Union Cabinet Extends Fisheries Infra Development Fund to 2025-26, Boosting Fisheries Sector

GG News Bureau
New Delhi, 9th Feb. The Union Cabinet has approved the extension of the Fisheries Infrastructure Development Fund (FIDF) for another three years until 2025-26. The extension comes within the already approved fund size of Rs 7522.48 crore, with a budgetary support of Rs 939.48 crore.

Established during 2018-19 to address the infrastructure requirements of the fisheries sector, the FIDF has played a pivotal role in facilitating the development of fisheries and aquaculture infrastructure across the country. In the initial phase from 2018-19 to 2022-23, the FIDF has approved a total of 121 fisheries infrastructure projects, with an investment cost of Rs. 5588.63 crore, aimed at creating various fisheries infrastructures.

The extension of the FIDF will intensify the development of crucial fisheries infrastructures such as fishing harbours, fish landing centers, ice plants, cold storage facilities, fish transport infrastructure, integrated cold chains, modern fish markets, Brood Banks, Hatcheries, aquaculture development, Fish Seed Farms, state-of-the-art fisheries training centers, fish processing units, fish feed mills/plants, cage culture in reservoirs, introduction of Deep Sea Fishing Vessels, disease Diagnostic Laboratories, Mariculture, and Aquatic Quarantine Facilities.

FIDF will continue to provide concessional finance to Eligible Entities (EEs), including State Governments/Union Territories, through Nodal Loaning Entities (NLEs) such as National Bank for Agriculture and Rural Development (NABARD), National Cooperatives Development Corporation (NCDC), and All scheduled Banks. The Government of India offers interest subvention of up to 3% per annum for a repayment period of 12 years, inclusive of a moratorium of 2 years, ensuring concessional finance at an interest rate not lower than 5% per annum.