To Sea or not to Sea?

The Rising Significance of ‘Blue’ Economy

• ‘Blue’ economy can be defined as the amalgamation of ocean economy development with principles
of social and societal inclusion and ecological sustainability, along with innovative business
models. This characterization is also mentioned in Goal No. 14 of the Sustainable Development Goals
(SDGs): “To conserve and sustainably use the oceans, seas, and marine resources for sustainable
development.”

• The concept of Blue Economy is quite significant for a country like India. It has the seventh longest
coastline in Asia at around 7,516 km covering nine states and two Union Territories which, for a
country struggling to meet its development objectives, offers an additional path in the pursuit of
sustainable growth.

• According to the Ministry of Earth Sciences, ‘Blue’ or Marine Economy consists of 4.1% of India’s
total GDP. It is calculated as the sum total of revenue generated from activities like Fisheries, Deep
Sea mining, Off-Shore Oil and Gas exploration and related enterprises.

• Out of 2.3 million Sq. km available to India, 1.5 million Sq. km is already under exploration as part
of Exclusive Economic Zone (EEZ) stretching from the Bay of Bengal to the Arabian Sea.

• At present, India has at least 13 major ports for Coastal and International Trading. The number of
shipping vessels and cargo traffic has been increasing steadily and consistently in the past decade,
reaching around 1,052 million tons in 2014-15. According to the Indian Maritime Agenda 2010-2020,
it is expected that the overall capacity of ports will increase to 3,130 million tons at the end of 2020.

• To give examples of other maritime trading nations to substantiate the significance, the size of the
Blue Economy is estimated to be $47 billion (2012) in Australia and $90 million for Mauritius while
it contributed 4.03 percent to GDP in 2010 and employed 9.25 million people in China.

• India on its part has laid emphasis on port upliftment and development through the ‘Sagarmala’
initiative. Also, a ‘Deep Ocean Mission’ aims to explore the 75,000 Sq. km of sea bed that comes
under India’s jurisdiction for extraction of mineral wealth. The Government has additionally
implemented a scheme for development and management of the fisheries sector and made policy
changes to trigger what is called as ‘Blue Revolution’ (Neel Kranti) supported by a proposal to create
a new ministry for Blue Economy.

• As we usher into a new decade, Oceans and seas will continue to gain more prominence. We already
see positive trends in new emerging opportunities such as Aquaculture, Marine Biotechnology, Ocean
Energy and Sea-bed Mining that have the potential to create jobs and spur worldwide economic
growth.
• The Indian Ocean region is poised to serve as a geo focal point for infrastructure creation, industrial
capacity building and marine development. India’s increased cooperation with regional partners to
create a sustainable ocean economy would act as a catalyst for its domestic modernization projects
enabling it to harness the full potential of the Ocean based Blue Economy.

References: https://www.orfonline.org/research/blue-economy-beyond-an-economic-proposition/

https://niti.gov.in/writereaddata/files/document_publication/Indian%20Ocean%20Region_v6(1).pdf