Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana

Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana Latest News

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). 

About Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana

• It is a Central Sector Sub-scheme under the Pradhan Mantri Matsya Sampada Yojana launched in 2024.
• It focuses on formalization of the fisheries sector and supporting fisheries micro and small enterprises.
• Funding: With an investment of over Rs. 6,000 crores
• Time Period: It is implemented for 4 years from FY 2023-24 to FY 2026-27 across all the States and UTs.
• Objectives
  • Gradual Formalization of the unorganized fisheries sector
  • Facilitating access to institutional financing fisheries sector micro and small enterprises
  • Providing one-time incentive to beneficiaries for purchasing aquaculture insurance.
  • lncentivizing fisheries and aquaculture microenterprises through performance grants
  • Incentivising adoption and expansion of fish and fishery product safety and quality assurance systems
• Intended Beneficiaries
  • Fishers, Fish (Aquaculture) Farmers, Fish workers, Fish Vendors or such other persons directly engaged in fisheries value chain.
  • Micro and Small enterprises Cooperatives, Federations Self Help Groups (SHGs), Fish Farmers Producer Organizations (FFPOs) etc
  • FFPOs also include Farmers Producer Organizations (FPOs).
  • Any other beneficiaries that may be included by the Department of Fisheries, Gol as targeted beneficiaries

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Implementation Strategy of Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana 

• Component 1-A: Formalization of fisheries sector
  • A National Fisheries Digital Platform (NFDP) is created and all the stakeholders will be mobilized to register on it.
  • It serves multiple functions including disbursement of financial incentives. It also undertakes activities such as training and extension support, improving financial literacy.
• Component 1-B: Facilitating adoption of aquaculture insurance:
  • It facilitates creation of appropriate insurance products and to cover at least 1 lakh hectare of aquaculture farms during the project period to provide the scale of operation.
  • SC, ST and Women beneficiaries are provided an additional incentive @ 10% of the incentive payable for General Categories. 
• 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
  • The Project Management Units (PMUs) were set up to manage, implement, monitor and evaluate project activities.

Source: PIB