Key Highlights
- New Central Sector Sub-scheme under Pradhan Mantri Matsya Sampada Yojana (PMMSY).
- Implemented for four years (FY 2023-24 to FY 2026-27).
- Total outlay: â‚ą6,000 crore (â‚ą3,000 crore public finance + â‚ą3,000 crore private investment).
Major Components of PM-MKSSY
- Component 1-A: Formalization of fisheries sector & access to Government programs.
- Component 1-B: Promotion of aquaculture insurance.
- Component 2: Support for fisheries microenterprises to enhance value chain efficiency.
- Component 3: Expansion of fish and fishery product safety & quality assurance systems.
- Component 4: Project management, monitoring, and reporting.
Launch of National Fisheries Digital Platform (NFDP)
- Launched on 11th September 2024 under PM-MKSSY.
- Aims to formalize the Indian fisheries sector by creating a digital identity and database.
- Key Features:
- One-stop solution for institutional credit access.
- Strengthening of fisheries cooperatives.
- Incentives for aquaculture insurance.
- Performance-based incentives for farmers.
- Fisheries traceability systems.
- Training and capacity building.
Aquaculture Insurance Under PM-MKSSY (Component 1-B)
Types of Insurance
- Basic Insurance
- Covers yield losses due to natural calamities, pollution, riots, malicious acts, farm structural damage, etc.
- Comprehensive Insurance
- Covers all Basic Insurance perils + losses due to diseases.
Incentive Structure
- 40% of premium paid with a ceiling of â‚ą25,000 per hectare or â‚ą1 lakh per farmer (for 4 hectares WSA).
- Intensive Aquaculture Systems (RAS, bio-floc, cage culture, raceways, etc.): 40% incentive with a ceiling of â‚ą1 lakh per farmer (for 1,800 mÂł system).
- Additional 10% incentive for SC/ST and women beneficiaries.
Current Status of NFDP Implementation
- Aquaculture module is live on the NFDP portal.
- 262 lead applications submitted, covering 710 hectares of farms.
- Applications forwarded to insurance companies via the portal.
Official Announcement
- Union Minister of State, Shri George Kurian, provided this information in Rajya Sabha on 12th March 2025.
PM-MKSSY aims to boost the fisheries sector through digitalization, insurance incentives, and value chain improvements. The NFDP portal will play a crucial role in formalizing the sector and improving financial accessibility. The success of aquaculture insurance implementation will determine the effectiveness of risk mitigation for fish farmers.
Source: PIB
