Marking the launch, Fisheries Minister D Jayakumar handed over the boats and other gear that are heavily subsidised under the scheme.
As many as 10 traditional fishermen or beneficiaries under the scheme ventured into the sea in the presence of Jayakumar.
Briefing about the scheme, the Minister said the scheme would be a boon to the traditional fishermen and would improve their livelihood in a great manner.
According to him, any traditional fishermen wanting to participate in the scheme would have to pay only 50 per cent of the motorised fibre boat offered under this scheme and the rest would paid by the state and the Centre.
This is an effort to improve the catch and the subsidy would be extended for the fibre boat costing Rs 4.25 lakh each.
Job orders issued for 381 long-liners
Sources said as many as 500 applications had been received so far from the fishermen and vessel construction orders had been issued to as many as 381 applications under Blue Revolution.
“The building is underway at a Ship Building Yard in Cochin and the delivery of the vessels would begin soon,” the sources added.
Explaining the pattern of funding for a boat costing Rs 80 lakh, a senior fisheries official said that the Centre and state government would provide 50 per cent (Rs 40 lakh) and 20 per cent (Rs 16 lakh) as subsidy.
The beneficiaries would be assisted in raising 20 per cent (Rs 16 lakh) through institutional finance following their contribution of 10 per cent (Rs 8 lakh).
In addition, the government is also planning to encourage deep sea fishing and to improve the livelihood of fishermen from Palk Bay under the same scheme.
A project statement under this initiative said the diversification would take place in a phased manner of three years and as many as 500 deep sea Tuna long-liner-cum gill net boats would be constructed in 2018.
“An equivalent number of vessels would be constructed in 2019 and another 1,000 more by 2020,” it said.