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Modernization of crafts and Insurance coverage to fishing implements are included in this scheme. The objective of the component modernisation of craft is to assist replacement of outboard motors of already motorized crafts. The scheme provides subsidy @  30,000/-per unit of outboard motors below 10 HP. It is to provide subsidy for 400 units during 2012-13. The outlay provided is for meeting the State share of the 50% Centrally sponsored scheme on motorisation of country craft.

In the second component insurance coverage for fishing implements such as crafts and engines of traditional sectors are included. In Kerala there are about 25000 traditional fishing crafts, 15000 engines and other 25000 sets of fishing nets. The insurance premium is 1.8% of the unit cost and the amount assured is 75% of the agreed value. The premium is met by Government and the beneficiary in the ratio of 75:25.

The beneficiaries of the project are registered fishermen and the scheme is implemented through Matsyafed.