Boosting India’s Aquaculture Industry: Introducing Blue Economy 2.0

Finance Minister Nirmala Sitharaman proposed the launch of ‘Blue Economy 2.0’ in the interim budget presentation to boost India’s aquaculture industry. This initiative aims to further explore the potential of the Indian maritime blue economy and is aligned with the government’s vision for India to become a developed nation by 2047. The Narendra Modi government has emphasized the importance of India’s maritime economic growth, with initiatives such as the Global Maritime India Summit and the Deep Ocean Mission, which aim to boost India’s maritime infrastructure.

India’s maritime sector is significant, with a coastline of nearly 7.5 thousand kilometres, 1,382 islands, and 12 major ports handling 1,400 million tons of cargo each year. The country’s Exclusive Economic Zone covers over 2 million square kilometres and holds key resources such as crude oil and natural gas. The development of the blue economy is expected to benefit over 4 million fisherfolk and coastal communities, as well as contribute to areas such as poverty reduction, climate change, employment opportunities, and food security, as outlined in the ‘Blue Economy Vision 2025’ published by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Overall, the government’s focus on the blue economy is part of its broader efforts to boost India’s maritime infrastructure and position the country as a global economic powerhouse. The proposed ‘Blue Economy 2.0’ and other initiatives demonstrate India’s commitment to leveraging its maritime resources for sustainable economic growth and development.

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