FISHERIES AND AQUACULTURE INFRASTRUCTURE DEVELOPMENT FUND (FIDF)

About:

• From the FIDF, entrepreneurs, fishermen and cooperatives will get loans at subsidised interest rate.
  
  
• The department of animal husbandry will frame guidelines, likely in next three months, to operationalise the fund during which the interest rate will be decided.
  
  
• Objective: To raise India’s, the world’s second largest producer, fish production to 20 million tonne per year by 2022-23 from current level of about 12 million tonnes by creating the necessary infrastructure in fisheries sector.
  
  
• Benefits:
  • The credit from the fund will help attract investment in fisheries development,
    
    
  • boost fish production by 67% in next four years from current level of 12 million tonnes to 20 million tonnes by 2022-23 and
    
    
  • help generate over 9.40 lakh direct and indirect jobs for fishermen.
    
    
  
  
  
• Fund detail:
  • The approved fund size is Rs. 7,522 crore, comprising Rs 5,266 crore to be raised by the nodal loaning entities (NLEs), Rs 1,316 crore from beneficiaries’ contribution and Rs 939.48 crore by budgetary support.
    
    
  • National Bank for Agriculture and Rural Development (Nabard), National Cooperatives Development Corporation (NCDC) and all scheduled banks are the designated NLEs in disbursal of the fund.
    
    
  • The credit from the FIDF outlay will have to be disbursed by 2022-23.
    
    
  
  
  
• The government has fixed the repayment period at maximum 12 years including moratorium of two years on principal amount.