1: Understanding the Blue Economy Concept

- The World Bank defines the blue economy as the sustainable use of ocean resources for economic growth, better livelihoods, and job creation, while preserving ocean ecosystems' health.

- It includes sectors like fisheries, aquaculture, maritime transport, seawater renewable energy, coastal tourism, and marine biotechnology.

- Comparing Blue Economy 1.0 and 2.0, Blue Economy 2.0 extends its focus onto coastal restoration, climate-resilient activities, and developing aquaculture within a sustainable ocean management framework.

2: India's Blue Economy – Significance and Challenges

- With a 7,517-kilometre-long coastline, nine coastal states, 1,382 islands, significant navy ports, and an extensive Exclusive Economic Zone (EEZ), India stands as a major player in the blue economy.

- The coastal economy sustains over 4 million fisherfolk, offering immense economic and trade potential in fisheries, ocean energy, sea-bed mining, tourism, and shipping activities.

- Despite its potential, India faces environmental (overexploitation of resources, climate change, pollution), economic (infrastructure deficit, insufficient funding, skill gap), social (livelihood dependence, coastal erosion, equal access), and governance (regulations, institutional coordination) challenges.

3: The Government's Coming Up Actions

- In the recent Interim Budget, the government proposed environment-friendly development via the promotion of blue economy 2.0. This focuses on climate-resilient activities restoration and adaptation measures.

- Plans also stretch to set up five integrated aqua parks and enhance the Pradhan Mantri Matsya Sampada Yojana (PMMSY) to boost aquaculture productivity, double exports and create employment opportunities.

- The government has already launched initiatives such as the Draft policy on India’s Blue Economy, 2022, Integrated Coastal Zone Management (ICZM) Program, Sagarmala Project, Deep Ocean Mission, and collaborated with the Indian Ocean Rim Association (IORA).

4: Embracing the Future with Blue Economy 2.0

- Given India's vast maritime interests, the blue economy possesses immense potential for shaping India's economic growth.

- It may turn into a significant GDP multiplier and well-being, provided sustainability and socio-economic welfare remain at its core.

- Challenges require a united front to overcome, involving governments, businesses, research institutions, and communities in developing and implementing sustainable practices. These collaborative efforts will drive the successful transition from Blue Economy 1.0 to 2.0.