New Delhi: Days after announcing an economic package of Rs 20 lakh crore for the people of the country amid COVID-19 pandemic, Prime Minister Narendra Modi on Wednesday said the Union Cabinet has taken a number of crucial decisions for the welfare of migrants, poor, senior citizens with easier availability of credit, harnessing opportunities in the fisheries sector. Also Read - Mann Ki Baat LIVE: Poor, Migrants Have Suffered The Most Due to Coronavirus, Says PM

Taking to Twitter, PM Modi said that the Pradhan Mantri Matsya Sampada Yojana (PMMSY) will revolutionise the fisheries sector as it will invigorate it with the latest technology, infrastructure and ensure financial assistance. “Our hardworking fishermen will gain immensely,” he said. Also Read - Day After First Anniversary of 'Modi 2.0', PM to Share His 'Mann Ki Baat' on Sunday

Chaired by PM Modi, the Union Cabinet has given its approval for implementation of PMMSY which will bring about Blue Revolution through sustainable and responsible development of the fisheries sector in India. Also Read - TikTok's Rival Mitron App is Not Indian But Pakistani? Real Owner Refutes Claims of it Being Developed by IIT Student

The scheme will be implemented under two components namely, Central Sector Scheme (CS) and Centrally Sponsored Scheme (CSS) at a total estimated investment of Rs 20,050 crore comprising of Central share of Rs 9,407 crore, State share of Rs 4,880 crore and Beneficiaries’ share of Rs 5,763 crore.

As per updates, the scheme will be implemented during a period of 5 years from FY 2020-21 to FY 2024-25.

This particular scheme will be implemented as an umbrella scheme with two separate Components namely Central Sector Scheme (CS) and Centrally Sponsored Scheme (CSS).  This scheme will address the critical gaps in the fisheries sector and realize its potential.

This scheme will also help in the creation of direct gainful employment opportunities to about 15 lakh fishers, fish farmers, fish workers, fish vendors and other rural/urban populations in fishing and allied activities and about thrice this number as indirect employment opportunities including enhancement of their incomes.

This will also give a boost to investments in the fisheries sector and increase of competitiveness of fish and fisheries products.