Fisheries Startup Grand Challenge 2.0 to Back 10 Startups with ₹1 Crore Funding

Key Takeaways

Support for 10 startups with ₹1 crore each.
Structured incubation from ICAR and NFDB.
Focus on innovation in fisheries and aquaculture.
Launch of NFDP mobile app for scheme benefits.
Government investment of ₹38,572 crore since 2015.

Hyderabad, March 8 (NationPress) The Fisheries Startup Grand Challenge 2.0 is set to provide financial backing of ₹1 crore to 10 innovative startups in the manufacturing sector and related domains, as announced on Saturday.

The Department of Fisheries hosted the Startup Conclave 2.0 with the aim of fostering innovation within the fisheries industry.

During this event, Union Minister Rajiv Ranjan Singh inaugurated the Fisheries Startup Grand Challenge 2.0 to bolster startups engaged in manufacturing and associated sectors.

This initiative seeks to promote entrepreneurship, technological progress, and sustainability in fisheries and aquaculture, ultimately enhancing production and operational efficiency.

As per the Ministry of Fisheries, Animal Husbandry and Dairying, each successful proposal will benefit from structured incubation assistance provided by ICAR (ICAR-Central Institute of Fisheries Technology), National Fisheries Development Board (NFDB), or other affiliated entities under the Department of Fisheries.

These incubators will be instrumental in mentoring startups, delivering capacity-building initiatives, and granting access to manufacturing facilities, aiding them in effectively scaling their innovations.

Additionally, during the Fisheries Startup Conclave 2.0, the NFDP mobile application was introduced to broaden access to benefits under the Pradhan Mantri Matsya Sampada Yojana (PM-MKSSY).

The mobile application, now available on the Google Play Store, offers a user-friendly interface for startups to navigate various modules and leverage scheme advantages.

The NFDP acts as a platform for establishing digital identities for fishers, fish farmers, vendors, and processors, facilitating their smooth integration into formal financial and welfare systems.

India's fisheries and aquaculture sector supports 3 crore livelihoods, generating employment throughout the value chain.

Since 2015, the government has allocated ₹38,572 crore through various initiatives to encourage sustainable development.

This swift growth has led to the emergence of over 300 fisheries startups utilizing blockchain, IoT, and AI to create innovative, commercially viable solutions that boost productivity, ensure traceability, and enhance value chain efficiencies.