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Blue Economy?

Blue Economy is the sustainable use of ocean resources and ocean development strategies for
economic growth, improved livelihoods and jobs, and ocean ecosystem health.

It provides for an inclusive model that helps the coastal nations to extend the benefit of ocean
resources to all.

It advocates the inclusion and participation of all vulnerable social groups and sectors.
It also ascertains the United Nations’ Sustainable Development Goals (SDGs), especially SDG14 ‘Life
Below Water.
This concept predominantly aims for the development of human wellbeing and social equity, whilst
reducing environmental risks and ecological scarcities of the ocean.

Important Activities connected to a Blue Economy
The Blue Economy encompasses activities that include:

(1) Renewable Energy

Sustainable Marine Energy plays a vital role in social and economic development.

(2) Fisheries

Marine Fisheries contribute more than US$ 270 annually to global GDP. Sustainable Fisheries generate
more revenue and help restore fish stocks.

(3) Water Transport

More than 80 % of traded goods are transported by Sea and the rate of seaborne trade is expected to
double by 2030 and quadruple by 2050.

(4) Tourism

Ocean and Coastal Tourism can bring jobs and economic growth. More than 41 million visitors per
year visit Least Developed Coastal countries and small island developing countries.

(5) Climate Change

The staggering impacts of climate change include rising sea levels, Coastal Erosion, changing Ocean
Current patterns, and Acidification. Oceans are an important Carbon Sink and help mitigate climate
change.

(6) Waste Management

80% of litter in oceans is due to land-based sources.
A Better Waste Management system can help revive deteriorating ocean health.

India and the Blue Economy

There is much potential for India if it leverages on the blue economy. The Indian Ocean Region is
abundant with resources, particularly in the sectors of fisheries, aquaculture, ocean energy,
sea-bed mining and minerals, and provides tremendous economic opportunities to develop
marine tourism and shipping activities.

The Sagarmala project, launched by the Ministry of Shipping, is the strategic initiative for port-led
development through extensive use of IT enabled services for modernisation of ports. The additional
benefit of this project is the development of Coastal Economic Zones (CEZs) which will be a catalyst
for a thriving blue economy in India.

Under the Make in India program of the Government, the shipbuilding industry can benefit from
a major thrust. This industry has a high multiplier effect on investment and can accelerate industrial
growth along with its large number of associated industries.