Fisheries and Aquaculture Infrastructure Development Fund (FIDF)
Why in News?
- The Cabinet Committee on Economic Affairs has given its approval for creation of special Fisheries and Aquaculture Infrastructure Development Fund (FIDF).
Fisheries and Aquaculture Infrastructure Development Fund (FIDF):
- FIDF would provide concessional finance to State Governments / UTs and State entities, cooperatives, individuals and entrepreneurs etc., for taking up of the identified investment
- activities of fisheries development. Under FIDF, loan lending will be over a period of five years from 2018-19 to 2022-23 and maximum repayment will be over a period of 12 years inclusive of moratorium of two years on repayment of principal.
- National Bank for Agriculture and Rural Development (NABARD), National Cooperatives Development Corporation (NCDC) and all scheduled Banks shall be the nodal Loaning Entities.
Features of the FIDF:
- Creation of fisheries infrastructure facilities both in marine and Inland fisheries sectors. To augment fish production to achieve its target of 15 million tonne by 2020 set under the Blue Revolution; and to achieve a sustainable growth of 8% -9% thereafter to reach the fish production to the level of about 20 MMT by 2022-23.
- Employment opportunities to over 9.40 lakh fishers/fishermen/fisherfolk and other entrepreneurs in fishing and allied activities.
- To attract private investment in creation and management of fisheries infrastructure facilities.
- Adoption of new technologies.
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