Palk Bay scheme will be given a fillip

The Union Government is considering increasing the unit cost of deep sea fishing vessels under the Palk Bay scheme to make it more attractive to fisherfolk.
According to Union Minister, The original unit cost of Rupees 80 lakh was “inadequate” to meet the requirements of the fisherfolk

Palk Bay Scheme

The Scheme was launched in July 2017 under the Blue Revolution programme.
The scheme is financed by the Union and the State Governments with beneficiary participation.
It had envisaged the provision of 2,000 vessels in three years to the fishermen of the State and motivate them to abandon bottom trawling.
It was planned to have 500 boats built in the first year (2017-18). Of the unit cost of each vessel (₹80 lakh), 50% would be borne by the Centre, 20% by the State government and 10% by the beneficiary, and the remaining 20% would be met through institutional financing.

Palk Bay (Palk Strait)

Palk Bay is a semi-enclosed shallow water body with a water depth maximum of 13 m.
It is located between the southeast coast of India and Sri Lanka.
Palk Bay is located between 8° 50′ and 10° North latitudes and 78° 50′ and 80° 30′ East longitudes.