Why in news?
Prime Minister Narendra Modi has reaffirmed that the blue economy is pivotal to India's growth, with initiatives like Sagarmala, Deep Ocean Mission, and Harit Sagar Guidelines being leveraged to modernize ports, support innovation, and empower coastal communities.
 
What is blue economy?
The blue economy refers to the sustainable use of ocean, sea, and coastal resources for economic growth, improved livelihoods, and jobs while ensuring the health of ocean ecosystems is preserved.
 
Key Concepts

• The blue economy encompasses all economic activities related to oceans, seas, and coasts, including both established and emerging sectors such as fisheries, aquaculture, marine transport, tourism, renewable energy, and marine biotechnology.
• It is distinguished by its emphasis on sustainability, aiming to balance economic development with conservation of marine resources and ecosystem health.
• Beyond direct economic benefits, it values ecosystem services such as carbon storage, coastal protection, biodiversity preservation, and cultural values.

Major Sectors in the Blue Economy

• Fisheries and Aquaculture
• Renewable Ocean Energy (offshore wind, tidal, wave)
• Shipping and Maritime Transport
• Ports and Coastal Infrastructure
• Tourism (coastal and marine)
• Marine Biotechnology and Research
• Ecosystem Services (carbon sequestration, coastal resilience)

India’s advancement in blue economy through major mission and Initiatives

• The Deep Ocean Mission (DOM), launched in 2021, is central to India’s push to harness marine resources. It involves developing technologies for deep-sea mining, for extracting polymetallic nodules—key to mineral security and future energy needs.
• The Sagarmala Programme focuses on modernizing India’s ports, enhancing logistics infrastructure, and integrating coastal communities into economic activities along 7,500 km of coastline.
• Harit Sagar Guidelines and the Maritime Amrit Kaal Vision 2047 drive sustainable port development, boost coastal shipping, and position India as a maritime leader.
• The Pradhan Mantri Matsya Sampada Yojana (PMMSY) promotes modern fisheries and aquaculture, increasing productivity and supporting livelihoods, in coastal regions.
• Emphasis on eco-tourism, women-led seaweed farming, and local enterprise has led to substantial job creation and strengthens socio-economic inclusiveness.
• India participates in global maritime governance, signing agreements like the Biodiversity Beyond National Jurisdiction (BBNJ) and enhancing regulations for sustainable ocean activity.
• Policy integration across ministries, public-private partnerships, and regional cooperation in the Indian Ocean (via SAGAR and IORA) strengthen the strategic and economic value of India’s blue economy.
• By 2047, these efforts aim to firmly establish the blue economy as a growth engine and a central pillar of India’s “Viksit Bharat” (Developed India) vision.

Global Context

• The global blue economy is valued at around $2.5 trillion annually, contributing 5% to the world’s GDP.
• Oceans cover about three-quarters of Earth’s surface and are vital for trade, climate regulation, and supporting global biodiversity.
• There is a significant investment gap in the sector due to risks and regulatory uncertainty. Ocean-based industries could potentially generate over $3 trillion annually by 2030 if sustainable development and investments are prioritized.

Importance and Challenges

• The blue economy is considered a sunrise sector with high potential for economic diversification, technological innovation, renewable energy, food security, and climate resilience.
• Key challenges include overfishing, habitat destruction, pollution, climate change impacts, and the need for better governance and law enforcement to ensure sustainability.
• Sustainable management requires cross-sector cooperation, advanced technologies, and international partnerships, as highlighted in India’s Maritime Vision 2047 and global frameworks like the UN Sustainable Development Goals (SDG 14: Life Below Water).

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