PMMSY, FIDF and PM-MKSSY target aquaculture growth, infrastructure, insurance and livelihoods across India

Key Highlights

• Fisheries contributed 7.43% to India’s Agricultural GVA and 1.09% to overall GVA in 2023-24.
• The Centre is implementing PMMSY, FIDF and PM-MKSSY for fisheries and aquaculture development.
• Kisan Credit Card (KCC) facilities have been available to fishers and fish farmers since 2018-19.
• PM-MKSSY provides a 40% one-time incentive on aquaculture insurance premiums.
• SC/ST and women beneficiaries receive an additional 10% incentive.

India’s fisheries sector is emerging as an increasingly important contributor to agricultural growth, food security, employment and exports, with the government expanding financial, infrastructure and insurance support for fishers and fish farmers.

According to the Ministry of Fisheries, Animal Husbandry and Dairying, fisheries contributed approximately 7.43% of Agricultural Gross Value Added (GVA) and 1.09% of India’s total GVA during 2023-24.

The government outlined its fisheries strategy in a response presented by Fisheries, Animal Husbandry and Dairying Minister Rajiv Ranjan Singh alias Lalan Singh in the Rajya Sabha.

PMMSY, FIDF and PM-MKSSY Form Core Support Framework

The Department of Fisheries is implementing three major programmes for the sector:

• Pradhan Mantri Matsya Sampada Yojana (PMMSY)
• Fisheries and Aquaculture Infrastructure Development Fund (FIDF)
• Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)

Together, the programmes focus on increasing fisheries and aquaculture production, developing infrastructure, improving value chains, supporting fisher livelihoods and encouraging private investment.

The government has also extended the Kisan Credit Card facility to fishers and fish farmers since 2018-19, helping meet working-capital requirements.

Aquaculture Insurance Gets 40% Government Incentive

A key component of PM-MKSSY is reducing the financial risk associated with aquaculture through insurance.

Farmers can receive a one-time incentive equivalent to 40% of the insurance premium, subject to a ceiling of:

• ₹25,000 per hectare, or
• ₹1 lakh per farmer for up to four hectares of water spread area.

For intensive aquaculture systems—including cage culture, RAS, biofloc and raceways—the incentive is also 40% of the premium, subject to a maximum of ₹1 lakh per farmer for 1,800 cubic metres.

Importantly, SC/ST and women beneficiaries receive an additional 10% incentive over the general-category support.

Focus Shifts Towards Sustainable and Technology-Driven Aquaculture

The insurance support is part of a wider effort to make aquaculture more resilient and financially sustainable.

PM-MKSSY also supports formalisation of fisheries businesses, access to institutional finance, strengthening of fisheries cooperatives, value-chain efficiency and modernisation of micro and small enterprises.

The approach is increasingly relevant as Indian aquaculture expands beyond conventional pond farming into technology-intensive systems such as biofloc, RAS and cage culture.

Hospitality and Tourism Impact

The government’s broader fisheries development programme could have a direct impact on the hospitality and food-service industry.

Higher and more stable fish production can strengthen domestic seafood supply for hotels, restaurants, resorts and catering businesses, while better insurance and infrastructure can encourage investment in aquaculture.

For tourism destinations, particularly coastal and inland waterfront regions, stronger fisheries ecosystems can also support local seafood experiences, culinary tourism and community-based tourism.

Bottom Line

With fisheries contributing 7.43% of Agricultural GVA, government policy is increasingly treating the sector as a major economic and livelihood engine rather than simply a food-production activity. The combination of PMMSY, FIDF, PM-MKSSY, KCC access and aquaculture insurance incentives is aimed at creating a more resilient, formalised and commercially competitive fisheries ecosystem.