Budget 2024: What is Blue Economy?

The Interim Budget 2024-25 has put considerable importance on 'Blue Economy' which refers to the economic endeavours linked to oceans and seas.

Allocation for 'Blue Revolution' has increased from Rs 2,025 crore in fiscal year 2023-24 to Rs 2,352 crore for current fiscal year.

Finance Minister Nirmala Sitharaman announced that the implementation of Pradhan Mantri Matsaya Sampada Yojana will be stepped up to enhance aquaculture productivity, double exports and generate more employment opportunities.

"For promoting climate resilient activities for Blue Economy 2.0, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched," Sitharaman said in her Interim Budget speech.

She also added that five integrated aquaparks will be set up soon.

Ocean scientists have often cautioned against unregulated aquaculture, warning that a situation like salmon aquaculture of Southeast Asia and Norway could reverberate in India. Fishermen went broke there because prices crashed due to over-production. It remains to be seen if regulatory frameworks in place could prevent such a disaster from occurring in India.

It's also striking that Sitharaman's speech on Blue Economy didn't have any mention of alleviation measures and rights for fisherfolk.

The phrase 'Blue Economy' or 'Ocean Economy' refers to the economic endeavours linked to oceans and seas. According to the World Bank, the Blue Economy is characterised as the "sustainable utilization of ocean resources with the aim of enhancing economies, livelihoods, and the health of ocean ecosystems."

Ahead of the 2024 Lok Sabha elections, Finance Minister Nirmala Sithraman presented India’s 15th Interim Budget today.

It is Sitharaman’s sixth Budget. A detailed Budget will be introduced by the elected government after the 2024 Lok Sabha elections.

The Interim Budget gives the government spending rights till the end of fiscal year which falls on March 31.