The Finance Minister, Nirmala Sitharaman had mentioned the ‘Blue Economy’ for the first time while presenting the Budget for the year 2019. She stated the it would help boost the country's economy. Let’s understand the Blue Economy.
The "blue economy" for India means many such economic opportunities related to the ocean and marine ecosystems, which play an important role in sustainable livelihood.
What is the Blue Economy?The maritime industry, which is the foundation of the "Blue Economy," develops dynamic economic models with environmental preservation in mind.
The Blue Economy has a lot of potential to boost the economy and create jobs. The Blue Economy, Trade Terms, and Expansion will be prepared to keep the sea safe.
India's maritime location is unique, with a coastline of 7,517 km and an Exclusive Economic Zone (EEZ) of two million square kilometers.
Indian ocean resources are abundant. Consequently, this is a good time to increase economic growth and address issues like poverty, food security, and unemployment.
Similar to the Green Economy, the Blue Economy model aims to improve human well-being and social equality, while reducing environmental risks and ecosystem imbalances.
The Blue Economy consists of three points:Economy, Battling the Global Water Crisis, Innovative Economic Development, Development of Marine Economies.
Because about 90 percent of India's total trade is through the sea route, in such a situation, the Blue Economy can prove to be very beneficial for India, not only in strategic terms but in economic terms as well.