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09/02/24 10:23 AM IST

Cabinet approves extension of Fisheries and Aquaculture Infrastructure Development Fund (FIDF)

In News
  • The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi approved extension of Fisheries Infrastructure Development Fund (FIDF) for another 3 years upto 2025-26.
About FIDF
  • The union Government during 2018-19 created the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) with a total funds size of Rs 7522.48 crore.
  • In the earlier phase of implementation of FIDF during the period from 2018-19 to 2022-23, a total 121 fisheries infrastructure projects with an investment cost of Rs. 5588.63 crore have been approved for creation of various fisheries infrastructures.
  • Extension of FIDF will further intensifies development of various fisheries infrastructures like fishing harbours, 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 art of fisheries training centres, fish processing units, fish feed mills/plants, cage culture in reservoir, Introduction Deep Sea Fishing Vessels, disease Diagnostic Laboratories, Mariculture and Aquatic Quarantine Facilities.
  • The Government of India provides interest subvention up to 3% per annum for the repayment period of 12 years inclusive of moratorium of 2 years for providing the concessional finance by the NLEs at the interest rate not lower than 5% per annum.
  • The Government of India also provides credit guarantee facility to the projects of entrepreneurs, individual farmers and cooperatives from the existing credit guarantee fund of Infrastructure Development Fund of Department of Animal Husbandry and Dairying.
Significance
  • The extension of FIDF will further leverages the financial resources, encourages more investments in development of infrastructure for fisheries and aquaculture both from the public and private sector, thereby promoting economic development and expansion of fisheries and aquaculture sector.
  • FIDF not only give impetus for creation of modern infrastructure for fisheries and aquaculture, it will also complement and consolidate the achievements of Pradhan Mantri Matsya Sampada Yojana (PMMSY) and Kisan Credit Card (KCC) and making it an important scheme for bringing in more stakeholder, investments, employment opportunities, augmentation of fish production and transformation in the Fisheries and Aquaculture Sector.
Source- PIB

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