PALK BAY SCHEME: UPSC Daily Important Topic | 26 October 2021
October 26, 2021
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PALK BAY SCHEME
The Palk Bay Scheme is the official scheme for diversification of trawl fishing boats from Palk Strait into deep-sea fishing boats.
It is aimed at emcouraging fishermen to take up deep-sea fishing and put an end to disputes arising between the India and Srilanka.
The project helps fishermen in the Palk straits, who are not exposed to deep-sea fishing, to venture deep into the Indian Ocean, Arabian sea and other deep-sea areas to look for fish like tuna that are in high demand.
COMPONENTS OF THE SCHEME
The project aims to replace all trawler boats and introduce over 2000 deep-sea fishing boats in a course of five years.
The scheme, under the aegis of Blue Revolution Scheme – is funded by the centre-50 percent and state government – 20 percent for a boat costing Rs 80 Lakh.
Of the balance 30 percent, 10 percent is contributed by the benificiary (fisherman), and the remaining 20 percent is funded by bank.
