In news
The Ministry of Earth Sciences (MoES) has rolled out the Draft Blue Economy policy for India in the public domain inviting suggestions and inputs from various stakeholders including industry, NGOs, academia, and citizens.
Aim
The policy document aims to enhance contribution of the blue economy to India’s GDP, improve lives of coastal communities, preserve marine biodiversity, and maintain the national security of marine areas and resources..
India's blue economy
- India’s blue economy is understood as a subset of the national economy comprising an entire ocean resources system and human-made economic infrastructure in marine, maritime, and onshore coastal zones within the country’s legal jurisdiction.
- It aids the production of goods and services that have clear linkages with economic growth, environmental sustainability, and national security.
- The blue economy is a vast socio-economic opportunity for coastal nations like India to utilize ocean resources for societal benefit responsibly.
- With a coastline of nearly 7.5 thousand kilometers, India has a unique maritime position. Nine of its 29 states are coastal, and the nation’s geography includes 1,382 islands.
- There are nearly 199 ports, including 12 major ports that handle approximately 1,400 million tons of cargo each year.
- Moreover, India’s Exclusive Economic Zone of over 2 million square kilometers has a bounty of living and non-living resources with significant recoverable resources such as crude oil and natural gas.
- The coastal economy sustains over 4 million fisherfolk and coastal communities.
Why was policy required?
- With these vast maritime interests, the blue economy occupies a vital potential position in India’s economic growth.
- It could well be the next multiplier of GDP and well-being, provided sustainability and socio-economic welfare are kept center-stage.
- Therefore, India's draft blue economy policy is envisaged as a crucial framework towards unlocking country’s potential for economic growth and welfare.
Source: PIB
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