In a move to shield aquaculture investments, AIC (Agriculture Insurance Company) and APGB (Andhra Pradesh Grameen Bank) have inked a Memorandum of Understanding to provide insurance for shrimp farmers in Andhra Pradesh. Under this agreement, shrimp farmers will receive coverage against losses caused by disease outbreaks, natural disasters, or other aquaculture hazards.
The scheme is designed to bring financial protection to shrimp cultivators, encouraging more farmers to adopt shrimp farming with less fear of loss. With insured backing, they can better manage risks and invest confidently in pond maintenance, feed, and disease control.
This MoU is timely, as the shrimp farming sector faces threats such as disease, weather damage, and variable yields. With insurance in place, farmers can claim compensation when things go wrong—this acts as a safety net. Further, the collaboration between AIC and APGB leverages the banking network and insurance expertise to reach rural aquaculture zones.
Over time, the plan may be expanded to cover more districts and more types of aquaculture risk. The goal is to make shrimp farming more stable, reduce farmer distress, and promote growth in Andhra Pradesh’s marine‐aquaculture sector.
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