Introduction:

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The concept of the "blue economy" broadly encompasses economic activities linked to oceans and coastlines, often with an implicit emphasis on sustainability.

According to the European Commission, it encompasses "all economic activities related to oceans, seas, and coasts, encompassing a wide array of interconnected established and emerging sectors."

The World Bank defines the blue economy as the "sustainable utilization of ocean resources to foster economic growth, enhance livelihoods, and create employment opportunities while safeguarding the health of ocean ecosystems."

Body:

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For countries like India, endowed with extensive coastlines, abundant marine resources, and diverse tourism potential, the blue economy holds significant importance.

Finance Minister Sitharaman highlighted the launch of a scheme focusing on restoration, adaptation measures, coastal aquaculture, and mariculture, adopting an integrated, multi-sectoral approach.

Restoration and adaptation efforts are vital to ensuring that economic activities do not compromise the health of ocean ecosystems.

Does India have a blue economy policy?

A preliminary draft policy framework for India's Blue Economy was unveiled in July 2022.

As per the Press Information Bureau (PIB), the policy blueprint outlined key recommendations covering aspects such as the National Accounting Framework for the Blue Economy, Ocean Governance, Coastal Marine Spatial Planning, Tourism Prioritization, 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.

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The Finance Minister additionally announced plans to establish five integrated aquaparks and expand the Pradhan Mantri Matsya Sampada Yojana (PMMSY) to increase aquaculture productivity, double exports to Rs 1 lakh crore, and create 55 lakh employment opportunities in the near future, as reported by ANI

Other Points to Consider

Coastal aquaculture

Mariculture