Finance Minister Nirmala Sitharaman on July 5,2019 announced plans to launch to a 'Matsya Sampada Yojana' aimed to turn India into a hotspot for fish and aquatic products through appropriate policy, marketing and infrastructure support.
The government intends to promote aquaculture through easy access to credit.
The government also intends to bring all fishermen under the ambit of all farmer welfare programmes and social security schemes with expanded coverage for accident insurance.
The Modi government has made it clear that it is committed towards 'Blue Revolution' or 'Neeli Kranti' and has the potential to attain the first place in the world in fish production.
A separate Department has been constituted for integrated development of fisheries. A special fund has been created to develop infrastructure related to the fishing industry.
Last year, the Modi-Cabinet had set up Rs 7,522 crore special Fisheries and Aquaculture Infrastructure Development Fund (FIDF).
The fund will be used for creation of fisheries infrastructure facilities both in marine and inland fisheries sectors.
The government has set a target to augment fish production to achieve its target of 15 million tonne by 2020 under the Blue Revolution, and raise it thereafter about 20 million tonnes by 2022-23.
The fund will be used to attract private investment in creation and management of fisheries infrastructure facilities, besides acquisition of state-of-the-art technologies.
FIDF provides concessional finance to state governments, cooperatives, individuals and entrepreneurs for taking up of the identified investment activities of fisheries development.
Under FIDF, loan lending will be over a period of five years from 2018-19 to 2022-23 and maximum repayment will be over a period of 12 years inclusive of moratorium of two years on repayment of principal.