Building a Blue Economy

Building a Blue Economy

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Description of Blue Economy - The blue economy, as defined by the World Bank, is the "sustainable utilization of ocean resources for improved livelihoods, jobs and economic growth while preserving the basic character of ocean ecosystem."

It’s Importance

• The blue economy of India is a part of the national economy that includes the entire ocean resources and all manmade economic infrastructures in marine and onshore coastal zones that are subject to national legal authority.

• Ports and Exclusive Economic Zone: There are almost 199 ports, with 12 of them being major ones and together they handle cargo of about 1,400 million tonnes annually.

• Coastal communities: The coastal economy provides employment to more than 4 million fishermen and nearby communities.

Government initiatives

• Matsaya Sampada Yojana: It is a flagship programme for the nation's fisheries industry that is targeted for long-term growth. By utilising the potential of fisheries in a sustainable, accountable, equitable and inclusive manner, it will usher in the Blue Revolution.

• Sagarmala Project: The Sagarmala Programme's goal is to minimize the logistics costs for domestic and international trade while investing as little in infrastructure as possible.

• Coastal Economic Zones (CEZ): The National Perspective Plan for Sagarmala Program identifies CEZs for the government. The CEZs aim to encourage exports by giving entrepreneurs the facilities and infrastructure they need to establish industries and businesses close to ports.

• Indian Ocean Rim Association: India has been actively participating in the IORA to support the blue economy in the states that border the Indian Ocean.

Suggestions

• Like many other maritime industries, India's fishing industry needs to develop a long-term vision with a focus on three areas:

a) Mechanization and modernization of fishing vessels through the installation of electronic fish-detection equipment and communication links, with funding provided for this by artisanal fishers

b) Promoting deep-water fishing vessels with larger, ocean-going trawlers fitted with refrigeration facilities

c) Development of contemporary fishing harbours with enough post-harvest and berthing facilities including preservation, packaging and cold storage of fish.

The Way Ahead

• The blue economy holds a significant potential role in India's economic development.

• Australia, Brazil, the United Kingdom, the United States, Russia, and Norway are a few of the nations that have made specific national ocean strategies with measurable objectives and financial commitments.