NITI Aayog’s Bold Plan: Extending PM-Kisan and Insurance to Seaweed Farmers!

The Niti Aayog has proposed expanding the scope of the PM-Kisan and PM Fasal Bima Yojana (PMFBY) to cover seaweed farmers besides bringing the sector under priority sector lending.

Laying out a comprehensive roadmap to promote seaweed cultivation in India, the Aayog, said the government needs to firm up an insurance scheme for its farming that may cover crop insurance, life-insurance of the farmer, and insurance for capital infrastructure related to seaweed cultivation and processing.

"To mitigate the risks posed by weather events such as excess rains, cyclones, high tides, etc., risk cover is essential for seaweed farming," the Aayog said in a report submitted to the Ministry of Fisheries, Animal Husbandry and Dairying.

Besides, it has proposed an amendment to the business rules to include seaweed cultivation and its value chain under the Ministry of Fisheries, setting up of a national steering committee for untapping the potential and a national-level technical panel to look into import of seaweed seeds and planting material to boost commercial production.

Numerous types of marine plants and macroalgae that thrive in rivers, lakes and other bodies of water are together referred to as "seaweed". In India, seaweed grows abundantly along the coasts of Tamil Nadu, Gujarat, Andaman & Nicobar Islands and Lakshadweep. Commercial-scale farming is carried out only in Tamil Nadu and Gujarat.

Seaweeds are prized commercially for their bioactive metabolites, manure, and fodder.

Besides, their cell wall polysaccharides are used in the food, pharmaceutical, cosmetic and mining industries for a wide range of purposes. Some species are also gaining significance as nutritious foods for human consumption.

Apart from the economic imperative, seaweeds help reduce carbon footprints. Mariculture seaweed's estimated carbon sequestration rates amount to 57.64 metric tonnes of CO2 per hectare per year, while pond-cultured seaweeds sequester 12.38 metric tonnes of CO2 per hectare.

India currently harvests 33,345 tonnes of wet weight seaweeds per year with annual revenue of about ₹200 crore. This is less than 1% of the global production that stands in excess of 35 million tonnes with 97% of it being cultivated.

The government aims to increase the allied sector's share of gross value added in agriculture to 9% in 2024-25 from 7.28% in 2018-19.

News Source: https://economictimes.indiatimes.com/news/economy/agriculture/