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  • Context (IE): The Interim Budget stressed the environment-friendly development of the ‘blue economy’.
  • World Bank defined blue economy as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.

Blue economy 2.0

  • It is a roadmap to further India’s existing initiatives related to the Indian maritime blue economy.
  • The interim budget announced that a scheme for restoration and adaptation measures, as well as coastal aquaculture and mariculture with an integrated and multi-sectoral approach, will be launched.
  • The budget also announced the setting up of five integrated aquaparks.
  • Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to enhance aquaculture productivity, double exports and generate 55 lakh employment opportunities soon.
  • Aquaculture is a broad term that refers to the farming of aquatic plants and animals. Mariculture refers to rearing and harvesting marine creatures in salt water.

Earlier steps for the blue economy

  • 3rd Global Maritime India Summit: Projects worth Rs.23000 crore and 300 MoUs were signed.
  • Deep Ocean Mission: By the Ministry of Earth Sciences to boost India’s maritime infrastructure.
  • Blue Economy Vision 2025: The Federation of Indian Chambers of Commerce and Industry (FICCI) document discusses the impacts of the blue economy.
  • A draft policy framework on India’s Blue Economy was first released in 2022.
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