Production Bonus for Fishermen: Matsyafed has organised beach level auctions through primary co-operative societies for ensuring the first right of sale of the produce to the producer fishermen. This system has helped the fishermen to realise better value for their catch while ensuring that their loan amounts are repaid regularly and promptly from their sales proceeds, thereby enhancing their social and economic status and credit-worthiness. 248 primary societies are presently facilitating beach level auctions for their member fishermen.
The objective of the project is to bring more fishermen under the cooperative auction fold. A production incentive of 0.5% of the value of the catch will be given to the fishermen who participate in the beach level auction through the Primary Co-operative societies. Such fishermen will contribute 1% of the catch value to their Savings account which is recorded in their Passbook. To this 1% savings, 50% of the savings amount will be deposited by Government through Matsyafed in the group's savings account in the society and this 1.5% (1% fishermen savings + 0.5% Govt. share) of Savings will be given as the production Bonus preferably during Festive Season. An amount of Rs.200 lakhs has been proposed in the budget 2014-15 and the Federation has received 150Lakhs .It is estimated that about 50000 fishermen will be directly benefited from the project and it will support the livelihood of 2.5 lakhs Fishermen Household