Blue Economy 2.0

• 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.