Harnessing Blue Economy for India’s Economic Buoyancy: Challenges and Opportunities

Asmi Raza

blue economy, sustainable development, community engagement, marine resources, coastal tourism

The Blue Economy refers to the wide variety of economic activities dedicated to ensuring the sustainable use and conservation of ocean resources, from fisheries and aquaculture to marine biotechnology, renewable energy, maritime transport, coastal tourism, and seabed mining. It is a force for transformative change towards sustainable development through the growth of GDP and job creation, coupled with the fulfilment of protein needs for millions, social equity, and protection of ecosystems, particularly coastal ones. This converges well with SDG 14, Life Below Water. Another interesting aspect is that it also represents an enormous economic opportunity worth about $1.5 trillion annually. In India, the Sagarmala Project and Deep Ocean Mission are taking the country forward on the path of the Blue Economy through an integrated approach designed in Maritime India Vision 2030. There are however several problems relating to the regulation, degradation of environmental concerns and lack of finances which have continually been an issue for this sector. Such issues require multi-dimensional approaches toward policy frameworks, education, community engagement, and indigenous knowledge with scientific practices. Community-based tourism and resource management can help galvanize local economies and minimize negative impacts on the environment, furthering a resilient and inclusive Blue Economy in India.

https://doi.org/10.31871/IJNTR.10.11.9