Finance Ministry has urged public sector banks to enhance credit availability for animal husbandry, dairying, and fisheries. This initiative is aimed at ensuring that the targets set for the current financial year are met. The progress of credit disbursement to these sectors was reviewed at a high-level meeting chaired by the Secretary, Department of Financial Services (DFS), M. Nagaraju. The meeting was attended by top officials of public sector banks, NABARD, and state/UT Level Bankers' Committee, along with representatives of state governments/UTs, the Department of Animal Husbandry & Dairying, and the Department of Fisheries.
The Secretary emphasized the importance of the allied sector in driving agricultural growth and its potential for employment in rural areas. He also highlighted the trend of regional disparity in credit disbursement in allied activities and directed banks to conduct regional-level meetings to ensure disbursement of credit in all areas, given the huge potential in allied activities across all regions. He further directed NABARD to coordinate with state line departments and LDMs in identifying fish farmers and providing them with the benefits of the KCC scheme.
The Centre's focus is on providing seamless access to affordable credit to the allied sector. As part of the Centre's thrust to boost rural incomes, the Union Budget 2024-25 has increased the allocation for the Department of Fisheries by 54 per cent to Rs 2,616.44 crore from Rs. 1,701 crore (revised estimate) during 2023-24. This sector provides sustainable livelihoods to over 30 million people, primarily within the marginalized and vulnerable communities.
A significant portion of the total outlay, Rs 2,352 crore, has been allocated for the Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme, marking a 56 per cent increase over the outlay of Rs 1,500 crore for 2023-24. Finance Minister Nirmala Sitharaman announced plans for setting up a network of a Nucleus Breeding Centre (NBC) for high-quality shrimp brood stocks. Financing for shrimp farming, processing, and export will be facilitated through NABARD. The establishment of state-of-the-art facilities in NBCs will improve the genetic quality of aquaculture species for higher productivity and quality, and reduce the dependence on the import of shrimp brood stock.
The government has increased budgetary allocations aimed at improving livestock health, boosting milk productivity, and reducing post-harvest losses as part of its efforts to ensure food security. The minister also said the government will formulate a comprehensive programme for supporting dairy farmers. The PMFME scheme has provided significant support, assisting 240,000 self-help groups and 60,000 individuals with credit linkages, furthering efforts to reduce post-harvest losses and enhance productivity and incomes. PMKSY, on the other hand, has benefitted 3.8 million farmers and generated 1 million jobs.
