Role of credit for the upliftment of the fisheries sector

Abstract

Fisheries sector occupies a very important place in the socio-economic development of the country. It has been recognized as a powerful income and employment generator as it stimulates growth of a number of subsidiary industries and is a source of cheap and nutritious food besides being a foreign exchange earner. Credit is needed not only for investment in fishing craft and gear, fish ponds, fish handling, processing and marketing facilities and services, but also or even more for the smooth day-to-day capture, culture, handling, processing and distribution of fish. The improvement of the socio-economic role of women in fishing communities, too, needs strong credit support. Thus, there is a need for a functional credit and loan system which considers the prevailing socio-economic conditions of the fishermen. This system must be linked to technology, to production systems and to output price in order to stimulate growth and development in this sector.