Why is it in the news?

• Despite challenges posed by the COVID-19 pandemic, Prime Minister Modi announced the Atmanirbhar Bharat package for the fisheries sector, allocating ₹20,050 crore for the Pradhan Mantri Matsya Sampada Yojana (PMMSY), marking the largest-ever investment in Indian fisheries.
• The government has recently announced an additional ₹6,000 crore investment in the fisheries sector, bringing the total investment to over ₹38,500 crore in the last nine years.

Analyzing PMMSY

• PMMSY has focused on addressing critical gaps in the fisheries value chain, including fish production, productivity, quality, technology, post-harvest infrastructure, and marketing.
• Strategic priority areas for PMMSY include marine fisheries, inland fisheries, fishermen’s welfare, infrastructure, post-harvest management, cold water fisheries, ornamental fisheries, aquatic health management, and seaweed cultivation.
• PMMSY has encouraged technology adoption and entrepreneurial ventures in the fisheries sector, empowering young entrepreneurs, including women, in various regions of India.
• The program has expanded fisheries to non-traditional areas, transforming saline wastelands into productive aquaculture zones in states like Haryana and Rajasthan.
• PMMSY has facilitated the development of fish feed plants, hatcheries, research in genetic improvement, and domestication of aquatic species.
• India is now among the world’s top three countries in fish and aquaculture production and is the largest shrimp exporter globally.
• Indian fisheries production and export earnings are at all-time highs, with significant growth in shrimp production and seafood exports.
• The partnership between the government and fishermen is strengthening, contributing to the development of the Blue Economy and addressing the concerns of the fishing community.