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Budget 2020: What is the Blue Economy, about which Nirmala Sitharaman has made a big announcement

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Budget 2020: Finance Minister Nirmala Sitharaman has announced 'Sagar Mitra Yojana' for fishermen. She said that this scheme is being brought to promote Blue Economy. Sitharaman said that 500 fish production organizations will be formed under the Sagar Mitra scheme. Under this, employment will be given to the youth of the coastal region by linking them with fisheries. She said that the target is to increase fish production to 200 lakh tonnes by the year 2022.

What is a blue economy?


The blue economy is associated with the sustainable use of ocean-related resources. That means taking advantage of it without damaging the ocean ecosystem. It can also be called the economy of the sea. The seas cover one-third of the entire earth. 97 percent of the Earth's water is in the sea. Three to five percent of global GDP is determined by the seas. India is also surrounded on three sides by the sea. 90% of India's total trade is by sea. That's why the blue economy is very important for India. It is next called the 'Sunrise Sector'.

- In 2010, the concept of the blue economy was promoted for the first time in Gunter Pauly's book 'The Blue Economy: 10 years, 100 innovations, 100 million jobs'.

- Under the Blue Economy, the base of the economy is the maritime sector. In this, business models are prepared keeping in mind the protection of the environment and employment is given.


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- Through 'Blue Growth', there is an attempt to solve the problem of lack of resources and disposal of waste.

- Under the Blue Economy, the aim is to keep the sea clean and to produce on a large scale from the sea.

- Fisheries, marine energy, transport from ports, tourism are part of the blue economy and they also generate employment.

NITI Aayog has also advocated the 'Blue Economy' for the country's economy.

Budget 2020:  In the second term of the Modi government, a separate ministry of fisheries, animal husbandry and dairy were formed. Then, out of the total budget, Rs 2,932.25 crore was allocated to the Ministry for schemes to promote animal husbandry and dairy while Rs 804.75 crore was kept for schemes for the fisheries sector.


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