Daily Current Affairs : 12-February-2024

The Indian authorities has recently released the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY). This scheme is a part of a bigger initiative known as the Pradhan Mantri Matsya Sampada, which aims to improve the fisheries sector in India. By assisting micro and small businesses, the scheme seeks to formalize and enhance this important enterprise.

Key Highlights of the Scheme

The PM-MKSSY comes with several critical features designed to enhance the fisheries sector:

Significant Investment
  • The scheme includes an investment of over Rs 6,000 crore.
  • This funding will be spread over four years, from 2023-24 to 2026-27.
  • The funding can be disbursed across all States and Union Territories in India.
National Fisheries Digital Platform
  • A new National Fisheries Digital Platform will be established.
  • This platform will provide work-based identities to 40 lakh small and micro enterprises within the fisheries sector.
Extension of Fisheries Fund
  • The Fisheries and Aquaculture Infrastructure Development Fund (FIDF) will be extended for another three years, lasting until 2025-26.
  • This extension will ensure continuous support for infrastructure development in fisheries.
International Collaborations
  • The scheme includes provisions for the International Financial Services Centres Authority (IFSCA) to sign Bilateral MoUs.
  • These agreements may be with financial regulatory bodies in Mauritius, Kuwait, and Bangladesh to foster international cooperation.
Diverse Funding Sources

Funding will come from various resources:

  • Public finance from the Indian government.
  • External financing from organizations like the World Bank and AFD (French Development Agency).
  • Opportunities for private sector involvement to leverage additional resources.
Targeted Stakeholders

The PM-MKSSY aims to benefit various stakeholders in the fisheries value chain, such as:

  • Fishers who catch fish from water bodies.
  • Fish farmers engaged in aquaculture.
  • Fish workers involved in processing and distribution.
  • Fish vendors who sell fish to clients.
  • Micro and small enterprises that contribute to the fisheries ecosystem.

Important Points:

Launch of PM-MKSSY: The Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana is part of the Pradhan Mantri Matsya Sampada initiative to improve the fisheries sector in India.

Investment:

  • Over Rs 6,000 crore allocated.
  • Funding spread over 2023-24 to 2026-27.
  • Distribution across all States and Union Territories.

National Fisheries Digital Platform:

  • Establishment of a new digital platform.
  • Provides work-based identities to 40 lakh small and micro enterprises.

Extension of Fisheries Fund:

  • Extension of the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) for three more years until 2025-26.

International Collaborations:

  • Provisions for the IFSCA to sign Bilateral MoUs.
  • Agreements with financial regulatory bodies in Mauritius, Kuwait, and Bangladesh.

Diverse Funding Sources:

  • Public finance from the Indian government.
  • External financing from the World Bank and AFD.
  • Opportunities for private sector involvement.

Targeted Stakeholders:

  • Beneficiaries include fishers, fish farmers, fish workers, fish vendors, and micro and small enterprises in the fisheries value chain.

Why In News

The Indian Cabinet has approved the “Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY),” a central sector sub-scheme under the Pradhan Mantri Matsya Sampada, aimed at formalizing the fisheries sector and supporting micro and small enterprises within it. This initiative is expected to significantly enhance the livelihoods of those involved in the fisheries value chain while promoting sustainable practices in the industry.

MCQs about Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana

  1. What is the main objective of the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)?
    A. To improve agricultural practices in India
    B. To enhance the fisheries sector and support micro and small enterprises
    C. To promote tourism in coastal areas
    D. To increase industrial manufacturing
    Correct Answer: B. To enhance the fisheries sector and support micro and small enterprises
    Explanation: The PM-MKSSY aims specifically to formalize and improve the fisheries sector while providing support to micro and small businesses involved in this industry.
  2. How much investment has been allocated for the PM-MKSSY over the next four years?
    A. Rs 1,000 crore
    B. Rs 3,500 crore
    C. Rs 6,000 crore
    D. Rs 10,000 crore
    Correct Answer: C. Rs 6,000 crore
    Explanation: The scheme includes an investment of over Rs 6,000 crore to be disbursed from 2023-24 to 2026-27.
  3. What will the National Fisheries Digital Platform provide to small and micro enterprises?
    A. Financial aid
    B. Work-based identities
    C. Marketing support
    D. Training programs
    Correct Answer: B. Work-based identities
    Explanation: The National Fisheries Digital Platform is designed to provide work-based identities to 40 lakh small and micro enterprises within the fisheries sector.
  4. Which of the following stakeholders is NOT targeted by the PM-MKSSY?
    A. Fish farmers
    B. Fish workers
    C. Agricultural laborers
    D. Fish vendors
    Correct Answer: C. Agricultural laborers
    Explanation: The PM-MKSSY specifically targets stakeholders in the fisheries sector, including fishers, fish farmers, fish workers, and fish vendors, but does not focus on agricultural laborers.

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