Union Budget 2024-25: New initiative to boost Blue Economy 2.0 Announced

Subject: Economy

Sec: National economy

Context:

The interim budget speech by Union Finance Minister Nirmala Sitharaman emphasized support for Blue Economy 2.0 through a new scheme aimed at coastal aquaculture, mariculture, and adaptation measures for climate change.

Details:

Despite the lack of detailed budget allocation or specific activities, this initiative is seen as a positive step for the livelihoods of 14 million people involved in fisheries along India’s 7,500 km coastline.
However, there are concerns about potential maladaptation, as highlighted by the IPCC, which could inadvertently increase vulnerability to climate change.
The speech highlighted the need for effective adaptation measures beyond previous efforts, which have sometimes failed to reduce vulnerability to sea-level rise and extreme weather events, particularly in Odisha.
Recommended measures include indigenous seaweed cultivation, artificial reefs, and beach sand dune stabilization to protect coastlines and support local livelihoods.
Seaweed cultivation, particularly of indigenous species, is promoted for its environmental benefits and potential as a source of proteins for cosmetic production.

Blue economy:

The term Blue Economy refers to an economy based on preservation, and regeneration of the marine environment while sustainably promoting human growth and development. The scope of the blue economy was realized by Gunter Pauli in “The Blue Economy: 10 years, 100 innovations, 100 million jobs”.
- In a blue economy, the focus would be on preserving marine health as much as it would be on human growth.
- It would also include bosting marine trade and opportunities.
- Other areas of a blue economy would be tourism, renewable energy, the development of fisheries, etc.

Significance of Blue Economy:

The oceans cover three-quarters of the earth’s surface. They contain 97% of the earth’s water. Also, they represent 99% of the living area on the planet Earth. This is one of the reasons why the blue economy is significant.
Oceans help derive 3-5% of the world’s GDP. So, a blue economy would promote growth in the maritime sector.
Oceans help in maintaining biodiversity and keeping the planet cool. They even absorb 30% of global carbon dioxide emissions.
Many income generation modes have been ruled out through sustainable use of the oceans, which can greatly boost economic growth.

Source: DTE