BLUE ECONOMY 2.0 (Syllabus: GS Paper 3 – Economy)

Context: The interim budget speech delivered by Union Finance Minister of India provided a boost to Blue Economy 2.0 with the announcement of a new scheme “for restoration and adaptation measures, coastal aquaculture, and mariculture with an integrated and multi-sectoral approach”.

Blue Economy 2.0: Promoting Climate Resilient Activities

• About: The blue economy presents immense opportunities for sustainable growth. 
• Aim: To promote climate resilience in the blue economy, a scheme for restoration and adaptation measures, as well as coastal aquaculture and mariculture, will be launched. 
• This integrated and multi-sectoral approach will contribute to the growth of the sector while ensuring environmental sustainability.
• Aquaculture: Farming of aquatic plants and animals.
• Mariculture: Rearing and harvesting marine creatures in salt water.

Blue Economy

• About: The Blue Economy revolves around the sustainable utilization of ocean resources to foster economic growth, enhance livelihoods, and generate employment opportunities.
• Origin: The idea was first introduced by Gunter Pauli in his 2010 book, "The Blue Economy: 10 years, 100 innovations, 100 million jobs."
• Objectives and Focus: The concept advocates for the implementation of eco-friendly strategies in ocean development, aiming for increased productivity while simultaneously ensuring the preservation of the ocean's overall health.
• India's Maritime Landscape: India boasts a coastline stretching 7,500 km, with 9 out of 29 states having coastal boundaries.

oThe country is home to 1,382 islands.

oIndia's Exclusive Economic Zone extends over 2 million square kilometers.

• Significance of the Blue Economy for India

oSocio-Economic Opportunities: The expansive scope of India's blue economy presents a significant socio-economic opportunity, allowing the responsible utilization of ocean resources for the benefit of society.

oSynergy With SDG: The concept aligns seamlessly with all of the United Nations' Sustainable Development Goals (SDGs), with a particular emphasis on contributing to SDG14, which focuses on 'life below water.'