Introduction:

The term "blue economy" refers simply to economic activities linked to the sea and coasts, commonly assumed to incorporate sustainability principles. As defined by the European Commission, it encompasses all economic endeavors related to oceans, seas, and coasts, spanning various established and emerging sectors. The World Bank interprets the blue economy as the sustainable utilization of ocean resources to foster economic growth, enhance livelihoods, and generate employment while preserving the health of the ocean ecosystem.

Body:

The significance of the blue economy is particularly pronounced for a country like India, characterized by an extensive coastline, diverse marine life, and numerous tourism prospects. Finance Minister Sitharaman emphasized the launch of a comprehensive scheme encompassing restoration, adaptation measures, coastal aquaculture, and mariculture, employing an integrated and multi-sectoral approach. This approach ensures economic activities do not compromise the health of the oceans.

Examining India's blue economy policy, a draft policy framework was initially unveiled in July 2022. The policy document outlined key recommendations covering the National Accounting Framework for Blue Economy, Ocean Governance, Coastal Marine Spatial Planning, Tourism Priority, Marine Fisheries, Aquaculture, Fish Processing, Manufacturing, emerging industries, trade, technology, services, skill development, logistics, infrastructure, shipping, coastal and deep-sea mining, offshore energy, security, strategic dimensions, and international engagement.

Conclusion:

In a recent announcement, the Finance Minister highlighted the establishment of five integrated aquaparks and the expansion of the Pradhan Mantri Matsya Sampada Yojana (PMMSY). The expansion aims to increase aquaculture productivity, double exports to Rs 1 lakh crore, and generate 55 lakh employment opportunities in the near future. These initiatives underscore India's commitment to leveraging its blue economy potential for sustainable economic growth and environmental preservation

Other Related Topics

Coastal aquaculture

Mariculture