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Economy
Pradeep Kumar

09/10/21 11:25 AM IST

Palk Bay scheme

In news

The Union Government is considering increasing the unit cost of deep-sea fishing vessels under the Palk Bay scheme to make it more attractive to fisherfolk.

Details
  • When Prime Minister launched the scheme in July 2017 in Rameswaram, whose fishermen have been at the centre of the conflict, the Central and State governments expected that in three years, 2,000 trawlers would be replaced with deep-sea fishing boats having long lines and gill nets.
  • It was planned to have 500 boats built in the first year (2017-18).
  • Of the unit cost of each vessel (₹80 lakh), 50% would be borne by the Centre, 20% by the State government and 10% by the beneficiary, and the remaining 20% would be met through institutional financing. 
  • The Centre feels that deep sea fishing is the “only solution” to promote ecologically sustainable fishing and reduce “fishing pressure” around the close proximity of the IMBL and the incidents of cross-border fishing.
Shift Change
  • It takes some time to shift the fishermen from their traditional methods to a new venture, as it involves behavioural changes and requires constant motivation, which the State government has taken up very seriously.
  • The Central government’s Department of Fisheries, while stating that it had “not received any such report regarding constraint in institutional financing”, suggested that the financial arrangements be made through the National Cooperative Development Corporation, for which discussions had already begun.
Source: The Hindu

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