BLUE ECONOMY (Syllabus: GS Paper 3 – Economy)

Context: Recently, the finance minister of India emphasized the government's commitment to supporting the maritime sector, acknowledging that India's comprehensive national power is intricately connected to the ocean, with the country's blue economy presenting a sea of opportunities.

Blue Economy

• About: The Blue Economy revolves around the sustainable utilization of ocean resources to foster economic growth, enhance livelihoods, and generate employment opportunities.

Blue Economy

• Origin: The idea was first introduced by Gunter Pauli in his 2010 book, "The Blue Economy: 10 years, 100 innovations, 100 million jobs."
• Objectives and Focus: The concept advocates for the implementation of eco-friendly strategies in ocean development, aiming for increased productivity while simultaneously ensuring the preservation of the ocean's overall health.
• India's Maritime Landscape: India boasts a coastline stretching 7,500 km, with 9 out of 29 states having coastal boundaries.

oThe country is home to 1,382 islands.

oIndia's Exclusive Economic Zone extends over 2 million square kilometers.

Significance of the Blue Economy for India

• Socio-Economic Opportunities: The expansive scope of India's blue economy presents a significant socio-economic opportunity, allowing the responsible utilization of ocean resources for the benefit of society.
• Synergy With SDG: The concept aligns seamlessly with all of the United Nations' Sustainable Development Goals (SDGs), with a particular emphasis on contributing to SDG14, which focuses on 'life below water.'