India’s Interim Budget was presented by Finance Minister Mrs. Nirmala Sitharaman on February 1, 2024 in which a new scheme got announced to push the Blue economy 2.0 by a combined approach involving various sectors , working to restore and adapt coastal areas for farming of fish and other marine organisms.
Interim Budget- Why India wants a blue economy?
India’s blue economy, encompassing the sustainable use of ocean resources for economic growth, improved livelihoods, and marine ecosystem health, is emerging as a pivotal component of the nation’s economic strategy. With its extensive coastline and vast maritime domain, India stands at the threshold of harnessing its blue economy to drive economic progress, bolster employment, and achieve sustainable development. This article delves into the various dimensions of India’s blue economy, its significance, government initiatives, and the challenges it faces.
What is the Blue Economy?
The blue economy refers to the sustainable utilization of ocean resources for economic development, livelihood enhancement, and transportation while ensuring the health and sustainability of marine ecosystems. In India, the blue economy encompasses diverse sectors including shipping, tourism, fisheries, and offshore oil and gas exploration. These sectors not only contribute significantly to the national GDP but also play a crucial role in regional development and employment generation.
Significance of India’s Blue Economy
1. Transport
India’s coastline, extending over 7,500 kilometers across nine coastal states, is a vital artery for trade and commerce. The maritime sector supports approximately 95% of the country’s business through transportation, contributing around 4% to the national GDP. Ports and shipping are critical for the import and export of goods, making India a significant player in global trade.
2. Shipping Industry Expansion
The shipping industry is a cornerstone of India’s blue economy. With a strategic vision to become a hub for ship repair and maintenance, India is poised to enhance its maritime infrastructure. This expansion not only promises economic benefits but also strengthens geopolitical influence by positioning India as a key player in international maritime activities.
3. Tourism
Coastal and marine tourism are integral to the blue economy, attracting millions of tourists annually. Destinations like Goa, Kerala, and the Andaman and Nicobar Islands are renowned for their pristine beaches and rich marine biodiversity, contributing significantly to local economies and job creation.
4. Fisheries
The fisheries sector is vital for food security, livelihoods, and economic growth. India is one of the largest producers of fish and fish products, with millions of people dependent on this sector for their livelihood. Sustainable fisheries management is crucial to ensuring long-term productivity and environmental conservation.
5. Offshore Oil and Gas Exploration
Offshore oil and gas exploration is a major economic activity within India’s blue economy. The extraction of these resources contributes to energy security and economic growth, although it requires careful management to mitigate environmental impacts.
Government Initiatives
To harness the potential of the blue economy, the Indian government has launched several key initiatives:
1. Sagarmala Initiative (2016)
The Sagarmala initiative aims to promote port-led development by modernizing port infrastructure, enhancing connectivity, and promoting coastal community development. It seeks to reduce logistics costs and time, making Indian goods more competitive globally.
2. Pradhan Mantri Matsya Sampada Yojana (2020)
This scheme aims to bring about a ‘Blue Revolution’ through sustainable and responsible development of the fisheries sector. It focuses on enhancing fish production, improving fish infrastructure, and boosting fisherfolk’s incomes.
3. Deep Ocean Mission
The Deep Ocean Mission is an ambitious program to explore and understand the deep-sea environment. It aims to develop technologies for deep-sea mining, bio-prospecting, and climate change impact studies, thereby unlocking new economic opportunities.
4. Maritime India Vision 2030 (2021)
Launched by the Ministry of Ports, Shipping, and Waterways, this vision document outlines a roadmap for the development of the maritime sector. It includes plans to enhance port capacity, improve logistics efficiency, and promote sustainable maritime practices.
Despite the promising potential, India’s blue economy faces several challenges:
1. Climate Change
Rising sea levels, ocean acidification, and extreme weather events pose significant threats to coastal and marine ecosystems. These changes can disrupt economic activities and endanger coastal communities.
2. Marine Pollution
Pollution from industrial discharges, plastic waste, and oil spills contaminates marine environments, affecting biodiversity and human health. Addressing pollution through stringent regulations and public awareness is crucial.
3. Overexploitation of Marine Resources
Unsustainable fishing practices and overexploitation of marine resources threaten the long-term viability of the fisheries sector. Effective resource management and conservation measures are needed to ensure sustainability.
4. Infrastructure Gaps
Inadequate port infrastructure, lack of advanced technology, and insufficient investment in research and development hinder the full realization of the blue economy’s potential. Addressing these gaps is essential for growth and competitiveness.
5. Regulatory and Policy Framework
A cohesive and comprehensive policy framework is necessary to balance economic growth with environmental conservation. Coordination among various stakeholders, including government agencies, private sector, and local communities, is vital for effective implementation.
India’s blue economy holds immense promise for driving economic growth, creating jobs, and fostering sustainable development. By leveraging its vast maritime resources and strategic initiatives, India can position itself as a global leader in the blue economy. However, realizing this potential requires addressing challenges such as climate change, marine pollution, and resource management. Balancing economic ambitions with environmental stewardship will be key to ensuring the long-term prosperity and health of India’s marine ecosystems. As the nation embarks on this journey, a collaborative and integrated approach will be essential to unlocking the full potential of its blue economy.
Challenges for the Blue Economy 2.0
● Overfishing in the ocean waters.
● Pollution in the water , killing the ocean from within
● Rise in the seawater due to climate change , disasters like cyclones.
Government has eyes on the goal of diversifying the economy and many new sectors like marine biotechnology and mining of the seabed seem very lucrative. Fishes and another marine organisms are part of the local cuisine of coastal areas and play a huge role in ensuring food security for these communities.
India has a strategic location , it is at the heart of the Indian ocean from which many maritime routes pass through. By enhancing the infrastructure of our ports , improving coastal shipping and working to make our maritime transport better , this nation truly has a great potential in this holistic way of economic development.
Conclusion
As India gears up to embrace the Blue Economy 2.0 , also highlighted in the Interim Budget , it’s necessary for all the policymakers , businesses and local coastal communities to work together and find a sustainable way of developing the ocean-based economy and realising the huge potential of India in this sector.