The allocation of Rs 2,352 crore towards Blue Revolution 2.0 and the plan to set up five aquaparks announced in Interim Budget 2024-25 will give a huge fillip to the fisheries and aquaculture sector, which plays a pivotal role in India's economy.

The ‘sunrise sector’ has seen rapid growth over the past decade, making India the third-largest fish producer and the second-largest in aquaculture.

Fishing is carried out both inland and marine, given the many rivers and other water bodies and a coastline that spans a whopping 7,516 km. Besides providing employment to millions of fishermen in coastal and rural areas, it also sustains those involved in processing, marketing, and export activities.

The government aims to step up the implementation of Pradhan Mantri Matsaya Sampada Yojana (PMMSY) to enhance aquaculture productivity, double exports and generate more employment opportunities.

Launched in 2020, PMMSY is a flagship initiative for sustainable and comprehensive development in both inland and marine fisheries. The scheme aims to modernise and strengthen the value chain, enhance traceability and establish a robust fisheries-management framework, while simultaneously ensuring the socio-economic welfare of fishers and fish farmers. Through insurance coverage, PMMSY has given 31.89 lakh farmers in 22 states and seven union territories a vital help. Furthermore, 6.77 lakh more farmers have been covered for nutritional support and provided a means of subsistence during lean or ban years . The aim is to step up the implementation of PMMSY to enhance aquaculture productivity from the existing 3 tonne per hectare to 5 tonne per hectare; double the exports to 1 lakh crore; and generate 55 lakh employment opportunities in the near future.

The aquaparks will be established under PMMSY. They address critical gaps in the fisheries value chain, productivity, quality of technology, post-harvest infrastructure, and marketing, thus becoming a platform for fish farmers and other industry stakeholders.

A strategic increase in budgetary support from the government, coupled with the augmentation of existing schemes, boosts the sector growth and enhances the income of the small and marginalised fish farmers.

The investment in enhancing the implementation of PMMSY will help in modernising fishing techniques and promoting sustainable practices that would enhance productivity while preserving marine ecosystems.

The funds directed towards setting up aquaparks with cold-storage facilities and processing units would reduce post-harvest losses and boost the incomes of fishermen. 

These efforts can transform the fisheries sector into a sustainable, economically viable and a globally competitive industry, benefitting millions of lives and contributing to the nation's overall growth.