The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi on August 23, 2017 approved the renaming of SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) as Pradhan Mantri Kisan Sampada Yojana (PMKSY). The new Central Sector Scheme PMKSY was approved for the period 2016-20 coterminous with the 14th Finance Commission cycle with an allocation of Rs 6000 crore.