Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) (GS Paper 2, Government Policies)
Introduction
- The Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), approved in February 2024, marks a significant policy initiative by the Government of India to strengthen and formalize the country’s fisheries sector.
- This scheme is a sub-scheme under the broader Pradhan Mantri Matsya Sampada Yojana (PMMSY), aimed at transforming India into a global hub for sustainable fisheries and aquaculture.
- The scheme is designed to address the needs of India’s fish farmers and micro and small enterprises engaged in aquaculture, providing them with financial assistance, insurance support, and access to modern technology.
Key Highlights
- Scheme Duration: PM-MKSSY will be implemented over a period of four years, from FY 2023-24 to FY 2026-27.
- Targeted Beneficiaries: Fish farmers, micro and small enterprises, and unorganized players in the fisheries sector.
- Sector Context: Fisheries in India is a rapidly growing sector, contributing significantly to food security, employment, and exports. India is the third-largest fish producer globally and the fourth-largest exporter of fish products.
Objectives of PM-MKSSY
- Formalizing the Fisheries Sector: One of the core goals of PM-MKSSY is to bring more transparency and structure to the largely informal fisheries sector. This will be achieved by creating digital identities for fish farmers and enterprises under the National Fisheries Digital Platform (NFDP).
- Access to Institutional Finance: The scheme aims to improve the access of fish farmers to institutional finance, helping them get affordable loans, insurance, and other financial products that will support their business expansion and sustainability.
- Promoting Insurance and Risk Management: A key feature of the scheme is its focus on promoting insurance schemes for aquaculture, which will help mitigate risks such as diseases, extreme weather conditions, and market price fluctuations.
- Traceability and Quality Assurance: Through digital platforms, the scheme will help ensure better traceability of fish and fisheries products, enabling consumers to access safe and high-quality products while also meeting international standards for exports.
Linkage with Pradhan Mantri Matsya Sampada Yojana (PMMSY)
- PM-MKSSY is a sub-scheme of the larger Pradhan Mantri Matsya Sampada Yojana (PMMSY), which was launched in 2020 with the aim of ushering in a "Blue Revolution" in India.
- The primary focus of PMMSY is the sustainable and inclusive growth of the fisheries sector while improving the socio-economic conditions of fishermen and aquaculture farmers.
- The scheme is operational across all States and Union Territories from FY 2020-21 to FY 2024-25.
Key Targets of PMMSY
- Fish Production and Productivity:
- Increase fish production to 22 million metric tons by 2024-25, up from 13.75 million metric tons in 2018-19.
- Improve aquaculture productivity to 5 tons per hectare, compared to the national average of 3 tons per hectare.
- Economic Contributions:
- Boost the contribution of fisheries to the Agriculture Gross Value Added (GVA) to 9% by 2024-25.
- Double the value of fisheries exports to Rs. 1,00,000 crore by 2024-25.
- Employment and Income Generation:
- Create 55 lakh direct and indirect jobs along the fisheries value chain.
- Aim to double the incomes of fishers and fish farmers by increasing productivity and ensuring better market access.
- Reduction of Post-Harvest Losses:
- Decrease post-harvest losses from 20-25% to 10%, ensuring better marketability and reduced wastage.
Strategic Benefits of PM-MKSSY
- Digital Transformation: By digitizing the fisheries sector, the scheme will help bring transparency, reduce intermediaries, and improve the flow of information regarding markets, finance, and insurance.
- Financial Inclusion: By facilitating access to institutional credit, fish farmers and small enterprises will be able to invest in modern technology, infrastructure, and practices, thus improving productivity and sustainability.
- Insurance Support: With a focus on promoting insurance, the scheme will protect fish farmers from unforeseen risks, ensuring that they can sustain their livelihoods even during adverse conditions.
- Sustainable Growth: Through the integration of eco-friendly practices and better management systems, PM-MKSSY will contribute to the long-term sustainability of India’s fisheries sector, while also boosting the availability of safe and quality seafood for both domestic consumption and exports.
Conclusion
- The Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) is a timely and significant step toward revitalizing India's fisheries sector.
- It complements the overarching Pradhan Mantri Matsya Sampada Yojana (PMMSY) by ensuring that fish farmers and small enterprises have access to the tools, finance, and technology needed to improve productivity, reduce risks, and increase their incomes.
- By focusing on digital transformation, financial inclusion, and insurance, the government is empowering the fishing community, ensuring that they remain at the heart of the country’s economic growth while contributing to food security and environmental sustainability.
- With such initiatives, India is poised to strengthen its position as a global leader in sustainable fisheries and aquaculture, benefiting millions of fishers and entrepreneurs across the country.
