Blue Economy, Meaning, Indian Policy, Blue Economy 2.0 for UPSC

Blue Economy refers to the sustainable use of ocean resources for economic growth, this initiative aims to improve livelihoods and job creation while preserving the health of ocean ecosystems. With increasing global interest, the Blue Economy is becoming a critical development area, balancing economic opportunities and environmental protection.

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What is the Blue Economy?

Meaning and Important Sectors of Blue Economy

• Renewable Energy : Harnessing sustainable energy sources like offshore wind and tidal energy. According to the International Renewable Energy Agency , offshore wind power alone could account for over 10% of global electricity by 2050.
• Fisheries : Promoting sustainable fishing practices that help to conserve marine species. Aquaculture contributes immensely to global seafood production, with growth projected to reach over 102 million tonnes by 2030.
• Maritime Transport : Since 90% of global trade happens through oceans, advancements in maritime transport are prominent in reducing greenhouse gas emissions and contributing to the Blue Economy.
• Marine Biotechnology : Marine biotechnologies extract compounds from marine organisms, which are usually used in the pharmaceuticals, cosmetics, and food industries.
• Tourism : Promoting eco-friendly coastal tourism to boost local economies.
• Climate Change Mitigation : Using oceans as carbon sinks to reduce greenhouse gases (“blue carbon”).
• Waste Management : Implementing efficient waste management on land to reduce marine pollution.

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Understanding Blue Bonds

• Expand marine protected areas.
• Improve fisheries management.
• Support Blue Economy projects.

Blue Economy 2.0

Blue Economy in India

• Promoting livelihood opportunities for coastal communities.
• Ensuring energy security through offshore resources.
• Enhancing economic resilience by mitigating risks associated with climate change and natural disasters.
• Aligning with SDG 14 , which mainly focuses on conserving oceans, seas, and marine resources.

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Blue Economy and India’s Coastal States

Challenges in Developing India’s Blue Economy

1. Marine Pollution : Approximately 80% of coastal pollution in India originates from land-based sources, such as untreated sewage, plastic waste, and industrial runoff.
2. Overfishing and Depleting Marine Resources : Overfishing endangers fish stocks, which in turn ultimately affects the biodiversity and livelihoods of coastal communities.
3. Climate Change : Rising sea levels, ocean acidification, and changing ocean currents, because of changes in climate, which directly impact marine biodiversity and fishing industries.
4. Infrastructure and Capacity Gaps : India’s infrastructure for sectors like maritime transport, port facilities, and marine biotechnology is still in its developmental stages, this requires more strong investment and policy frameworks.
5. Threat of Maritime Crimes : Piracy, illegal trade, and terrorism threaten the stability of marine trade routes.

Steps Taken to Promote Blue Economy in India

1. Deep Ocean Mission : Focused on developing technologies for resource extraction from deep oceans.
2. India-Norway Task Force : Established to collaborate on sustainable development of ocean resources.
3. Sagarmala Project : A wide initiative for port-led development, focusing on modernization and sustainability.
4. O-SMART Program : Seeks to manage oceans and marine resources sustainably.
5. Integrated Coastal Zone Management : Targets the conservation of marine resources and enhances livelihoods in coastal areas.
6. National Fisheries Policy : Part of the Blue Growth Initiative, promoting the sustainable utilization of marine wealth.

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The Future of Blue Economy in India

• Expanding marine research and Information and Communication Technologies (ICTs) .
• Prioritizing disaster preparedness to protect coastal and marine communities.
• Considering oceans as platforms for international cooperation and cultural exchange rather than just economic zones.

Blue Economy in News

Conclusion

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