The Department of Fisheries, Ministry of Fisheries Animal Husbandry and Dairying is implementing a new Central Sector Sub-scheme namely the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) under the ongoing Pradhan Mantri Matsya Sampada Yojana (PMMSY) for a period of four years from FY 2023-24 to FY 2026-27 at an estimated outlay of ₹6000 crore.

The PM-MKSSY under its component 1-B provides for one-time incentive for purchase of aquaculture insurance by the farmers. The one-time incentive for aquaculture insurance is provided at the rate of 40 percent of the premium paid with a ceiling up to ₹25,000 per hectare, limiting ₹1 lakh per farmer for farms upto 4 hectares Water Spread Area (WSA). For the intensive aquaculture system including intensive systems like cage culture, RAS, bio-floc, and raceways etc. incentive for aquaculture insurance is provided at the rate of 40 percent of the premium paid with a ceiling up to ₹1 lakh per farmer for 1800 m3 for intensive aquaculture systems. Further, the SC/ST and women beneficiaries get an additional 10 percent of incentive. As on date, 684 lead applications have been received on the NFDP including 58 from Uttar Pradesh and the same have been forwarded to the insurance companies on the portal. Further, a total of 29 aquaculture farmers have applied for one-time incentive under PM-MKSSY on NFDP and 8 aquaculture farmers have availed the benefit of one-time incentive.