The distinctive features of fisheries resources, fishers and their geographic contexts, on the one hand, and broad stylized features of the existing lacklustre performance of this sector, on the other, call for specialized and sustained efforts to promote livelihood of usually poor, backward and unorganized fisher communities, which are nevertheless and often the most intimate stakeholder of this sector and its underlying resources. To develop a perspective on intervention strategies for livelihood promotion of most intimate stakeholders-that is, the fisher folk, in a sustainable manner, this paper uses clues from recent economic theories and management tools on property rights, Coase Theorem, stakeholder cooperation and public-private-community partnership in an effort towards resolving the multi-dimensional problems of this sector. It stratifies and brings out the pros and cons of the existing fishing efforts into four categories of models-the traditional marketing model, state-led models of livelihood promotion and fisheries development (including cases of para-statal cooperatives), entrepreneur or leader-driven models, and technology-driven models, through selected illustrations from different parts of the country and covering both marine and inland (including brackish water) segments of fisheries. The paper, after identifying the major ingredients for sustainable livelihood development around fisheries, finally articulates Dr. APJ Kalam's concept of PURA to recommend a rural entrepreneur-led hybrid model of fisheries development to solicit sustainable and growth oriented cooperation among the suppliers of land (i.e., stakeholders to fishery resources, which are available through Nature), labor (including fishers) and capital (including professionals). The ultimate goal of this paper is to derive inspiration from Coase Theorem and the Japanese model of Keiretsu to empower the producers and suppliers of fish-namely, the fisher folk and to place them at the centre stage of control of rural entrepreneur-led private organizations, wherein the fisher community will not be deemed as mere consumers or vendors of fish, but will enter as dignified co-producer partners with significant shares in residual claim and residual control in those organizations.