Introduction

• The Interim Budget presented by Finance Minister underscores the importance of promoting an environment-friendly ‘blue economy’ for sustainable development.

Understanding Blue Economy

• Definition: The blue economy encompasses economic activities related to oceans, seas, and coastal regions, with a strong emphasis on sustainability.
• Global Perspective: The European Commission defines it as a wide range of established and emerging sectors linked to ocean resources, while the World Bank emphasizes the sustainable use of ocean resources for economic growth and livelihoods.

Significance for India

• India’s Coastal Abundance: With its extensive coastline, diverse marine resources, and tourism potential, India stands to benefit significantly from the blue economy.
• Balancing Growth: The blue economy seeks to achieve economic growth while preserving the health of ocean ecosystems.

Budget Proposals

• Restoration and Adaptation: A scheme focusing on climate-resilient activities, restoration, adaptation measures, and integrated coastal aquaculture and mariculture will be launched.
• Integrated Aquaparks: The budget outlines plans for setting up five integrated aquaparks to boost aquaculture productivity.
• Pradhan Mantri Matsya Sampada Yojana (PMMSY): PMMSY will be intensified to double exports to Rs 1 lakh crore and generate 55 lakh employment opportunities.

India’s Blue Economy Policy

• Blue Economy 2.0: The budget introduces the concept of Blue Economy 2.0, building upon a draft policy framework released in July 2022.
• Policy Framework: The framework encompasses various aspects such as marine resources, coastal planning, tourism, fisheries, aquaculture, trade, technology, infrastructure, and international engagement.

Global Engagement

• G20 Summit: India, as the host of the G20 summit, prioritized blue economy discussions, emphasizing its significance on the global stage.
• Responsibility and Collaboration: India recognizes the importance of responsible artificial intelligence and sustainable ocean governance in the context of the blue economy.

Conclusion

• India’s commitment to promoting the blue economy aligns with global efforts for sustainable development.
• The Interim Budget’s proposals aim to harness the potential of India’s coastal resources while preserving the marine ecosystem, fostering economic growth, and creating employment opportunities.
• This strategic shift underscores India’s dedication to responsible and inclusive development.

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