The scheme will be implemented in the next 5 years from FY 2020-21 to FY 2024-25.

Out of the Rs 20050 crore, the share of the Central government will be Rs 9,408 crore and the state governments' Rs 4,880 crore while the share of beneficiaries will be Rs 5,763, according to the Union Ministry of Fisheries, Animal Husbandry and Dairying.

The Ministry said in a statement that the PMMSY will address the critical gaps in the fisheries sector and aid it in realizing its potential.

The scheme is expected to create direct gainful employment opportunities to about 15 lakh fishers, fish farmers, workers, vendors and other rural/urban populations in fishing and allied activities. Besides, it promises to offer indirect employment opportunities, including enhancement of incomes, said the Ministry.

It will help in augmenting fish production and productivity at a sustained average annual growth rate of about 9 per cent to achieve a target of 22 million metric tons by 2024-25 through sustainable and responsible fishing practices, said the Ministry.

The scheme also aims to improve availability of certified quality fish seed and feed, traceability in fish and including effective aquatic health management and help in creation of critical infrastructure, including modernisation and strengthening of value chain.

The PMMSY, a 5-year scheme, will be implemented as an umbrella scheme with two separate components -- as a Central sector scheme (CS) and (b) Centrally-Sponsored Scheme (CSS).

The entire project/unit cost will be borne by the Central government (i.e. 100 per cent Central funding). Wherever direct beneficiary-oriented i.e. individual/group activities are undertaken by the entities of the Central government, including the National Fisheries Development Board (NFDB), the Central assistance will be up to 40 per cent of the unit/project cost for general category and 60 per cent for SC/ST/women category, said the Ministry.

In northeastern and Himalayan states, the Centre will contribute 90 per cent of the scheme while states' share will be 10, but in other states, the Centre's share will be 60 per cent and state's 40 per cent.

In Union Territories, 100 per cent financial assistance will be given by the Centre.