Blueprint for Transforming the Blue Economy | 20 Oct 2023

Source: TH

Why in News?

Recently, Indian Prime Minister unveiled ‘Amrit Kaal Vision 2047’, the long-term blueprint for the Indian maritime blue economy while inaugurating Global Maritime India Summit 2023 in Mumbai.

• It includes initiatives like Advanced Mega Ports, an International Container Trans-shipment Port, island development, Expanded inland waterways, and multi-modal hubs for efficient trade.
• The Prime Minister also highlighted the government's vision for the maritime sector, encapsulated in the phrase 'Ports for Prosperity' and 'Ports for Progress.'

What is the Blue Economy?

• About:
  • According to the World Bank, the blue economy is the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem."
• Significance of the Blue Economy:
  • Food Security: Fisheries and aquaculture are integral components of the Blue Economy, providing a substantial portion of the world's protein sources. Sustainable practices in these sectors are essential for global food security.
  • Environmental Conservation: By promoting responsible resource management, the Blue Economy supports the preservation of marine biodiversity and ecosystems.
    • Healthy oceans play a crucial role in climate regulation and carbon sequestration.
  • Tourism and Recreation: Coastal and marine tourism is a significant contributor to the global economy.
    • The Blue Economy enhances opportunities for tourism and recreation, attracting visitors to coastal areas and promoting conservation awareness.
  • Renewable Energy: It encourages the development of renewable energy sources such as offshore wind, tidal, and wave energy, reducing reliance on fossil fuels and mitigating climate change.
  • Transportation and Trade: Maritime shipping is a lifeline for global trade. Efficient and sustainable maritime transportation is vital for the global economy.

What are the Challenges Related to India’s Blue Economy?

• Fragmented Fishing Industry: The Indian fishing industry is highly fragmented, primarily comprising small fishermen who lack access to credit and modern technology, hindering their competitiveness.
  • Also, overfishing, driven by a lack of regulation, further threatens the industry's sustainability.
• Climate Change and Natural Disasters: Climate change poses a significant threat to the Blue Economy through sea-level rise, increased ocean acidity, and extreme weather events.
  • Preparing for and mitigating these impacts is essential for long-term sustainability.
• Waste and Pollution: Pollution, including marine litter, chemical pollutants, and untreated sewage, threatens the health of marine ecosystems.
  • The introduction of non-native, invasive species through oil spills can disrupt marine ecosystems and negatively impact indigenous species and industries.
• Congestion in Ports: Many Indian ports experience congestion due to inadequate maintenance infrastructure, inefficient operations, and high cargo volumes, leading to delays and increased costs.

Way Forward

• Policy Reforms and Regulation: Develop a comprehensive and stable regulatory framework for all sectors of the Blue Economy, addressing fragmentation and inconsistencies and encouraging responsible and sustainable practices through effective enforcement and incentives.
  • Streamline customs and documentation processes to expedite cargo clearance in ports.
• Infrastructure Development: Invest in modernizing and expanding port infrastructure, including berths, terminals, and equipment, to accommodate growing cargo volumes efficiently.
  • Improve road and rail connectivity to ports for the seamless movement of cargo to and from the hinterland.
• Sustainable Fishing: Promote responsible fishing and aquaculture practices through education, incentives, and regulation, addressing overfishing and environmental degradation.
  • Implement strict pollution control measures and waste management systems to safeguard marine ecosystems.
• Investment and Financing: Attracting private sector investment in Blue Economy sectors through public-private partnerships, incentives, and financial support.
  • Facilitate access to credit and finance for small and medium-sized enterprises (SMEs) in the Blue Economy to promote their growth.
• Enhancing Shipbuilding Industry: To promote innovation in shipbuilding and repair, India should establish research and development centers, in collaboration with the private sector, with a specific focus on advanced materials, and green technologies.