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Economy, Polity & Governance
Mahesh

02/02/24 08:46 AM IST

Blue economy 2.0

In News
  • The Interim Budget presented by Finance Minister Nirmala Sitharaman stressed on environment-friendly development through the promotion of ‘blue economy’.
Blue Economy
  • While the term blue economy can simply refer to economic activities related to the sea and the coasts, it is generally understood to have an element of sustainability in it.
  • Thus, while the European Commission defines it as “all economic activities related to oceans, seas and coasts.
  • It covers a wide range of interlinked established and emerging sectors”; the World Bank says blue economy is the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.”
Scheme for restoration and adaptation measures
  • A scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched.
  • Restoration and adaptation will ensure the health of the oceans is not harmed while carrying out economic activities.
  • While 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.
  • The Finance minister also announced the setting up of five integrated aquaparks, and said the Pradhan Mantri Matsya Sampada Yojana (PMMSY) would be stepped up to “enhance aquaculture productivity from the existing three to five tonnes per hectare; double exports to Rs 1 lakh crore; and generate 55 lakh employment opportunities in the near future.”
Blue Economy Policy
  • The policy document contained “key recommendations on National Accounting Framework for Blue Economy and Ocean Governance, Coastal Marine Spatial Planning and Tourism Priority, Marine Fisheries, Aquaculture and Fish Processing.
  • Manufacturing, Emerging Industries, Trade, Technology, Services and Skill Development, Logistics, Infrastructure and Shipping, Coastal and Deep-Sea Mining and Offshore Energy and Security, Strategic Dimensions and International Engagement.
Source- Indian Express

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