Fisheries Startup Grand Challenge | 14 Jan 2022

Why in News

Recently, the Department of Fisheries, Ministry of Fisheries, Animal Husbandry & Dairying In association with Startup India, the Ministry of Commerce and Industry inaugurated the Fisheries Startup Grand Challenge.

Key Points

  • About:
    • The challenge has been launched with an objective to provide a platform to start-ups within the country to showcase their innovative solutions within the Fisheries and Aquaculture sector.
    • The solutions should be devised for resolving issues across the fisheries value chain for increasing aquaculture productivity from the current national average of 3 tons to 5 tons per hectare, doubling exports earnings and reducing post-harvest losses from 25% to 10%.
    • The challenge is expected to foster start-up culture within the sector and to establish a strong foundation of the entrepreneurial model, the Department of Fisheries has earmarked funds to the tune of Rs. 3.44 Crore for the challenge.
  • Related Initiatives:
    • Establishment of Fisheries and Aquaculture Infrastructure Development Fund (FIDF) during 2018-19.
    • Pradhan Mantri Matsya Sampada Yojana: The programme aims to achieve 22 million tonnes of fish production by 2024-25. Also, it is expected to create employment opportunities for 55 lakh people.
    • Blue Revolution: Focuses on creating an enabling environment for integrated and holistic development and management of fisheries for the socio-economic development of the fishers and fish farmers.
    • Extension of Kisan Credit Card (KCC) facilities to fishers and fish farmers to help them in meeting their working capital needs.
    • Marine Products Export Development Authority: MPEDA is a nodal coordinating, state-owned agency engaged in fishery production and allied activities.
    • Marine Fisheries Bill: The Bill proposes to only grant licenses to vessels registered under the Merchant Shipping Act, 1958, to fish in the Exclusive Economic Zone (EEZ).
    • Seaweed Park: Multipurpose seaweed park in Tamil Nadu would be the center of production for quality seaweed-based products, developed on a hub and spoke model.

Significance of the Fisheries Sector:

  • About:
    • The fisheries sector plays a vital role in economic and overall development of the country. Referred to as the “sunrise sector”, the fisheries sector is poised to bring in immense potential through equitable and inclusive growth.
    • India is the second major producer of fish through aquaculture in the world.
    • India is the 4th largest exporter of fish in the world as it contributes 7.7% to the global fish production.
    • Currently, this sector provides livelihood to more than 2.8 crore people within the country. Nevertheless, this is a sector with untapped potential.
      • The Economic Survey of India, 2019-20 estimated that, only 58% of the country's inland potential has been tapped so far.
  • Unrealised Potential:
    • The unrealised potential of the fisheries sector offers varied opportunities for bringing in scalable business solutions and maximizing the benefits for the fishermen and fish farmers.
    • Fisheries is one of the fastest growing sectors amongst the primary producing sectors.
    • However, in order to realize the true potential of the fisheries sector, technological breakthroughs are required for enhancing production, productivity and efficiency of the fisheries’ value chain.

Source: PIB