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Blue Economy – PM Matsya Sampada Yojana (PMMSY)

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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.

Blue economy

  • 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.

नीली अर्थव्यवस्था 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

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