 "maritime security")
Budget 2024: Finance Minister Nirmala Sitharaman, on Thursday, proposed the launch of 'Blue Economy 2.0' in her interim budget presentation to the Parliament. The move is a bid to boost the country's aquaculture, also known as aquafarming, which refers to the cultivation of aquatic organisms in controlled aquatic environments for commercial purposes.
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. Follow the full coverage of Budget 2024 here.
The Narendra Modi government has time and again reiterated its confidence in India's maritime economic growth, deeming it a key sector, which can alleviate India's global position as an economic powerhouse.
3rd Global Maritime India Summit
Notably, during the third edition Global Maritime India Summit held in October 2023, PM Modi laid the foundation stone for projects worth over Rs 23,000 crore for the Indian maritime blue economy. He also dedicated over 300 Memorandums of Understanding (MoUs) worth over Rs 7 trillion for partnerships in the maritime sector.
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The projects are aligned with the Centre's aim to build a "Viksit Bharat (developed nation)" by the year 2047, the 100th anniversary of the country's independence.
Deep Ocean Mission
These developments are in line with India's Deep Ocean Mission, launched in October 2021 by the Ministry of Earth Sciences, to boost India's maritime infrastructure.
Notably, the ministry had rolled out the Draft Blue Economy policy for India in February 2021 to seek suggestions on the framework from various stakeholders.
India's maritime sector
India is among the nations to host a huge maritime ecosystem with a coastline of nearly 7.5 thousand kilometres. Indian geography has 1,382 islands and as many as nine states in India are coastal. There are 12 major ports in India, handling 1,400 million tons of cargo each year, according to government data. In total, India boasts 199 ports.
India's Exclusive Economic Zone ranges over 2 million square kilometres with key resources, including crude oil and natural gas.
A boost to the Indian blue economy is also anticipated to further the development of over 4 million fisherfolk and coastal communities, which rely on these resources.
Blue Economy Vision 2025
India also has a 'Blue Economy Vision 2025', published by the Federation of Indian Chambers of Commerce and Industry (FICCI). It suggests that the Blue Economy's impacts are not limited to the ocean but also include other areas such as poverty, climate change, employment opportunities, food security, and maritime cooperation.
