Blue Economy 2.0 Scheme announced in Union Interim Budget 2024-25

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Blue Economy 2.0 is a blueprint to make further progress on India's existing initiatives to explore the potential of the Indian maritime blue economy.
- It aims to promote climate resilient activities (along with restoration and adaptation measures).
- It will emphasise on coastal aquaculture and mariculture in an integrated and multi-sectoral approach.
  - Aquaculture includes cultivation of aquatic animals and plants in natural or controlled marine or freshwater environments.
  - Mariculture is pertains to marine and estuarine (brackish) waters.
Blue economy is the "sustainable use of ocean resources for economicgrowth, improved livelihoods, and jobs while preserving the health of ocean ecosystem."
- It involves tapping ocean resources for renewable energy, fisheries, ports, shipping, and tourism.
- India’s blue economy is estimated to be around $1 trillion.

Factors limiting the development of Blue Economy:
- Threat to Maritime security e.g. recent Houthi attacks, etc.
- Climate change and Pollution due to human activities like use of plastics etc.
- Other: Lack of Infrastructure, high operating costs of shipping industry, high installation cost of tidal power plants etc.

Other Steps taken:
- Deep Ocean Mission (mine the metals in the Indian oceans)
- Pradhan Mantri Matsya Sampada Yojana
- SAGARMALA project
- Draft Blue Economy Policy