Aquaculture Insurance Incentives under PM-MKSSY

Context:

The Department of Fisheries has operationalisedincentives for aquaculture insurance under the Pradhan Mantri MatsyaKisanSamridhiSah-Yojana (PM-MKSSY) through the National Fisheries Digital Platform (NFDP).

Scheme Overview:

PM-MKSSY is a Central Sector Sub-scheme under Pradhan Mantri MatsyaSampada Yojana (PMMSY).
Duration:2023-24 to 2026-27; Outlay: ?6000 crore.
Focus:Formalisation and digitalisation of India’s fisheries and aquaculture sector.

National Fisheries Digital Platform (NFDP):

Launched on 11 September 2024.
Provides digital identities for fishers and farmers.
Serves as a one-stop solution for credit, traceability, training, insurance, and cooperative strengthening.

Aquaculture Insurance Incentives (Component 1-B):

Farmers get 40% incentive on insurance premium with ceilings:
- ?25,000/ha (up to 4 ha WSA) – Max ?1 lakh/farmer.
- ?1 lakh/farmer for intensive systems (RAS, bio-floc, raceways, cage culture).
SC/ST and women beneficiaries get an additional 10% incentive.
Current Status: 684 applications received, 29 farmers applied for incentives, 8 availed benefits.
85 awareness camps conducted across states.