutional finance. The creation of cooperative societies will empower the fishers and fish farmers to carry out production and post-harvest activities. The credit target for agriculture and allied sectors will also benefit the sector. The sector is poised to achieve greater heights and provide sustainable livelihoods to marginalized communities.

Note: The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. Pesticides are a considerable risk of loss in crops and viewers are advised to do their own research before making any decisions.