Department of Fisheries Organized Meeting to Discuss Aquaculture Crop Insurance

On November 1st, 2023, the Department of Fisheries under the Ministry of Fisheries, Animal Husbandry, and Dairying organized a meeting to discuss the implementation of the Aquaculture Crop Insurance program for Shrimp and Fish under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme.

The meeting was chaired by Dr. Abhilaksh Likhi, Secretary of the Department of Fisheries. Other attendees included Joint Secretaries from the Department of Fisheries, the Chief Executive of the National Fisheries Development Board (NFDB), high-ranking representatives from insurance companies, the Department of Finance Services (DFS), the Central Institute of Brackish Water Aquaculture (CIBA), and state/union territory government officials.

This initiative is expected to benefit marginalized farmers the most, who are often vulnerable to financial losses due to unforeseen events such as natural disasters, diseases, and market fluctuations.

Dr. Likhi stressed the importance of identifying gaps and promoting collective commitment from all stakeholders to ensure that Aquaculture crop insurance reaches all eligible fishers. He also emphasized the need to enhance stakeholders' comprehension of insurance concepts and suggested the organization of training sessions on Best Management Practices to formulate a robust strategy for implementing the insurance scheme.

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Neetu Prasad, Joint Secretary (Marine Fisheries), emphasized the establishment of a governing structure aligned with the Pradhan Mantri Fasal Bima Yojana (PMFBY) as a crucial consideration.

Dr. L. Murthy, Chief Executive of NFDB, provided insights into NFDB's pilot-scale insurance scheme for shrimp and freshwater fish in flood-prone areas of Andhra Pradesh and other regions across the country.

Sagar Mehra, Joint Secretary of Inland Fisheries, presented a brief overview of a pilot project on Aquaculture Crop Insurance for both fish and shrimp crops under PMMSY.

He highlighted the adoption of Best Management Practices in aquaculture shrimp farming, emphasizing the growing need for risk management for marginalized farmers due to the continuous expansion of aquaculture production.

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The meeting actively engaged insurance company representatives, DFS officials, state fisheries departments, CIBA, and NFDB. They offered valuable suggestions and feedback to streamline the implementation of the saturation scheme.

The event concluded with an open discussion with various agencies, wherein queries were addressed and practical on-the-ground challenges were discussed. The meeting also explored the development of new insurance products to benefit the aquaculture industry.

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