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The World Bank describes ‘Blue Economy’ as the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem." Oceans play a crucial role as it is the largest renewable resource which is helping in stabilising the global environment. To protect the water resources and create more opportunities in aquaculture, government has taken measures to strengthen the Blue economy which will serve as a catalyst to boost the Indian economy.
On January 25, 2020, the Indian Ministry of Earth Sciences released a Draft Blue Economy Policy that plans to boost island tourism, marine biotechnology, deep-sea mining and the ocean energy sector through innovative financing and business models. The highlights of the policy include an accounting framework to assess the growth of the blue economy; mapping of India’s coastal zones for integrated coastal and marine spatial plans; and dealing with marine pollution, particularly by microplastics and plastics. Promotion of aqua culture, seaweed and algae harvesting and sustainable marine capture; marine biotechnology for non-food sectors; and employment through development of ports, fisheries, ship building, and coastal and cruise tourism are other aspects of the policy.
Prime Minister, Mr. Narendra Modi Blue Economy is going to play an important role in Aatamnirbhar India. With an emphasis to focus on multi-modal connectivity, ports and coastal roads are being linked with a strive to make coastal area a benchmark for easy way of living and for performing good business. Mr. Modi addressed the coastal fishing communities who are not only dependent on the resources of the ocean, but also are the protector of the same. Due to this government has come up with new initiates, such as Kisan Credit Cards to the people who are associated with the aquaculture which will help both the entrepreneurs and the fishermen for their livelihood. Coastal infrastructure is being strengthened to fulfil the demand for growing needs and expectations of the people who belong to this culture.
Mr. Modi also mentioned about the recently launched 20,000 crore MatasyaSamapadaYojna which has the potential to benefits fisherman in Kerala and Karnataka. This will directly make an advance change in the fishery related exports. All steps are taken into consideration to turn India into a quality processed seafood hub. As farmers are encouraged to cultivate seaweed, India may play an important role in meeting the rising demand for seaweed.
The Blue Economy entails multiple socio-economic benefits. It can not only help in livelihood generation, providing energy security and improving the health and prosperity of coastal communities but can also increase the ecological resilience of the oceans surrounding India.
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