Insurance coverage for fishing vessels to be introduced

Insurance coverage for fishing vessels to be introduced

Agency News

New Delhi, May 26 : Dedicating the Pradhan Mantri Matsya Sampada Yojana (PMSSY) to fishers, fish farmers, fish workers, fish vendors and other stakeholders associated with the fisheries sector, Union Minister for Fisheries, Animal Husbandry and Dairying Giriraj Singh on Tuesday said that insurance coverage for fishing vessels is being introduced for the first time.

The PMSSY aims to enhance fish production to 220 lakh metric tons by 2024-25 from 137.58 lakh metric tons in 2018-19 at an average annual growth rate of about 9 per cent. Mr Singh said the ambitious scheme will result in doubling export earnings to Rs 1,00,000 crore and generate about 55 lakhs direct and indirect employment opportunities in fisheries sector over a period of next five years.

Addressing a press conference on the 'PMMSY - A scheme to bring about Blue Revolution through sustainable and responsible development of fisheries sector in India', approved by the Union Cabinet chaired by Prime Minister Narendra Modi on 20th May, Mr Singh said that the scheme envisages an estimated investment of Rs 20,050 crore comprising Central share of Rs 9,407 crore, State share of Rs 4,880 crore and Beneficiaries contribution of Rs 5,763 crore.

He added that the PMMSY will be implemented over a period of 5 years from FY 2020-21 to FY 2024-25 in all States/Union Territories. MORE (UNI)