Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) Launched Under PMMSY

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: ₹6,000 crore (₹3,000 crore public finance + ₹3,000 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 ₹25,000 per hectare or ₹1 lakh per farmer (for 4 hectares WSA).
• Intensive Aquaculture Systems (RAS, bio-floc, cage culture, raceways, etc.): 40% incentive with a ceiling of ₹1 lakh per farmer (for 1,800 m³ 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