Blue Economy: Powering India with an Ocean of Opportunities 

Globalization has led developed countries to harness fossil fuels for the Red Economy but with climate change affecting our planet, it is important to focus on the Green Economy. It helps to have more sustainable growth and development. There has been a rising importance of the Blue Economy among both developed and developing countries. 

The Blue Economy refers to the sustainable and inclusive growth and use of ocean resources that can be harnessed for the production of goods and services. India’s active participation in International and Regional dialogues on Blue economy and marine cooperation provides socio-economic opportunities and optimum utilization of available resources. 

Economy of Seas: A Development Imperative 

Oceans provide a substantial portion of the Global population with two basic needs – food and livelihood. It provides more than 80% of trade benefits from the oceans, and more than 40% of the population lives near the coastal area. It is interrelated and interconnected and in totality is very significant for the global economy. It is crucial to maintain a healthy marine environment.

Oceans are the next big economic frontier, along with seas and coastal areas which provide food security and also help in reviving the global economy. It also helps in generating employment and poverty alleviation which drives toward a balanced economic development. 

 The Blue economy ensures the use of sustainable marine energy which is a natural renewable energy that is available to us. Marine transport plays a major role as it is important for the transportation of goods to various regions and the trade by sea will be doubled by 2030. It helps in promoting jobs in the tourism sector as the Small Island Developing States and Coastal Least Developed countries receive nearly 40 million visitors every year. 

Fisheries can generate more revenue and contribute annually to the global GDP and will eventually help in restoring fish stocks. It promotes better waste management as more than 80% of the litter is from land resources. For the oceans to recover we need better waste management. Blue Economy is also part of the Sustainable Development Goals to conserve and better use of ocean resources. 

Importance of Blue Economy for India

Fisheries, ships, ports, shipbuilding, minerals, and marine ecosystems are important aspects of the Blue Economy. In India, it contributes nearly 90% of our country’s business through transportation because of the long coastline spread across nine coastal states. It also contributes to making it cost-effective and ensuring better connectivity. 

The Blue Economy was listed as one of the core dimensions of growth in India’s vision of New India which has ten dimensions to be achieved by 2030. India’s maritime interests have led to the formation of the draft Blue economy policy which is yet to have a crucial framework that enhances economic growth. 

The draft document focuses on different thematic areas which include harnessing ocean resources, trade and technology, research and development, infrastructure and shipping, human resource development, marine aquaculture, developing oceanography, and fishing and biotechnology. 

India and Norway are also currently looking at the prospects of collaboration. Denmark is also working towards its goal of being climate neutral by 2050.  

India needs to take an integrated approach towards the Blue economy which helps in utilizing ocean resources for economic growth as well as adopting sustainable development projects. Oceans act as an important source of carbon sink which can help in mitigating climate change. Climate change has a huge impact on the oceans – acidification, rising sea levels, and coastal erosion are of main concern. In the upcoming budget, it is important for the government to include the Blue economy and do its part in taking necessary action towards climate change.