Riding On The Blue Economy

Context: Government has recently put out the blue economy policy draft for public comment.

Need for Blue Economy Policy

• Achievement of Sustainable Development Goals (SDGs) 14: “Conservation and sustainable use of the oceans, seas and marine resources for economic development”; to be met by 2030.
• Resource crunch: Availability of land and other non-renewable terrestrial resources becoming a limiting factor for industrial expansion and economic growth.
• Least-exploited marine resources: 7,500 km of coastline and over 2 million square km of Exclusive Economic Zones (EEZs).
  • Blue economy has potential to outperform the regular economy in terms of growth, generating income and employment. - The Organization for Economic Cooperation and Development.
• Achieving broad policy objectives: Improving the lives of coastal communities, preserving marine biodiversity, and maintaining the security of marine areas and resources.

Challenges and bottlenecks

• Insufficient infrastructure:  Of about 200 ports in India, only 12 qualify to be called major. Their cargo-handling capacity is only around 1.4 billion tonnes a year.
• Poor diversification: Mid- and deep-sea zones remain dismally under-utilized
• Livelihood threat: Livelihood of around 4 million fisherfolk shall not be adversely affected.
• Environmental threat: Need to stave off any clash between economic development and marine biodiversity.

Way Forward

• Infrastructure expansion: E.g. Budget 2021-22 proposal to set up five new major fishing harbours as hubs of marine-related economic activity need to be expanded further.
• Incentivize fisheries in the deeper seas to meet the growing domestic and export demand.
• Resource development: Emphasis on the exploration, extraction, and commercial utilization of the minerals, including crude oil, natural gas, solar, wind, wave energies etc.