BLUE ECONOMY

  • Recently, the union minister of science and technology and earth science said that the Blue Economy is the sixth dimension of Government of India’s Vision of New India by 2030.
  • A Draft Policy document on Blue Economy has been prepared by the Ministry Of Earth Sciences taking into consideration the reports of the expert working groups which emphasizes holistic development and growth of India’s Blue Economy.
  • In the Union Budget of India 2019 the Finance Minister laid out the Vision 2030 while highlighting India’s transformation in the last five years.
  • India is poised to become a USD5 tn economy by 2025 and aspires to become a USD10 tn economy by 2030.
  • The dimensions of Vision-2030 outlined are as follows:
  • To create physical and social infrastructure for ten trillion dollar economy and to provide ease of living.
  • Digital India led by the youths with innumerable start-ups and million of jobs.
  • To make India pollution free by focusing on Electrical Vehicles and renewables.
  • Rural industrialisation using modern technologies to generate massive employment.
  • Clean rivers, with safe drinking water to all Indians and efficient use of water in irrigation using micro-irrigation techniques.
  • Besides scaling up Sagarmala, India’s coastline and ocean waters will power development
  • Through our space programme – Gaganyaan, India becoming the launch-pad of satellites for the World
  • Self sufficiency in food production and producing food in the most organic way.
  • A healthy India by 2030 and a distress free health care and wellness system for all. Ayushman Bharat and women participation would be an important component in it.
  • Employees working with elected Government, transforming India into Minimum Government Maximum Governance nation.

What is the Blue Economy?

  • The concept was introduced by Gunter Pauli in his 2010 book- “The Blue Economy: 10 years, 100 innovations, 100 million jobs”.
  • It is the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.
  • It advocates the greening of ocean development strategies for higher productivity and conservation of ocean’s health.
  • Blue Economy emphasizes on integration of development of the ocean economy with social inclusion, environmental sustainability, combined with innovative business models.

Way Forward

  • With its vast maritime interests, the blue economy occupies a vital potential position in India’s economic growth.
  • It could well be the next multiplier of GDP and well-being, provided sustainability and socio-economic welfare are kept center-stage.
  • India should look to adopt the Gandhian approach of balancing economic benefits with sustainability for meeting the broader goals of growth, employment generation, equity and protection of environment.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT

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