For India Blue economy could be the next force multiplier of GDP and well-being, provided sustainability and socio-economic welfare are centered.
What is Blue Economy?
Blue economy refers to the ocean resources available in the country that can be harnessed to aid the production of goods and services.
It enables economic growth, environmental sustainability, and national security.
How significant is Blue Economy for India?
India’s blue economy is a subset of the national economy.
It comprises of
ocean resources.
human-made economic infrastructure in marine, maritime, and onshore coastal zones.
India has
7,500 km of coast line (9/29 states as coastal).
1,382 islands.
Exclusive Economic Zone of over 2 million square kilometers.
199 ports, including 12 major ports that handle approximately 1,400 million tons of cargo each year.
It provides a vast socio-economic opportunity for India to utilise ocean resources for societal benefit responsibly.
EEZ of India has a bounty of living and non-living resources with significant recoverable resources such as crude oil and natural gas.
Also, the coastal economy sustains over 4 million fisher folk and coastal communities.
What are the important elements of a draft Blue Economy Policy?
According to the draft policy, the blue economy is one of the ten core dimensions for national growth.
It dwells on policies across several key sectors to achieve the holistic development of India’s economy.
The draft document focuses on seven thematic areas such as
national accounting framework for the blue economy and ocean governance..
coastal marine spatial planning and tourism.
marine fisheries, aquaculture and fish processing.
manufacturing, emerging industries, trade, technology, services, and skill development.
logistics, infrastructure and shipping including transshipment.
coastal and deep-sea mining and offshore energy.
security, strategic dimensions, and international engagement.
Has India fully leveraged this part of its overall economy?
India has tapped its vast coastline to build ports and other shipping assets to facilitate trade.
However the entire spectrum of its ocean resources is yet to be fully harnessed.
Several countries have undertaken initiatives to utilise their blue economy.
For instance, Australia, Brazil, the United Kingdom, the United States, Russia, and Norway have developed dedicated national ocean policies with measurable outcomes and budgetary provisions.
Canada and Australia have enacted legislation and established institutions at federal and state levels to ensure progress and monitoring of their blue economy targets.
With a draft blue economy policy framework of its own, India is now all set to harness the vast potential of its ocean resources.
What is the recent agreement with France?
Recently India and France has signed a roadmap on blue economy and pledge to increase bilateral exchange and preservation of marine resources through economic, infrastructure and scientific cooperation.
This will facilitate contacts between economic actors, business heads organisations, technopoles and maritime clusters of the two countries.
Cross investments as well as visa issuance to entrepreneurs active in the blue economy will be encouraged.
What are some of the domestic measures taken so far?
