First tripartite Memorandum of Agreement(MoA) signed under Fisheries and Aquaculture Development Fund(FIDF)

3 min read

News:The first tripartite Memorandum of Agreement has been signed between the department of Fisheries Government of India, NARBARD and the Government of Tamil Nadu for the implementation of Fisheries and Aquaculture Development Fund(FIDF).

Facts:

About Fisheries and Aquaculture Development Fund(FIDF):

  • The Fisheries and Aquaculture Infrastructure Development Fund (FIDF) has been formed in 2018.
  • The main aim of the fund is to boost fish production to achieve the target of producing 15 million tonnes of fish production by 2020 and 20 million tonnes by 2022-23 from current production of 11.4 million tonnes. 
  • The fund provides concessional finance to the eligible entities, cooperatives, individuals and entrepreneurs for development of identified fisheries infrastructure. 
  • The National Bank for Agriculture and Rural Development(NABARD), National Cooperative Development Corporation(NCDC) and all scheduled banks are Nodal Loaning entities(NLEs) to provide concessional finance under the FIDF.

Features of the fund:

  • 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.

Additional information:

About NCDC:

  • National Cooperative Development Corporation(NCDC) was established by an Act of Parliament in 1963 as a statutory Corporation under Ministry of Agriculture & Farmers Welfare. 
  • It has many regional centres to provide financial assistance to Cooperatives or Societies or Federations.