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

08 Feb, 2024

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 within the already approved fund size of Rs 7522.48 crore and budgetary support of Rs 939.48 crore.

In order to address the infrastructure requirement for fisheries sector, 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.

FIDF will continue provides concessional finance to the Eligible Entities (EEs), including State Governments/Union Territories for development of identified fisheries infrastructure facilities through Nodal Loaning Entities (NLEs) namely National Bank for Agriculture and Rural Development (NABARD), National Cooperatives Development Corporation (NCDC) and All scheduled Banks. 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.

The eligible entities under FIDF are State Governments / Union Territories, State Owned Corporations, State Government Undertakings, Government Sponsored, Supported Organizations, Fisheries Cooperative Federations, Cooperatives, Collective Groups of fish farmers & fish produces, Panchayat Raj Institutions, Self Help Groups (SHGs), Non-Governmental Organisations (NGOs), Women & their entrepreneurs, Private Companies and Entrepreneurs.

The completed 27 projects in its earlier phase of FIDF, created safe landing and berthing facilities for more than 8100 fishing vessels, enhancement of fish landing of 1.09 lakh tones, benefiting around 3.3 lakh fishers and other stakeholders and creation of 2.5 lakh direct and indirect employment opportunities.

Further, 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.

The Cabinet's extension of the Fisheries and Aquaculture Infrastructure Development Fund will ensure improved credit access for those in the fisheries sector and boost the creation of related infrastructure. https://t.co/qq2K9qSk0P

- Narendra Modi (@narendramodi) February 8, 2024