The strategy is critical as the blue economy is recognized as a core growth area aiming for a US$100 billion blue economy by 2030.
Key Findings of Report
- Current Status: The overall potential is estimated at 7.16 million tonnes of fisheries resources. However, this potential remains largely unexploited.
- Key Challenges
- Infrastructure and Technological Gaps: Only 90 fishing harbours are adequately equipped to handle larger deep-sea vessels.
- Harvesting deep-sea resources efficiently also remains a technological challenge.
- Regulatory Gaps: India currently lacks specific regulatory laws for fishing activities within the Exclusive Economic Zone, contributing to Illegal, Unreported, and Unregulated (IUU) fishing concerns.
Key Initiatives
- Pradhan Mantri Matsya Sampada Yojana (PMMSY): It is a five-year scheme (FY 2020-21 to FY 2024-25) with ₹20,050 crore investment.
- Under PMMSY, the government provides financial support, including up to 60% financial assistance to traditional fishermen for converting or acquiring deep-sea and offshore fishing vessels.
- Others: Fisheries And Aquaculture Infrastructure Development Fund (FIDF), National Fisheries Policy 2020, etc.
Conclusion
The report proposes multi-phase roadmap including policy overhauls and fleet modernization. Also, the report recommends that all subsidies should be kept to a minimum and phased out as soon as possible.
