Mains Practice Questions

Approach

• Start your answer by giving a brief about the blue economy.
• Discuss the different components of the blue economy.
• Discuss the significance and challenges associated with the blue economy.
• Conclude your answer by giving a way forward.

Introduction

• It is the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.
  • It advocates the greening of ocean development strategies for higher productivity and conservation of ocean's health.
• Blue Economy emphasizes the integration of development of the ocean economy with social inclusion, environmental sustainability, combined with innovative business models.
• It encompasses–
  • Renewable Energy: Sustainable marine energy can play a vital role in social and economic development.
  • Fisheries: Sustainable fisheries can generate more revenue, more fish and help restore fish stocks.
  • Maritime Transport: Over 80% of international goods traded are transported by sea.
  • Tourism: Ocean and coastal tourism can bring jobs and economic growth.
  • Climate Change: Oceans are an important carbon sink (blue carbon) and help mitigate climate change.
  • Waste Management: Better waste management on land can help oceans recover.

Significance of the Blue Economy

• High Return on Investment: According to research commissioned by the high-level panel for a sustainable ocean economy shows that USD1 invested in key ocean activities yields five times i.e., USD5 in return, often more.
• Synergy With SDG: It supports all of the United Nations’ Sustainable Development Goals (SDGs), especially SDG14 ‘life below water’.
• Sustainable Energy: Supporting the increasing demand for renewable energy, offshore regions have tremendous potential in the form of offshore wind, waves, ocean currents including tidal currents, and thermal energy.
• Importance For India: With an over 7,500-km-long coastline spread across nine coastal states, 12 major, and 200 minor ports, India's blue economy supports 95% of the country's business through transportation and contributes an estimated 4% to its Gross Domestic Product (GDP).

Steps taken By India to Promote Blue Economy

• Deep Ocean Mission: It was launched with an intention to develop technologies to harness the living and non-living resources from the deep oceans.
• Joint Initiative of India and Norway: The India-Norway Task Force on Blue Economy for Sustainable Development was inaugurated jointly by both the countries in 2020 to develop and follow up joint initiatives between the two countries.
• Sagarmala Project: The Sagarmala project is the strategic initiative for port-led development through the extensive use of IT enabled services for modernization of ports.
• O-SMART: India has an umbrella scheme by the name of O-SMART which aims at regulated use of oceans, marine resources for sustainable development.
• Integrated Coastal Zone Management: It focuses on conservation of coastal and marine resources, and improving livelihood opportunities for coastal communities etc.
• National Fisheries Policy: India has a National Fisheries Policy for promoting 'Blue Growth Initiative' which focuses on sustainable utilization of fisheries wealth from marine and other aquatic resources.

Way Forward

• With its vast maritime interests, the blue economy occupies a vital potential position in India’s economic growth.
• It could well be the next multiplier of GDP and well-being, provided sustainability and socio-economic welfare are kept center-stage.
• India should look to adopt the Gandhian approach of balancing economic benefits with sustainability for meeting the broader goals of growth, employment generation, equity and protection of environment.