Blue Economy 2.0

Source: Indian Express
GS III: Economy

Overview

1. News in Brief
2. About Blue Economy 
3. How Does Blue Economy Benefit India? 

Why in the News?

The Interim Budget presented by Finance Minister Nirmala Sitharaman on Thursday (February 1) stressed on environment-friendly development through the promotion of blue economy.

News in Brief

• For promoting climate resilient activities for blue economy 2.0, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with an integrated and multi-sectoral approach will be launched.
• Proposed program in interim Budget 
  • A scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched.

About Blue Economy 

Economic activities related to the sea and the coasts 

• According to the European Union 
  • Economic activities related to oceans, seas and coasts. 
  •  It covers a wide range of interlinked established and emerging sectors. 
• World Bank About Blue Economy 
  • Sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem. 
• Blue Economy seeks to promote economic development while also ensuring the long-term sustainability of ocean resources and the health of marine ecosystems. 
• Recognizes the importance of addressing climate change, reducing marine pollution, and enhancing ocean resilience 

Scope of Blue Economy 

• According to the Organisation for Economic Co-operation and Development (OECD), the ocean economy contributed USD 1.5 trillion to the global economy in 2010 and is projected to double by 2030.  
• It encompasses various economic sectors, including fisheries, aquaculture, tourism, marine renewable energy, maritime transportation, and coastal infrastructure development and other related activities. 

What are the challenges to the blue economy? 

• The potential to develop the blue economy is limited by a series of challenges.  
• For much of human history, aquatic ecosystems have been viewed and treated as limitless resources and largely cost-free repositories of waste. 
  1. Unsustainable extraction from marine resources, such as unsustainable fishing 
  2. Physical alterations and destruction of marine and coastal habitats and landscapes 
  3. Marine pollution 
  4. Impacts of climate change 

Sustainable Activities in Blue Economy 

• Harvesting and trade of marine living resources 
• Extraction and use of marine nonliving resources (non-renewable) 
• Use of renewable non-exhaustible natural forces (wind, wave, and tidal energy) 
• Commerce and trade in and around the oceans 
• Indirect contribution to economic activities and environments like carbon sequestration, coastal protection activities so on. 

How Does Blue Economy Benefit India? 

• India, with a long coastline, diversity in terms of fish and other ocean produce, and multiple tourism opportunities, blue economy is highly significant. 
• Announced the setting up of five integrated aquaparks. 
• 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 
  • Generate 55 lakh employment opportunities shortly. 
• With some 7,500 kilometres, India has a unique maritime position. 
• There are nearly 199 ports, including 12 major ports that handle approximately 1,400 million tons of cargo each year. 
• Exclusive Economic Zone of over 2 million square kilometres. 

Blue Economy Draft Policy Framework  

• A draft policy framework on India’s Blue Economy was first released in July 2022. 
• The policy document contained key recommendations on the National Accounting Framework for Blue Economy and Ocean Governance,  
• Also recommendations for 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. 
• A National Blue Economy Advisory Council has been proposed to be set up.  
  • It will have the secretaries of relevant ministries and departments as members 
  • Include chief secretaries/principal secretaries of the coastal states and representatives from industry.

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