Why is it in the news?
- The Blue Economy 2.0 Scheme was announced in the Union Interim Budget 2024-25, representing a strategic blueprint to further advance India’s initiatives in exploring the potential of the maritime blue economy.
More about the news
- The primary objective is to promote climate-resilient activities within the blue economy framework, focusing on restoration and adaptation measures to mitigate the impacts of climate change.
- The scheme emphasizes an integrated and multi-sectoral approach, recognizing the interconnectedness of various sectors within the blue economy.
- Aquaculture involves the cultivation of aquatic animals and plants in natural or controlled marine or freshwater environments, while mariculture pertains specifically to marine and estuarine waters.
- The scheme places significant emphasis on coastal aquaculture and mariculture, recognizing their potential to contribute to economic growth and livelihood improvement.
|About Blue Economy
· Blue economy is defined as the sustainable utilization of ocean resources for economic growth, improved livelihoods, and job creation while ensuring the health of ocean ecosystems.
· It encompasses various sectors such as renewable energy, fisheries, ports, shipping, and tourism, with India’s blue economy estimated to be around $1 trillion.
· The scheme acknowledges and addresses several challenges limiting the development of the blue economy, including threats to maritime security, climate change impacts, pollution (e.g., plastic usage), lack of infrastructure, and high operational and installation costs.
· In addition to the Blue Economy 2.0 Scheme, various other initiatives have been undertaken to promote the development of the blue economy in India. These include the Deep Ocean Mission aimed at mining metals in Indian oceans, the Pradhan Mantri Matsya Sampada Yojana focused on fisheries development, the SAGARMALA project aimed at port-led development, and the Draft Blue Economy Policy.
Driving Factors of Blue Economy in India
· Several factors contribute to the potential growth of the blue economy in India, including the country’s vast coastline spanning 7,516.6 km, which includes island territories.
· India’s infrastructure includes 12 major ports and numerous non-major ports, providing essential infrastructure for maritime activities.
· Additionally, India’s exclusive economic zones (EEZ) extend over 2.2 million square km, offering significant opportunities for economic activities such as fisheries, renewable energy, and shipping.