One of the key pillars of the plan, which was announced on 5 July, involves providing credit access for fish farmers, as the Modi government shows its commitment towards the Blue Revolution.
According to Moneycontrol News, the Indian government set up a Rs 7,522 crore special Fisheries and Aquaculture Infrastructure Development Fund (FIDF) last year and it has set a target to increase the country’s seafood production to 15 million tonnes by 2020 and 20 million tonnes by 2022-23.
The fund will be used to attract private investment in creation and management of fisheries and aquaculture facilities, as well as the acquisition of state-of-the-art technologies. FIDF provides concessional finance to state governments, cooperatives, individuals and entrepreneurs for taking up of the identified. Under the scheme the loan lending will be over a period of five years from 2018-19 to 2022-23 with repayments required after 12 years.