Why in News? 

• The Department of Fisheries, under the Ministry of Fisheries, Animal Husbandry and Dairying, is hosting a "Northeastern Region States Meet to review the implementation of Pradhan Mantri Matsya Sampada Yojana" on January 6th, 2024, at Guwahati, Assam. The event will be chaired by Union Minister Shri Rajiv Ranjan Singh. 

PMMSY Overview 

• Aims to promote the Blue Revolution through sustainable development of India's fisheries sector. 
• Launched with ₹20,050 crore investment as part of the ‘Atma Nirbhar Bharat’ package. 
• Implemented across all states and UTs for 5 years (FY 2020-21 to FY 2024-25). 
• Provides insurance, financial assistance, and Kisan Credit Cards (KCC) to fishermen. 
• It is implemented as an umbrella scheme with two separate components namely, 
•  Central Sector Scheme: The project cost will be borne by the Central government. 
•  Centrally Sponsored Scheme: All the sub-components/activities will be implemented by the States/UTs, and the cost will be shared between the Centre and State. 

Objectives 

• Boost fish production and productivity sustainably. 
• Modernize the fisheries value chain and improve post-harvest management. 
• Double incomes for fishers and farmers. 
• Enhance fisheries’ contribution to agricultural GDP and exports. 
• Ensure economic security and strengthen fisheries management. 

Significance 

• Supports over 2.8 crore fishers and farmers, contributing to national income, food security, and employment. 
• Major source of income for economically disadvantaged groups. 
• India is a leading seafood exporter, with aquaculture making up 70-75% of fishery exports in FY20.