Government Launches PM-MKSSY to Support Fish Farmers and Boost Fisheries Sector

The Indian government has launched a new initiative aimed at supporting the country’s fish farmers through the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY). This ambitious sub-scheme, operating under the broader Pradhan Mantri Matsya Sampada Yojana (PMMSY), is set to run for four years, from 2023-24 to 2026-27, with an estimated budget of ₹6,000 crore. So far, ₹11.84 crore has already been sanctioned under the scheme, signaling the government’s commitment to strengthening the fisheries sector.

One of the key features of the scheme is providing financial support to aquaculture farmers for purchasing insurance. Farmers with aquaculture farms up to 4 hectares in size are eligible for a one-time incentive, covering 40% of the insurance premium cost, up to a maximum of ₹25,000 per hectare. The highest amount a single farmer can receive under this component is ₹1,00,000. This initiative aims to protect farmers from financial setbacks due to unpredictable losses, ensuring their livelihoods remain stable. For those engaged in intensive aquaculture practices like cage culture, Re-circulatory Aquaculture System (RAS), bio-floc technology, and raceways, the same 40% incentive applies, with a maximum payable incentive of ₹1 lakh for a unit size of up to 1800 cubic meters. Furthermore, Scheduled Caste (SC), Scheduled Tribe (ST), and women beneficiaries are eligible for an additional 10% incentive, making the program more inclusive and equitable.

Another significant component of the PM-MKSSY focuses on promoting safety and quality assurance in fish and fishery products by providing financial incentives to micro and small enterprises. Through a performance-based grant system, microenterprises can receive up to 25% of their total investment or ₹35 lakh (whichever is lower) for general category applicants, while SC, ST, and women entrepreneurs are eligible for 35% or ₹45 lakh. Small enterprises can avail up to ₹75 lakh (for general category) and ₹100 lakh (for SC, ST, and women-owned enterprises). Additionally, village-level organizations, self-help groups, cooperatives, and fish farmer producer organizations (FFPOs) can receive up to ₹2 crore under this component.

By addressing key financial and operational challenges in the fisheries sector, the PM-MKSSY aims to create a more resilient and prosperous community of fish farmers. The scheme not only ensures economic security through insurance incentives but also promotes better infrastructure and higher-quality production standards in the industry. As the initiative rolls out, its success will depend on effective implementation and outreach to ensure that those who need it the most can access its benefits. The government’s efforts reflect an understanding of the vital role fisheries play in India’s economy and food security, and this scheme stands as a testament to their commitment to empowering the sector.