Prelims: Current events of national and international importance | Government Policies & Interventions
Why in News?
The Government is promoting aquaculture insurance under PM-MKSSY, providing up to a 40% premium incentive per crop cycle.
Aquaculture Insurance
- Implemented under – Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY)
PM-MKSSY is a central sector sub-scheme under the Pradhan Mantri Matsya Sampada Yojana
Aim – To formalize the fisheries sector and supporting micro and small enterprises across India.
- Included under – Component 1-B.
- Implemented through – National Fisheries Digital Platform (NFDP).
- Incentives are transferred via Direct Benefit Transfer (DBT).
- Types of Risks Covered
- Outbreaks of infectious diseases
- Summer Kill – Mortality events due to elevated summer temperatures
- Environmental pollution incidents
- Flood and cyclone events
- Seismic events (earthquakes)
- Other natural or non-preventable risks
- Claim Settlement Procedure – The insured party is required to promptly notify the insurer following an insured event and to submit all necessary supporting documentation.
- A designated loss assessor will conduct an evaluation of the reported damage.
- Settlement Periods
- For shrimp, claims will be settled within 30 days.
- For other aquaculture species, claims will be settled within 45 days.
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Aquaculture Sector
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- India is the world’s second-largest fish producer, accounting for approximately 8% of global production.
- Aquaculture contributes approximately 74% of India’s total fish production.
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Reference
DD India | Aquaculture Insurance
