Centre nod for ₹7,522 cr. fisheries fund

Centre nod for ₹7,522 cr. fisheries fund

News:

1. The Cabinet Committee on Economic Affairs (CCEA) has given nod for the establishment of the Fisheries and Aquaculture Infrastructure Development Fund.

Important Facts:

2. The FIDF worth ₹7,522-crore has been  created for  infrastructure facilities for the fisheries sector.
3. About FIDF:

• The entrepreneurs, fishermen, cooperatives will get loans at subsidised interest rate and two years moratorium on repayment of principal amount.
• Loan lending will be over a period of five years till 2022-23 and maximum repayment will be over a period of 12 years.
• National Bank for Agriculture and Rural Development (Nabard), National Cooperatives Development Corporation (NCDC) and all scheduled banks are the designated nodal loaning entities (NLEs) in disbursal of the fund.
• While Nabard may be allowed to disburse to state governments and scheduled banks, the cooperatives will be allowed to avail the funding through the NCDC.
• Individuals and private entrepreneurs will have to approach banks and state governments to avail the loan under the FIDF.

4. Significance:

• It will help boost annual fish production to 20 million tonnes by 2022-23 from the current production of 11.4 million tonnes.
• The credit facilities will help attract investment in fisheries development ( both in marine and inland fisheries), boost fish production by 67% in next four years.
• The credit from the fund will help generate over 9.40 lakh direct and indirect employment of fishermen and others in fishing and allied activities where presently about 1.5 crore people are engaged.

5. The department of animal husbandry will frame guidelines, likely in next three months, to operationalise the fund during which the interest rate will be decided.
6. The government aims to achieve a sustainable growth of 8-9% in fisheries sector between 2020 and 2023.
7. Earlier Programmes: Under the Blue Revolution programme, the government had targeted 15 million tonne fish production by 2020.