India’s Take On Boosting Blue Economy
India as a landscape is surrounded by water from three sides, which highly influence its climate, geography and economy on a significant scale. According to the number given by the Indian Brand Equity Foundation (IBEF), India’s blue economy accounts for roughly 4 per cent of the GDP and is estimated to increase once the mechanism is improved. Ocean plays a pivotal role in ensuring power generation, resource extraction, security subjects and trade flow. Hence every aspiring economy invests a significant amount of its capital expenditure in inducing the blue economy.
Logistics which are the fundamental component in every sector, is also mobilised by the waterways too and for centuries. India has a coastline which is more than 7,516.6 km long, with more than 200 ports.
When governments across the whole world are focusing on creating a green planet, Prime Minister of India, Narendra Modi also reiterated that we are moving towards a future where the Blue Economy will be the medium to create a Green Planet.
Interim Budget 2024 For Blue Economy
While representing the interim budget 2024-25, FM said, “It was our Government which set up a separate Department for Fisheries realizing the importance of assisting fishermen. This has resulted in doubling of both inland and aquaculture production.”
She added, “Implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to: enhance aquaculture productivity from existing 3 to 5 tons per hectare, double exports to ` 1 lakh crore and generate 55 lakh employment opportunities in near future.” Sitharam also put forward the government’s plan to establish five integrated aquaparks.
The promotion of the blue economy is anticipated to assist the world in utilising green energy efficiently and create an ecosystem based on green energy.
Commenting on the government's attempt, Rishi Agarwal, Managing Director & Head- Asia, FSG, said, “A scheme for restoration and adaptation measures, along with a focus on coastal aquaculture and mariculture represents a positive stride towards Blue Economy 2.0. A comprehensive assessment of the potential environmental impacts and long-term sustainability of these activities is imperative.”
Like the ocean, opportunities in the sea are vast and infinite, and the constant effort of government will be the only catalyst to utilise these resources efficiently.
