New Fisheries Scheme Boosts Aquaculture Insurance
The Ministry of Fisheries, Animal Husbandry and Dairying has launched the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a new initiative aimed at enhancing the Indian fisheries sector. With a budget of ₹6,000 crore, the scheme will run from FY 2023-24 to FY 2026-27 and includes various components designed to support fisheries microenterprises. Additionally, the National Fisheries Digital Platform (NFDP) has been introduced to streamline access to resources and improve overall efficiency in the sector.
Overview of PM-MKSSY
The PM-MKSSY is a Central Sector Sub-scheme under the broader Pradhan Mantri Matsya Sampada Yojana (PMMSY). It aims to formalize the fisheries sector and facilitate access to government programs for microenterprises. The scheme is structured into four key components:
1. Formalization of the fisheries sector and access to working capital financing.
2. Promotion of aquaculture insurance.
3. Support for microenterprises to enhance value chain efficiencies.
4. Implementation of safety and quality assurance systems for fish and fishery products.
This comprehensive approach is expected to significantly improve the livelihoods of those involved in the fisheries sector, ensuring better access to financial resources and support systems. The initiative is particularly focused on empowering small-scale fish farmers and enhancing the overall productivity of the sector.
Launch of the National Fisheries Digital Platform
On September 11, 2024, the NFDP was launched as part of the PM-MKSSY. This digital platform aims to create a work-based digital identity for stakeholders in the fisheries sector. It serves as a one-stop solution for accessing institutional credit, strengthening fisheries cooperatives, and providing performance-based incentives. The NFDP also includes features for aquaculture insurance and training programs, thereby enhancing the capacity of fish farmers.
The platform is designed to improve traceability within the fisheries supply chain, ensuring that consumers can trust the quality and safety of fish products. By digitizing these processes, the NFDP aims to streamline operations and make it easier for stakeholders to access necessary resources and support.
Aquaculture Insurance Incentives
One of the key components of the PM-MKSSY is the provision of aquaculture insurance. Farmers can receive a one-time incentive for purchasing insurance, which is crucial for protecting their investments against various risks. There are two types of insurance available: Basic Insurance, which covers yield losses from non-preventable perils, and Comprehensive Insurance, which includes additional coverage for diseases.
The incentive covers 40% of the premium paid, with a maximum limit of ₹25,000 per hectare or ₹1 lakh for up to four hectares. For intensive aquaculture systems, the coverage is also set at 40% of the premium, with a ceiling of ₹1 lakh for 1,800 cubic meters. Additionally, beneficiaries from SC/ST communities and women farmers are eligible for an extra 10% incentive, further promoting inclusivity within the sector.
Current Progress and Future Prospects
As of now, the NFDP has successfully launched its Aquaculture module, allowing beneficiaries to log in and access benefits. A total of 262 applications have been submitted, covering 710 hectares of farms, and these have been forwarded to insurance companies through the platform. This progress indicates a positive response from the farming community and highlights the potential impact of the PM-MKSSY on the fisheries sector.
Union Minister of State for Fisheries, Animal Husbandry and Dairying, Shri George Kurian, provided this information in a written reply to the Rajya Sabha on March 12, 2025. The ongoing implementation of the PM-MKSSY and the NFDP is expected to bring significant advancements to the fisheries sector, ultimately benefiting farmers and consumers alike.
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