Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Inclusive growth and issues arising from it.

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DRAFT BLUE ECONOMY POLICY

• Recently, the Ministry of Earth Sciences (MoES) has rolled out the draft Blue Economy policy, inviting suggestions and inputs from various stakeholders.
• It is in line with the Government of India’s Vision of New India by 2030.
• The policy document highlighted the blue economy as one of the ten core dimensions for national growth.
• It emphasizes policies across several key sectors to achieve holistic growth of India’s economy.

It recognizes the following seven thematic areas:

• National accounting framework for the blue economy and ocean governance.
• Coastal marine spatial planning and tourism.
• Marine fisheries, aquaculture, and fish processing.
• Manufacturing, emerging industries, trade, technology, services, and skill development.
• Logistics, infrastructure and shipping, including trans-shipments.
• Coastal and deep-sea mining and offshore energy.
• Security, strategic dimensions, and international engagement.

Aims:

• Enhance contribution of the blue economy to India’s Gross Domestic Product (GDP).
• The blue economy, which consists of economic activities dependent on marine resources, comprises 4.1% of India’s economy.
• Improve lives of coastal communities.
• Preserve marine biodiversity.
• Maintain the national security of marine areas and resources.

Reason and Need for a Blue Economy Policy:

• With a coastline of nearly 7.5 thousand kilometers, India has a unique maritime position.
• Nine of its 28 states are coastal, and the nation’s geography includes 1,382 islands.
• There are nearly 199 ports, including 12 major ports that handle approximately 1,400 million tons of cargo each year.
• India’s Exclusive Economic Zone of over 2 million square kilometers has a huge living and non-living resources with significant recoverable resources such as crude oil and natural gas.
• The coastal economy sustains over 4 million fisherfolk and coastal communities.

SOURCE:THE HINDU, THE ECONOMIC TIMES