Blue Economy 2.0 Scheme announced in Union Interim Budget 2024-25 | Current Affairs | Vision IAS
News Today Logo

Blue Economy 2.0 Scheme announced in Union Interim Budget 2024-25

Posted 03 Feb 2024

Updated 19 Mar 2024

2 min read

  • Blue Economy 2.0 is a blueprint to make further progress on India's existing initiatives to explore the potential of the Indian maritime blue economy.
    • It aims to promote climate resilient activities (along with restoration and adaptation measures).
    •  It will emphasise on coastal aquaculture and mariculture in an integrated and multi-sectoral approach.
      • Aquaculture includes cultivation of aquatic animals and plants in natural or controlled marine or freshwater environments.
      •  Mariculture is pertains to marine and estuarine (brackish) waters.
  • Blue economy is the "sustainable use of ocean resources for economicgrowth, improved livelihoods, and jobs while preserving the health of ocean ecosystem."
    • It involves tapping ocean resources for renewable energy, fisheries, ports, shipping, and tourism.
    • India’s blue economy is estimated to be around $1 trillion.

 

  • Factors limiting the development of Blue Economy: 
    • Threat to Maritime security e.g. recent Houthi attacks, etc. 
    • Climate change and Pollution due to human activities like use of plastics etc.
    • Other: Lack of Infrastructure, high operating costs of shipping industry, high installation cost of tidal power plants etc.

 

  • Other Steps taken: 
    • Deep Ocean Mission (mine the metals in the Indian oceans)
    • Pradhan Mantri Matsya Sampada Yojana
    • SAGARMALA project
    • Draft Blue Economy Policy 
  • Tags :
  • Blue Economy
  • Sustainable Development
  • Blue Economy 2.0
Watch News Today