Insuring the Blue Revolution: How PM-MKSSY Is Transforming Risk Management for India's Aquaculture Farmers

The Ministry of Fisheries, Animal Husbandry & Dairying highlights the role of the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) in transforming risk management for India's aquaculture farmers through aquaculture insurance. India has emerged as the second-largest fish-producing nation globally, with aquaculture accounting for over 74% of total production and driving significant rural employment and export earnings. To protect small and marginal farmers from financial distress caused by diseases, natural calamities, and climatic variability, PM-MKSSY provides a one-time incentive of up to 40% of the insurance premium via Direct Benefit Transfer through the National Fisheries Digital Platform. Additional incentives are available for SC, ST, and women beneficiaries. The scheme mandates time-bound claim settlements and seeks to build a durable risk-mitigation framework for the sector.