The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying has unveiled the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a new Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada Yojana (PMMSY). This initiative, with an estimated outlay of ₹6,000 crore, aims to revolutionize the fisheries sector over four years, from FY 2023-24 to FY 2026-27.
Key Components of PM-MKSSY
The PM-MKSSY comprises four key components:
- Component 1-A: Formalization of the fisheries sector and facilitating access to government programs for working capital financing.
- Component 1-B: Facilitating the adoption of aquaculture insurance.
- Component 2: Supporting microenterprises to improve fisheries sector value chain efficiencies.
- Component 3: Adoption and expansion of fish and fishery product safety and quality assurance systems.
- Component 4: Project management, monitoring, and reporting.
National Fisheries Digital Platform (NFDP)
A significant aspect of PM-MKSSY is the launch of the National Fisheries Digital Platform (NFDP) on September 11, 2024. This platform aims to:
- Formalize the Indian fisheries and aquaculture sector through digital identity creation.
- Provide a “one-stop” solution for institutional credit access.
- Strengthen fisheries cooperatives.
- Incentivize aquaculture insurance.
- Implement performance-based incentives and traceability systems.
- Facilitate training and capacity building.
Aquaculture Insurance Incentives
Component 1-B of PM-MKSSY provides a one-time incentive for farmers purchasing aquaculture insurance. Two types of insurance are available:
- Basic Insurance: Covers yield losses due to non-preventable perils (natural calamities, riots, etc.).
- Comprehensive Insurance: Covers basic insurance perils and additional risks like diseases.
The incentive is:
- 40% of the premium paid, with a ceiling of ₹25,000 per hectare or ₹1 lakh per farmer for 4 hectares of Water Spread Area (WSA).
- 40% of the premium paid, with a ceiling of ₹1 lakh per farmer for 1800 m3 for intensive aquaculture systems (farms, cage culture, RAS, bio-floc, raceways, etc.).
- SC/ST and women beneficiaries receive an additional 10% incentive.
NFDP Aquaculture Module and Progress
The Aquaculture module on the NFDP is now live, allowing beneficiaries to apply for insurance incentives. As of now, 262 lead applications, covering 710 hectares of farms, have been submitted and forwarded to insurance companies.
