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The Department of Fisheries, under the Ministry of Fisheries, Animal Husbandry, and Dairying, has introduced the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY). This Central Sector Sub-scheme, part of the ongoing Pradhan Mantri Matsya Sampada Yojana (PMMSY), is set for a four-year period from FY 2023-24 to FY 2026-27, with an estimated outlay of ₹6,000 crore. This includes ₹3,000 crore from public finance and an equal amount from private investment.
Key components of PM-MKSSY:
- Formalising the Fisheries Sector: Facilitating access for fisheries microenterprises to Government of India programs for working capital financing.
- Aquaculture Insurance Adoption: Encouraging fish farmers to adopt insurance schemes to safeguard against unforeseen losses.
- Supporting Microenterprises: Enhancing efficiencies in the fisheries sector value chain by supporting microenterprises.
- Quality Assurance Systems: Promoting the adoption and expansion of safety and quality assurance systems for fish and fishery products.
National fisheries digital platform (NFDP):
Launched on 11th September 2024 under PM-MKSSY, the NFDP aims to formalise the Indian fisheries and aquaculture sector by creating a work-based digital identity and database for all stakeholders. It serves as a ‘one-stop’ solution for access to institutional credit, strengthening fisheries co-operatives, incentivising aquaculture insurance, performance-based incentives, fisheries traceability systems, and training and capacity building.
Aquaculture insurance incentives:
Under Component 1-B of PM-MKSSY, a one-time incentive is provided to farmers for purchasing aquaculture insurance:
- Basic Insurance: Covers yield losses due to non-preventable perils such as natural calamities, pollution, and structural damage to farms.
- Comprehensive Insurance: Includes all perils under Basic Insurance, with additional coverage for diseases.
The incentive is set at 40% of the premium paid, with a ceiling of up to ₹25,000 per hectare or ₹1 lakh per farmer for 4 hectares of Water Spread Area (WSA). For intensive aquaculture systems like farms, cage culture, RAS, bio-floc, and raceways, the insurance is provided at the same rate, with a ceiling of up to ₹1 lakh per farmer for 1,800 m³. Additionally, SC/ST and women beneficiaries receive an extra 10% incentive.
Current progress:
As of now, 262 lead applications have been submitted by beneficiaries, covering 710 hectares of farms. These applications have been forwarded to insurance companies through the NFDP portal.
