Union Cabinet approves extension of Fisheries and Aquaculture Infrastructure Development Fund

New Delhi [India], February 8 (ANI): The Union Cabinet chaired by Prime Minister Narendra Modi on Thursday approved an extension of the Fisheries Infrastructure Development Fund (FIDF) for another 3 years up to 2025-26 within the already approved fund size of Rs 7522.48 crore and budgetary support of Rs 939.48 crore.
In order to address the infrastructure requirement for the fisheries sector, the Union Government during 2018-19 created the Fisheries and Aquaculture Infrastructure Development Fund (FIDF), with a total fund size of Rs 7522.48 crore.
In the earlier phase of implementation of FIDF during the period from 2018-19 to 2022-23, a total of 121 fisheries infrastructure projects with an investment cost of Rs. 5588.63 crore have been approved for the creation of various fisheries infrastructures.
Extension of FIDF will further intensify the development of various fisheries infrastructures like fishing harbours, fish landing centres, ice plants, cold storage, fish transport facilities, integrated cold chain, modern fish markets, brood banks, hatcheries, aquaculture development, fish seed farms, state-of-the-art of fisheries training centres, fish processing units, fish feed mills and plants, cage culture in reservoirs, introduction of deep sea fishing vessels, disease diagnostic laboratories, and aquatic quarantine Quarantine Facilities.
FIDF will continue to provide concessional finance to the eligible entities (EEs), including state governments and union territories, for the development of identified fisheries infrastructure facilities through nodal lending entities (NLEs), namely the National Bank for Agriculture and Rural Development (NABARD), the National Cooperative Development Corporation (NCDC), and all scheduled banks.
The Government of India provides interest subventions up to 3% per annum for the repayment period of 12 years, inclusive of a moratorium of 2 years, for providing concessional finance by the NLEs at an interest rate not lower than 5% per annum.
The Government of India also provides credit guarantee facilities to the projects of entrepreneurs, individual farmers and cooperatives from the existing credit guarantee fund of the Infrastructure Development Fund of the Department of Animal Husbandry and Dairying.
The eligible entities under FIDF are State Governments / Union Territories, State Owned Corporations, State Government Undertakings, Government Sponsored, Supported Organizations, Fisheries Cooperative Federations, Cooperatives, Collective Groups of fish farmers & fish produces, Panchayat Raj Institutions, Self Help Groups (SHGs), Non-Governmental Organisations (NGOs), Women & their entrepreneurs, Private Companies and Entrepreneurs.
The completed 27 projects in its earlier phase of FIDF created safe landing and berthing facilities for more than 8100 fishing vessels, enhanced fish landings of 1.09 lakh tonnes, benefiting around 3.3 lakh fishers and other stakeholders, and created 2.5 lakh direct and indirect employment opportunities.
Further, the extension of FIDF will further leverage financial resources and encourage more investments in the development of infrastructure for fisheries and aquaculture, both from the public and private sectors, thereby promoting economic development and the expansion of the fisheries and aquaculture sector.
FIDF will not only give impetus for creation of modern infrastructure for fisheries and aquaculture, but it will also complement and consolidate the achievements of Pradhan Mantri Matsya Sampada Yojana (PMMSY) and Kisan Credit Card (KCC), making it an important scheme for bringing in more stakeholders, investments, employment opportunities, augmentation of fish production, and transformation in the Fisheries and Aquaculture Sector. (ANI)