Daily Current Affairs : 2-February-2024
The Interim Budget has brought great attention to promoting what is called ‘Blue Economy 2.0.’ This initiative aims at sustainable improvement related to our oceans, seas, and coasts. By prioritizing this new method, the budget emphasizes the importance of handling our marine assets responsibly for future generations.
What is the Blue Economy?
The blue economy refers to the sustainable use of ocean resources to drive monetary growth, enhance livelihoods, and create jobs. According to the World Bank, it guarantees the health of ocean ecosystems while considering monetary development. Similarly, the European Commission defines it as all economic activities associated with oceans, seas, and coasts. This idea is crucial for balancing environmental health with monetary growth.
Key Proposals in the Interim Budget
The budget outlines numerous important schemes geared toward enhancing the blue economy:
Restoration and Adaptation Measures
This entails efforts to restore coastal ecosystems and adapt to changing environmental conditions. These measures will help guard marine life and coastal communities from the effects of climate change.
Coastal Aquaculture and Mariculture
By promoting sustainable fishing practices, the budget seeks to enhance fish farming and shellfish cultivation along our coastlines. This will not only boost fish production but also ensure that it is carried out in an environmentally friendly manner.
Integrated Aquaparks
The plan includes setting up five integrated aquaparks. These centers will combine diverse aquatic activities, creating a hub for aquaculture, tourism, and research. This multi-sectoral approach will enhance the overall productivity of the blue economy.
Enhancing PMMSY
The Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be reinforced to increase aquaculture productivity, aiming to double exports and generate greater employment opportunities within the sector.
Important Points:
Definition of Blue Economy:
- Sustainable use of ocean resources for economic growth.
- Ensures health of ocean ecosystems while fostering economic development.
Key Proposals in the Interim Budget:
- Restoration and Adaptation Measures:
- Efforts to restore coastal ecosystems.
- Adaptation to climate change impacts on marine life and coastal communities.
- Coastal Aquaculture and Mariculture:
- Promotion of sustainable fishing practices.
- Enhancement of fish farming and shellfish cultivation.
- Integrated Aquaparks:
- Establishment of five integrated aquaparks.
- Combination of aquaculture, tourism, and research activities.
- Enhancement of PMMSY:
- Strengthening the Pradhan Mantri Matsya Sampada Yojana.
- Goals to increase aquaculture productivity, double exports, and generate employment opportunities.
Why In News
The Interim Budget highlights the promotion of ‘Blue Economy 2.0,’ emphasizing sustainable development related to oceans, seas, and coasts, while also recognizing the vital role these ecosystems play in supporting livelihoods and fostering economic resilience.
MCQs about Understanding Blue Economy 2.0 in the Interim Budget
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What does the term ‘Blue Economy 2.0’ refer to in the Interim Budget?
A. Increased fishing quotas
B. Sustainable development related to oceans, seas, and coasts
C. Expansion of shipping industries
D. Increased tourism along coastal areas
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According to the World Bank, what is a key aspect of the blue economy?
A. Maximizing profit from fishing
B. Ensuring the health of ocean ecosystems
C. Expanding naval military operations
D. Increasing coastal real estate development
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Which of the following is NOT mentioned as a key proposal in the Interim Budget?
A. Restoration and adaptation measures
B. Coastal aquaculture and mariculture
C. Establishment of marine research institutes
D. Integrated aquaparks
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What is the goal of enhancing the Pradhan Mantri Matsya Sampada Yojana (PMMSY) as outlined in the budget?
A. To reduce fish exports
B. To increase aquaculture productivity and generate employment
C. To promote illegal fishing practices
D. To eliminate coastal fishing activities
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