Harnessing Blue Economy: Need for a Pathway
The blue economy is a concept that refers to the various ocean resources that can be utilized by coastal nations to enhance their economic growth and environmental sustainability. It is a huge opportunity for coastal nations such as India to benefit from the ocean resources.
And the blue economy of India is a subset of the country's overall national economy that includes the various ocean resources system, human-made infrastructure, and marine zones within its legal jurisdiction. With a maritime position of over 7,500 kilometers, it has a unique geographical diversity. Nine of India's 29 states are coastal, and it has 1,382 islands. There are over 200 ports in India, and 12 major ports handle over 1,400 million tons of cargo annually. The country's Exclusive Economic Zone has a huge pool of non-living resources such as natural gas and crude oil.
[The blue economy is considered as an integral part of India's economic growth, as it can provide the country with a significant boost to its well-being and sustainability. The country's draft blue economy policy aims to establish a framework that will enable the government to implement the policies and programs related to the ocean resources.]
Why has the Government come out with a draft Blue Economy Policy?
The draft policy aims to establish a framework that will enable the government to implement the policies and programs related to the ocean resources. It also aims to create a conducive environment for the growth of the blue economy. The policy also focuses on seven thematic areas: ocean governance, coastal marine spatial planning, tourism, manufacturing, technology, services, and skilled development. These areas are expected to contribute to the country's economic growth. Other areas such as security and international engagement are also expected to be addressed in the policy.
Despite the country's vast coastline, the ocean resources are yet to be fully utilized. Several countries, such as the US, Australia, and Brazil, have already started implementing programs and policies related to the ocean economy. These countries have also developed national ocean policies that are geared toward achieving measurable outcomes. In Canada and Australia, the governments have already established various institutions that are designed to monitor and implement the programs and policies related to the ocean economy. With the draft blue economy policy, India is now all set to capitalize on the ocean resources.
The Ministry of Environment and Science's (MoES) draft blue economy policy has been released for public consultation. It aims to enhance the country's GDP by identifying the various factors that contribute to the growth of the blue economy. It also aims to maintain the security of the country's ocean resources. The policy framework was prepared in line with the government's vision and is also expected to contribute to the country's growth. India's vast maritime interests make it the most likely candidate for the country to adopt the blue economy. The draft policy should be thoroughly debated in order to ensure that it provides the necessary impetus to the country's growth. The draft policy acknowledges the importance of the blue economy as one of the core dimensions of the country's growth. It also focuses on various thematic areas such as ocean governance, marine fisheries, tourism, inland marine spatial planning, and transportation. Unfortunately, it is disappointing that the implementation of the blue economy policy is yet to take place.
Role of blue economy in India's growth post pandemic:
The blue economy can help India's growth story by providing a framework for the country's development. With the right policies and programs, the blue economy can help transform the country's growth trajectory.
According to the Centre for the Blue Economy, the term has gained a wide range of meanings around the world due to its various aspects. It refers to the various ocean resources that can be utilized by coastal nations to enhance their economic growth and environmental sustainability. The organization also states that the ocean economy can help developing and developed countries achieve sustainable development.
Aside from the various economic sectors that are involved in the blue economy, it is also not yet clear if the ocean resources are sustainable. This is a major challenge that the concept has to overcome in order to effectively manage the ocean's various aspects.
According to a finding made by the UN, the blue economy needs to be able to effectively manage the ocean's various aspects in order to achieve sustainable development. This is a tall order that can be achieved only through collaboration across sectors and borders. The UN also states that the ocean economy will need to be able to achieve sustainable development through a combination of measures. the UN also noted that the ocean economy can help in achieving the Sustainable Development Goals. One of these is the goal of “Life Below Water.” This is about conserving and sustainably using the oceans, seas, and marine resources.
The global ocean economy is expected to reach a value of around $1.5 trillion by 2030. It is expected to grow to $3 trillion by 2030, making it the seventh-largest economy in the world. The total value of the ocean's natural capital is also estimated to be around $24 trillion. while The Action Group on the Sustainable Blue Economy is a multi-stakeholder organization that encourages collaboration among the various sectors of the ocean economy. It also aims to facilitate the exchange of information and knowledge regarding the various aspects of the ocean economy. It also encourages the development of new technologies and the establishment of sustainable industries.
The concern of the blue economy is being widely discussed globally. This is something that should be taken into account in order to develop a long-term action plan. India is among the most prominent players in the global blue economy ecosystem. Its achievements on the environmental front are often talked about and emulated globally. With a rich marine environment and a well-defined blue economy framework, it is now waiting for the right time to expand its scope of influence. As India looks to find a sustainable development paradigm, the blue economy should be viewed as a part of the country's overall economy. It should be able to capitalize on the opportunities that it has to offer in order to create a more inclusive growth framework.
Understanding the various factors that affect the blue economy is very important in order to develop a long-term strategy. One of these is the country's maritime position, which is very significant. Out of India's twenty-nine states, nine have coastal regions. There are reportedly over 200 ports in the country that handle huge amounts of cargo. The country's coastal regions are known to have immense potential due to their rich natural resources and crude oil reserves. They also contribute to the livelihood of over four million people in the region. The blue economy should not only be presented as a business model that focuses on exploiting the country's marine resources, but also on developing a sustainable and balanced approach to economic growth. This is because the concept of the blue economy should not only be about exploiting the country's marine resources but also about developing a sustainable and balanced approach to economic growth.
In 2015, the UN adopted the 17 Sustainable Development Goals, which call for ending poverty, protecting the planet, and ensuring that all people have a fair shot at prosperity. Several countries have launched programs to harness the blue economy. Some of the countries that have adopted programs that are geared toward the development of the blue economy include Australia, Brazil, Russia, and the United States. They have also established programs that are designed to monitor and improve the implementation of their programs. With the establishment of a blue economy policy framework in India, the country is now positioned to take advantage of its vast ocean resources.
The industrial recovery is expected to continue in the coming years as the demand for new products and services increases. This is also due to the various opportunities that the blue economy provides. Despite the various challenges that the country has faced, such as the Covid-19 issue, the Indian economy is expected to continue growing. The combination of government policies and the implementation of programs can help boost the country's growth. As the world's largest democracy, India is waiting for the next great success story. The opening of new opportunities in the blue economy will help reinvigorate the country's economic reforms. This is also expected to help boost the country's growth. A cleaner future will also help in bringing about the necessary changes in the country's environment and social governance. This will allow the country to participate in international discussions on the sustainable development goals. One of the most significant achievements that India can achieve through the implementation of its blue economy policies is to position itself as a global leader in sustainable development.
Conclusion:
The blue economy refers to the commercialization of ocean resources and the efforts that are being made to maintain the harmony in the development of the country's marine environment. While it provides various economic opportunities, it is also important to note that preserving the environment is also a vital aspect of this industry. whereas the Ministry of Earth Sciences has recently launched a draft blue economy policy that aims to provide a comprehensive vision and strategy for the country's ocean resources. The policy aims to involve various stakeholder groups and agencies in developing a strategy that will utilize the country's abundant marine resources.
Pic Courtsey-Tomas malik at unsplash.com
(The views expressed are those of the author and do not represent views of CESCUBE.)
