Promoting Blue Economy (UPSC Current Affairs)

Relevance: GS2, GS3 - Government Policies & Interventions, Environmental Pollution & Degradation, Water Resources, Growth & Development

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Why in the news?

The Union Minister of Science and Technology and Earth Sciences has stated that the Blue Economy is the sixth dimension of the Government of India's Vision of a New India by 2030. The Ministry of Earth Sciences has prepared a draft policy paper on a blue economy based on the reports of expert working groups, emphasizing holistic development and expansion of India's blue economy.

What is meant by blue Economy?

• Gunter Pauli developed the concept in his 2010 book "The Blue Economy: 10 Years, 100 Innovations, 100 Million Jobs."
• It is the sustainable use of the ocean resources for economic growth, improved livelihoods and jobs, and the health of ocean ecosystems.
• It promotes the greening of the ocean development strategies in order to increase productivity and conserve the ocean's health.
• Blue Economy focuses on the integration of ocean economy development with social inclusion, environmental sustainability, and innovative business models.
• It consists of–
  • Renewable Energy: Sustainable marine energy has the potential to play a significant role in social and economic development.
  • Fisheries: Sustainable fisheries can create more revenue, catch more fish, and aid in the restoration of fish stocks.
  • Maritime Transport: More than 80% of international goods are moved by sea.
  • Ocean and coastal tourism have the potential to create jobs and economic growth.
  • Climate Change: The oceans act as a carbon sink (blue carbon) and help to mitigate climate change.
  • Better waste management on land can aid in the recovery of the oceans.

What is the importance of the blue economy?

• High Return on Investment: According to a research study commissioned by a high-level panel for a sustainable ocean economy, USD1 invested in key ocean activities yields five times the amount invested, i.e. USD5, and often more.
• Synergy with SDGs: It promotes all of the United Nations' Sustainable Development Goals (SDGs), particularly SDG14 "Life Below Water."
• Offshore regions have significant potential in terms of offshore wind, waves, ocean currents, including tidal currents, and thermal energy, which can help to meet the increasing need for renewable energy.
• Importance for India: With a 7,500-kilometer-long coastline stretched across nine coastal states, 12 major and 200 minor ports, India's blue economy supports 95 percent of the country's business through transportation and adds an estimated 4% to its GDP.

What are the various steps taken to promote the blue economy?

• Deep Ocean Mission: It was launched with the purpose of developing technology to harness the living and non-living resources from the deep oceans.
• The India-Norway Task Force on Blue Economy for Sustainable Development was established in 2020 by both countries to develop and implement joint initiatives between the two countries.
• The Sagarmala project is a strategic initiative for port-led development that makes extensive use of IT-enabled services for port modernization.
• O-SMART is an umbrella scheme in India that aims to govern the use of oceans and marine resources for sustainable development.
• Integrated Coastal Zone Management (ICZM) focuses on the conservation of coastal and marine resources, as well as the improvement of livelihood opportunities for coastal communities.
• India has a National Fisheries Policy to promote the 'Blue Growth Initiative,' which focuses on the sustainable usage of marine and other aquatic resources.

Way Forward

• The blue economy, with its huge maritime interests, holds a key potential position in India's economic growth.
• It has the potential to be the next multiplier of GDP and well-being if sustainability and socioeconomic wellbeing are kept center stage.
• India should consider adopting the Gandhian approach of balancing the economic benefits with sustainability in order to achieve the broader goals of growth, employment generation, equity, and environmental protection.