Highest-Ever Annual Allocation of Rs. 2584.50 Crore for Department of Fisheries in Budget 2024-25

New Delhi: In a significant move, the Department of Fisheries has been allocated a record-breaking amount of Rs. 2584.50 crore for the financial year 2024-25. This allocation marks the highest-ever annual budgetary support for the department, reflecting a 15% increase compared to the current financial year.

Finance Minister Smt. Nirmala Sitharaman, while presenting the interim budget, highlighted the substantial growth and development in the fisheries sector. She emphasized that the establishment of a separate Fisheries Department has played a pivotal role in doubling both inland and aquaculture production, as well as seafood exports since 2013-14.

The interim budget underlines the commitment to the fisheries sector’s growth with a focus on the Pradhan Mantri Matsya Sampada Yojana (PMMSY). The flagship scheme aims to enhance aquaculture productivity, doubling exports to Rs 1 lakh crore, and generating 55 lakh employment opportunities. The plan also includes significant infrastructural changes such as the establishment of 5 integrated aquaparks.

The proposed Blue Economy 2.0, set to be launched, will concentrate on promoting climate-resilient activities, restoration and adaptation measures, and the development of coastal aquaculture and mariculture with an integrated and multi-sectoral approach.

The fisheries sector is instrumental in sustaining the livelihoods of approximately 30 million people in India, particularly those from marginalized and vulnerable communities. With a record fish production of 175.45 lakh tons in FY 2022-23, India stands as the third-largest fish-producing country globally, contributing 8% to the global production.

The fisheries sector’s significant role in the Indian economy is evident, contributing about 1.09% to the country’s Gross Value Added (GVA) and over 6.724% to the agricultural GVA. The sector’s potential for growth necessitates focused attention through policy and financial support for sustainable, responsible, inclusive, and equitable development.

The Department of Fisheries, established on 5th February 2019, has been equipped with profound schemes and programs, including PMMSY, Fisheries Infrastructure Development Fund (FIDF), and Kisan Credit Card (KCC). With the highest-ever budgetary allocation, the department is poised to achieve new heights during the Amrit Kaal.