Country’s first fisheries business incubator launched in Haryana’s Gurugram

What is the News?

Union Minister of Fisheries has inaugurated the country’s first-of-its-kind, dedicated business incubator to be known as LINAC- NCDC Fisheries Business Incubation Centre(LlFlC) in Haryana’s Gurugram.

About LINAC- NCDC Fisheries Business Incubation Centre(LIFIC)

Aim: To nurture fisheries start-ups under real market-led conditions.

Services Provided by the LIFIC: The centre will provide hand holding such as training, converting entrepreneurial ideas into business models. It will also share seed money to the new as well as existing business entrepreneurs who are keen to make big in the fisheries segment.

Implementing Agency: National Cooperative Development Corporation (NCDC)

What is the contribution of the Fisheries Sector in India?

India ranks second in the world in total fish production as per 2018-19 data. Of this, the inland fisheries sector contributes nearly 70% and the rest comes from the marine sector.

The share of the fisheries sector is more than 1% of India’s GDP now, It is up from merely 0.40% in 1950-51. Fisheries also constitute about 10% of total exports from India. 

Currently, Fisheries is a sunrise industry in India, growing at a 7% rate annually. The Prime Minister has set a goal of 22 million tonnes of fish production and export to the tune of Rs one lakh crore by 2025.

Source: This post is based on the article “Country’s first fisheries business incubator launched in Haryana’s Gurugram” published by PIB on 16th November 2021.