India to launch US$2.64 billion fisheries funding programme

The Indian government is set to launch a INR200 billion (US$2.64 billion) programme to fund the development of the country’s fisheries sector.

Under the Pradhan Mantri Matsya Sampada Yojana project, more than half of the funding will be allocated for activities related to marine and inland fisheries and aquaculture, including the modernisation of fishing boats, while the remainder will be earmarked for the construction of fishing harbours and other associated infrastructure.

The country’s Central Marine Fisheries Research Institute (CMFRI) has recommended that funding be prioritised for the modernisation of local fishing boat fleets, training of fishermen in proper onboard handling to maximise catch value, and improving and expanding mariculture and aquaculture businesses so as to provide employment for returning Indian labourers who have become jobless overseas due to the Covid-19 pandemic.

More news, opinion and vessel reviews in this month’s Fishing and Aquaculture Week.