Blue economy: India’s Trump card to become a $5 Trillion economy
S VISHNU
Blue economy refers to the use of ocean resources to promote economic growth, improved livelihood and jobs, and ocean ecosystem health. Blue economy emphasises on economic growth, social inclusion and the improvement of livelihood along with environmental sustainability of the oceans and coastal areas
The economic philosophy of Blue economy was introduced by Professor Gunter Pauli to showcase the need of future growth and prosperity, along with the threats posed by global warming. The concept of blue economy was based on developing more sustainable models of development including concepts of engineering based on “no waste and no emissions”. After the third Earth Summit Conference in 2012 the concept of blue economy attained greater importance.
The document outlines the strategy of the Indian Government to utilise the abundant oceanic resources available in the country. Aim of the policy is to:
– Improve the contribution of the Blue economy to the GDP of India.
– Uplift the lives of coastal communities
– Conserve Marine Biodiversity
– Maintain natural security of Marine areas
The Draft showcases Blue Economy as one of the 10 core dimensions for India’s Development. The Draft Framework showcases policies across different sectors for the overall growth of the Indian economy. It is in line with the India Government’s Vision of New India by 2030. The 6th Dimension of Vision 2030 deals with scaling up Sagarmala, India’s coastline and oceanic water’s willpower development.
Significance of Blue Economy
–Economic Growth: The Indian Ocean region has a significant place in India’s growth as most of the country’s oil and gas is imported through sea.
–Ocean Wealth: Mining in the seabed in the Indian Ocean basin can improve the availability of Nickel, Cobalt, Copper and Magnesium.
–Trade potential: The trade potential in the Indian Ocean region is huge for the country. Countries associated with the Indian Ocean Rim Association(IORA) exhibited tremendous dynamism in the last few years as the trade in the region increased by one 4 time.
– Fisheries and Aquaculture: National Fisheries Policy of India promotes the ‘Blue Growth Initiative’ which focuses on the sustainable use of fisheries wealth from aquatic sources.
–Sustainable Development: Blue Economy is based not the concept of using locally available resources along with renewable inputs which address the problem of scarcity of resources and enables sustainable resources
Hurdles in the path to Blue Economy
–Overfishing and unsustainable fishing practices
-Marine Pollution and Habitat loss
–Security issues such as piracy, maritime terrorism etc.
–Plastic Pollution
-Gender Inequality as women represent about 1% of the maritime Industry
What is the way forward?
–Encouraging industries that deal with aquaculture, Marine biotechnology, ocean energy and seabed mining that has jobs creating potential and overall economic growth.
-Countries in the Indian Ocean region need to coordinate and manage the growing security challenges in the region but also realise the economic importance the IndianOcean area presents.
–Granting incentives to fishermen to adopt practices which are sustainable and will help the protected maritime areas to recover their habitat and hence the overall productivity of the seas.
Read more: Pacific Garbage patch
Check your knowledge
Yes, it is sustainable and doesn’t damage other sectors.
The Ocean economy strictly deals with the use of ocean resources and empowering the economic system of the ocean,
The blue economy doesn’t view the ocean solely as a tool for economic growth, it also focuses on the sustainability of the ocean
Fishes, Coastal tourism, Port activities, marine transport, ship building, trade are the main sectors of blue economy