- The Interim Budget presented by the Finance Minister emphasises the significance of creating an environmentally friendly ‘blue economy’ for sustainable development.
- The blue economy refers to economic activity associated to oceans, seas, and coastal regions, focusing on sustainability.
- Global Perspective: According to the European Commission, it encompasses a wide range of established and growing industries related to ocean resources, whereas the World Bank focuses on the sustainable use of ocean resources for economic growth and livelihoods.
Significance in India
- India’s Coastal Abundance: With its wide coastline, diversified marine resources, and tourism potential, India promises to benefit greatly from the blue economy.
- Balancing Growth: The blue economy aims to promote economic growth while also protecting the health of ocean ecosystems.
Budget proposals
- Restoration and adaptation: A programme concentrating on climate-resilient activities, restoration, adaptation measures, and integrated coastal aquaculture and mariculture will be implemented.
- Integrated Aquaparks: The budget includes intentions to establish five integrated aquaparks to increase aquaculture productivity.
- The Pradhan Mantri Matsya Sampada Yojana (PMMSY) would be expanded to treble exports to Rs 1 lakh crore and create 55 lakh job opportunities.
India’s Blue Economy Policy
- Blue Economy 2.0: The budget introduces the notion of Blue Economy 2.0, which expands on a draft policy framework presented in July 2022.
- Policy Framework: The framework addresses a variety of topics, including marine resources, coastal planning, tourism, fisheries, aquaculture, trade, technology, infrastructure, and international participation.
Global Engagement
- G20 meeting: As the host of the G20 meeting, India prioritised blue economy debates, emphasising its importance on a global scale.
- Responsibility and Collaboration: India understands the significance of responsible artificial intelligence and sustainable ocean governance in the context of the blue economy.
@the end
- India’s commitment to developing the blue economy is consistent with worldwide initiatives towards sustainable development.
- The Interim Budget’s recommendations seek to maximise the potential of India’s coastal resources while protecting the marine ecosystem, promoting economic growth, and creating jobs.
- This strategic move demonstrates India’s commitment to prudent, inclusive development.
Source: https://www.businesstoday.in/union-budget/story/budget-2024-what-is-blue-economy-20-finance-minister-nirmala-sitharaman-announces-climate-friendly-approach-415764-2024-02-01#:~:text=Finance%20Minister%20Nirmala%20Sitharaman%20unveiled,sustainable%20development%20in%20coastal%20areas.