Pradhan Mantri Matsya Sampada Yojana Guide & Benefits

The Pradhan Mantri Matsya Sampada Yojana (PMMSY) is a flagship initiative introduced by the Government of India in 2020 under the Ministry of Fisheries, Animal Husbandry, and Dairying. The scheme aims to modernise and enhance the fisheries sector, improve infrastructure, and promote sustainable aquaculture practices. With a budget allocation of Rs. 20,050 crore, PMMSY seeks to increase fish production, generate employment, and boost exports.

PMMSY is designed to address critical challenges such as post-harvest losses, lack of modern infrastructure, and the need for sustainable resource management. It integrates a range of components, including technology-driven solutions, financial assistance, and capacity building for fishermen and aquaculture farmers.

By focusing on innovation and sustainability, PMMSY aims to double fishers’ incomes, reduce post-harvest losses from 20% to 10%, and achieve a fish production target of 22 million metric tonnes by 2024-25.

Benefits for fishermen and aquaculture farmers

The PMMSY scheme offers a wide range of benefits to fishermen, aquaculture farmers, and stakeholders in the fisheries value chain. Here are some of the key advantages:

• Financial support and subsidies: PMMSY provides financial assistance for infrastructure development, aquaculture expansion, and the adoption of modern fishing techniques.
• Increased productivity: By promoting sustainable practices and advanced technologies, the scheme helps improve fish production and quality.
• Employment generation: PMMSY is expected to create over 55 lakh direct and indirect jobs across the fisheries sector.
• Export promotion: The scheme aims to enhance the export competitiveness of Indian fish products, contributing to foreign exchange earnings.
• Post-harvest infrastructure: PMMSY focuses on reducing post-harvest losses by developing cold storage facilities, processing units, and marketing networks.
• Sustainability: The scheme encourages eco-friendly aquaculture practices, ensuring the conservation of aquatic resources.
• Capacity building: Training and skill development initiatives under PMMSY empower fishermen and farmers to adopt modern techniques and improve efficiency.

The PMMSY scheme is driven by specific objectives aimed at transforming the fisheries sector. These include:

• Increasing fish production and productivity through sustainable methods.
• Enhancing post-harvest infrastructure to reduce losses.
• Promoting species diversification in aquaculture.
• Strengthening the fisheries value chain from production to retail.
• Doubling fishers’ and farmers’ incomes by 2024-25.
• Ensuring social, physical, and economic security for fishermen.
• Promoting innovation through research and development in fisheries and aquaculture.

Key components and sub-schemes of PMMSY

PMMSY encompasses a range of components and sub-schemes to cater to diverse needs within the fisheries sector. These include:

• Development of infrastructure: Establishing fishing harbours, cold chains, and processing units.
• Aquaculture development: Promoting inland and marine aquaculture through financial support and technology adoption.
• Fisheries management: Implementing measures for sustainable resource management and biodiversity conservation.
• Post-harvest and marketing: Developing value chains, cold storage facilities, and e-marketing platforms.
• Insurance and welfare schemes: Providing insurance coverage and welfare benefits for fishers and their families.
• Skill development and capacity building: Organising training programmes to enhance technical and managerial skills.
• Technology infusion: Promoting the use of advanced tools and technologies such as cage culture, biofloc systems, and recirculating aquaculture systems (RAS).

Eligibility for Pradhan Mantri Matsya Sampada Yojana

To avail of the benefits under PMMSY, applicants must meet specific eligibility criteria. The table below outlines the key requirements:

How to apply via PMMSY portal

Applying for PMMSY benefits is a straightforward process. Follow these steps to get started:

1. Visit the PMMSY portal: Access the official website of the Pradhan Mantri Matsya Sampada Yojana.
2. Register as a beneficiary: Create an account using your Aadhaar number and other required details.
3. Submit your application: Fill out the application form, upload necessary documents, and provide a project proposal.
4. Verification process: Your application will be reviewed by the relevant authorities for eligibility and feasibility.
5. Approval and disbursement: Once approved, financial assistance or subsidies will be disbursed to your registered bank account.

Subsidies for fishing vessels and aquaculture

PMMSY offers subsidies to encourage investments in fisheries and aquaculture. The table below highlights key subsidy details:

To complement the financial assistance provided by PMMSY, Bajaj Finserv offers tailored loan solutions for individuals and businesses in the fisheries and aquaculture sector. These loans are designed to help you meet your project’s financial requirements with ease.

• Flexi Loans: Bajaj Finserv Flexi Loans allow you to withdraw funds as needed and pay interest only on the utilised amount. This feature is particularly beneficial for aquaculture projects with fluctuating cash flow requirements.
• Quick approvals and disbursals: Bajaj Finserv ensures a seamless loan application process, with quick approvals and disbursals to help you start your project without delays.
• Minimal documentation: With simplified processes, you can apply for loans with minimal paperwork, saving time and effort.
• High loan amounts: Bajaj Finserv offers high-value loans to meet the capital-intensive needs of fisheries and aquaculture projects.
• Flexible repayment options: Customised repayment plans allow you to manage your finances effectively while focusing on your business growth.

Explore Bajaj Finserv Loans for PMMSY Projects now and take the next step towards achieving your aquaculture goals.

Success stories from Matsya Sampada Yojana

The PMMSY scheme has already transformed numerous lives across India. For instance, a group of women in Kerala utilised PMMSY funds to establish a fish processing unit, significantly improving their income and living standards. Similarly, fish farmers in Andhra Pradesh adopted advanced aquaculture techniques with the scheme’s support, achieving record-breaking yields.

These success stories highlight the transformative potential of PMMSY in empowering communities, boosting livelihoods, and driving economic growth.

PMMSY vs other fisheries schemes

The table below compares PMMSY with other fisheries schemes in India: