Union Cabinet Extends Fisheries Infrastructure Development Fund (FIDF) to Boost Fisheries Sector

New Delhi:  In a significant move to fortify the fisheries sector, the Union Cabinet, led by Hon’ble Prime Minister Shri Narendra Modi, has given the green light for a three-year extension of the Fisheries Infrastructure Development Fund (FIDF) until 2025-26. The extension comes within the approved fund size of Rs 7522.48 crore and a budgetary support of Rs 939.48 crore.

Initiated during the fiscal year 2018-19, the FIDF was established to address the infrastructure requirements of the fisheries sector. In its initial phase, spanning from 2018-19 to 2022-23, the FIDF has seen the approval of 121 fisheries infrastructure projects with an investment cost of Rs. 5588.63 crore, aimed at creating diverse fisheries infrastructures.

The extended FIDF will intensify the development of critical fisheries infrastructures, including fishing harbors, fish landing centers, 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 fisheries training centers, fish processing units, fish feed mills/plants, cage culture in reservoirs, introduction of deep-sea fishing vessels, disease diagnostic laboratories, mariculture, and aquatic quarantine facilities.

The FIDF will continue to provide concessional finance to Eligible Entities (EEs), including State Governments/Union Territories, for the development of identified fisheries infrastructure facilities. Nodal Loaning Entities (NLEs), such as the National Bank for Agriculture and Rural Development (NABARD), National Cooperatives Development Corporation (NCDC), and All Scheduled Banks, will facilitate the concessional finance with the government offering interest subvention up to 3% per annum for a repayment period of 12 years, inclusive of a 2-year moratorium.

Furthermore, the Government of India will extend credit guarantee facilities to projects by entrepreneurs, individual farmers, and cooperatives from the existing credit guarantee fund of the Infrastructure Development Fund of the Department of Animal Husbandry and Dairying.

Eligible entities under FIDF include State Governments/Union Territories, State-Owned Corporations, State Government Undertakings, Government-Sponsored and Supported Organizations, Fisheries Cooperative Federations, Cooperatives, Collective Groups of fish farmers and producers, Panchayat Raj Institutions, Self Help Groups (SHGs), Non-Governmental Organizations (NGOs), Women and their entrepreneurs, Private Companies, and Entrepreneurs.

The successful completion of 27 projects in the earlier phase of FIDF has already yielded substantial benefits, creating safe landing and berthing facilities for over 8100 fishing vessels, enhancing fish landing by 1.09 lakh tonnes, and providing direct and indirect employment opportunities to 2.5 lakh individuals, benefiting around 3.3 lakh fishers and stakeholders.

The extension of FIDF is expected to further leverage financial resources, stimulate more investments in fisheries and aquaculture infrastructure from both the public and private sectors, fostering economic development and expanding the fisheries and aquaculture sector. The extended FIDF will play a pivotal role in complementing and consolidating the achievements of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and Kisan Credit Card (KCC), making it a crucial initiative for attracting stakeholders, investments, employment opportunities, augmenting fish production, and transforming the Fisheries and Aquaculture Sector.