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