Blue Economy – PM Matsya Sampada Yojana (PMMSY)
The Prime Minister said in a recent address that the blue economy is going to be an important source of self-reliant India.
- The blue economy refers to preserving the health of the ocean ecosystem by making sustainable use of ocean resources for economic growth, better livelihood and employment.
- The blue economy accounts for 4.1% of India’s total economy.
- Fishing, deep sea mining and offshore oil and gas are major components of India’s blue economy.
Measures were taken by India to realize the potential of blue economy
- The Sagarmala project has been initiated by the Ministry of Ports, Shipping and Waterways.
- The project is a strategic initiative to ensure port-based development through the widespread use of information technology enabled services for the modernization of ports.
PM Matsya Sampada Yojana (PMMSY)
- It aims to increase fisheries production by an additional 70 lakh tonnes and to increase fisheries export income to Rs 1 lakh crore by the year 2024-25.
- Under the Sagarmala initiative, Coastal Economic Zones (CEZs) are being developed covering all the coastal states.
- The CEZs are endemic economic zones. These include coastal districts or a group of other districts intimately connected to the ports in that region.
- Polymetallic nodules: India has received approval from the International Seabed Authority for deep sea mining in the central Indian Ocean.
Source – PIB