.
.
.
.
.
As
India is having the border of 7500kms(approximately) seacoast, can maximum
utilize this opportunity and tap the benefits out of it.
According
to the World Bank, the blue economy is the "sustainable use of ocean
resources for economic growth, improved livelihoods, and jobs while preserving
the health of ocean ecosystem. In 2019-20 budget blue economy was mentioned in
top 10 vision for the decade.
SIGNIFICANCE OF BLUE ECONOMY:
1.ECONOMIC BENEFITS:
1.1- Oceans provide 30 percent of oil
and gas resources.
1.2- 90% of goods trade takes place through Oceans Sea of Line Communication.
1.3- Ocean contributes $2.5 trillion to world economy.
1.460 million people are employed in fisheries and aquaculture.
1.5- Seabed Mining of polymetallic nodules and polymetallic sulphides to extract nickel, cobalt, manganese and rare earth metals.
1.2- 90% of goods trade takes place through Oceans Sea of Line Communication.
1.3- Ocean contributes $2.5 trillion to world economy.
1.460 million people are employed in fisheries and aquaculture.
1.5- Seabed Mining of polymetallic nodules and polymetallic sulphides to extract nickel, cobalt, manganese and rare earth metals.
2.ENVIRONMENT BENEFITS
2.1- Mangroves and other vegetated
ocean habitats sequester 25 percent of the extra CO2 from fossil fuels, i.e
Blue Carbon.
2.2- Protection of coastal communities from disasters like floods and storms.
2.3- A Sustainable Blue Economy can help to achieve commitments under UN’s Sustainable Development Goals 2030, Paris climate agreement 2015 and the UN Ocean Conference 2017.
.2.2- Protection of coastal communities from disasters like floods and storms.
2.3- A Sustainable Blue Economy can help to achieve commitments under UN’s Sustainable Development Goals 2030, Paris climate agreement 2015 and the UN Ocean Conference 2017.
.
CHALLENGES TO BLUE ECONOMY:
1) Unsustainable development near marine areas.
2) Marine pollution: marine debris such as plastics. Deep sea mining can cause long term irreversible ecological damage to marine ecosystem.
3) Impacts of climate change: sea-level rise and more intense and frequent weather events like cyclones.
4) Geopolitical issues: in various regions like South China Sea, Indian Ocean Region etc.
5) Unfair trade practices: Many times fishing agreements allow access to an EEZ of country to foreign operators.
6) Other non-conventional threats: Defense and security related threats like piracy and terrorism combined with natural disasters
India is trying to achieve the potential of Blue Economy by promoting the spirit of ‘SAGAR-Security and Growth for All in the Region’ in Indian Ocean Region'.
1) Unsustainable development near marine areas.
2) Marine pollution: marine debris such as plastics. Deep sea mining can cause long term irreversible ecological damage to marine ecosystem.
3) Impacts of climate change: sea-level rise and more intense and frequent weather events like cyclones.
4) Geopolitical issues: in various regions like South China Sea, Indian Ocean Region etc.
5) Unfair trade practices: Many times fishing agreements allow access to an EEZ of country to foreign operators.
6) Other non-conventional threats: Defense and security related threats like piracy and terrorism combined with natural disasters
India is trying to achieve the potential of Blue Economy by promoting the spirit of ‘SAGAR-Security and Growth for All in the Region’ in Indian Ocean Region'.
Some initiatives by India are:
1) Sagarmala Project: Sagarmala initiative focus on three pillars of development
2) IORA- India endorses the growth of the Blue Economy in a sustainable, inclusive framework of the Indian Ocean Rim Association (IORA) india to more focus on maritime time pollution to achieve 5 trillion economy for coming financial year.
.1) Sagarmala Project: Sagarmala initiative focus on three pillars of development
2) IORA- India endorses the growth of the Blue Economy in a sustainable, inclusive framework of the Indian Ocean Rim Association (IORA) india to more focus on maritime time pollution to achieve 5 trillion economy for coming financial year.
.