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Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana
The government is seeking to make insurance an integral part of aquaculture risk management through the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY). PM-MKSSY is a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada Yojana, launched in 2024, and is implemented across all States and UTs.
PM-MKSSY:
| Dimension | Key Details |
|---|---|
| Focus areas | It focuses on formalization of the fisheries sector, and supporting fisheries micro and small enterprises. |
| Funding | It comprises an investment of over ₹6,000 crores. |
| Time period | It is implemented for 4 years from FY 2023-24 to FY 2026-27. |
| Coverage | It applies across all the States and UTs. |
| Objectives | It provides for gradual formalization of the unorganized fisheries sector; facilitating access to institutional financing for fisheries sector micro and small enterprises; providing one-time incentive to beneficiaries for purchasing aquaculture insurance; incentivizing fisheries and aquaculture microenterprises through performance grants; incentivising adoption and expansion of fish and fishery product safety and quality assurance systems. |
| Intended beneficiaries (individuals) | Beneficiaries comprise fishers, fish (aquaculture) farmers, fish workers, fish vendors, or other persons directly engaged in the fisheries value chain. |
| Intended beneficiaries (institutions) | Beneficiaries comprise micro and small enterprises; cooperatives; federations; Self Help Groups (SHGs); Fish Farmers Producer Organizations (FFPOs); and other beneficiaries included by the Department of Fisheries, GoI, as targeted beneficiaries. |
| FFPO definition in scheme | FFPOs also include Farmers Producer Organizations (FPOs). |
| Components | It comprises 4 components: Component 1 (Formalization of fisheries sector, and facilitating 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). |
| Component 1-A: Platform | A National Fisheries Digital Platform (NFDP) is created, and stakeholders are mobilized to register on it. |
| NFDP functions | NFDP provides for disbursement of financial incentives, and undertakes training and extension support, and improving financial literacy. |
| Component 1-B: Aquaculture insurance coverage | It provides for covering at least 1 lakh hectare of aquaculture farms during the project period. |
| Component 1-B: Insurance product creation | It provides for creation of appropriate insurance products. |
| Additional incentive categories | SC, ST, and Women beneficiaries are provided an additional incentive of 10% of the incentive payable for General Categories. |
| Project management units | Project Management Units (PMUs) have been set up to manage, implement, monitor, and evaluate project activities. |