Maharashtra Allocates ₹1,000 Crore for Fisheries Financing
Maharashtra aims to enhance fisheries lending through cooperative banks, facilitating easier access to credit for fishermen.
Maharashtra's fisheries sector receives agriculture status, easing credit access.
A ₹1,000 crore fund from NABARD is designated for fisheries development.
The state targets a growth in fisheries business from ₹1,240 crore to ₹5,000 crore by 2029.
Maharashtra is actively working to bolster the financing capabilities of District Central Cooperative Banks (DCCBs) in the fisheries sector. This initiative follows the recent designation of fisheries as an agricultural sector, which is anticipated to simplify credit access for fishermen across the state. The discussion surrounding this initiative took place during a workshop focused on fisheries development schemes for cooperative banks, held at the Sindhudurg DCCB headquarters.
During the workshop's inauguration, Fisheries Minister Nitesh Rane emphasized that the new measures would enable fishermen to secure loans more readily through district cooperative banks. This shift is expected to promote financial independence among fishermen, allowing them to invest in their ventures with greater ease. The minister highlighted the importance of this initiative in fostering self-reliance within the fishing community.
A significant aspect of the financing strategy is the ₹1,000 crore provision made by NABARD for the fisheries sector. This funding aims to support various initiatives and projects that will enhance the productivity and sustainability of fisheries in Maharashtra. The state government has set an ambitious goal to escalate its fisheries business from ₹1,240 crore to ₹5,000 crore by the year 2029, reflecting a strong commitment to the sector's growth.
Manish Dalvi, Chairman of the Sindhudurg DCCB, underscored the necessity for low-interest loans tailored for fisheries cooperative societies. He argued that such financial support is crucial to dismantle the monopoly held by private traders in the market. The call for broader Kisan Credit Card coverage was also made, which would further empower fishermen by providing them with more financial options.
The workshop also featured insights from Maharashtra State Cooperative Bank Administrator Vidyadhar Anaskar and NABARD Chief General Manager Dr. A.V. Bhavani Shankar, who shared their perspectives on the importance of cooperative banks in supporting the fisheries sector. As Maharashtra moves forward with these initiatives, the focus will remain on ensuring that fishermen have the resources they need to thrive in a competitive market.
