Blue economy refers to strategic and sustainable use of marine resources for development of economy and humans. The Indian Ocean Rim Organisation (IORA) believes that the objective of the blue economy is to promote smart, sustainable and inclusive growth and employment opportunities within the Indian Ocean Region’s maritime economic activities.
The blue economy is determined to initiate appropriate programs for
- the sustainable harnessing of ocean resources;
- research and development;
- developing relevant sectors of oceanography;
- stock assessment of maritime resources;
- introducing marine aquaculture, deep sea/long line fishing and biotechnology; and
- human resource development among others.
However, the Indian Ocean Rim Organisation has identified six priority pillars in the blue economy, namely
- Fisheries and aquaculture
- Renewable ocean energy
- Seaports and shipping
- Offshore hydrocarbons and seabed minerals
- Maritime biotechnology, research & development
The blue economy has various opportunities fir India. India has approx. 7500 kms of coastline. This opens up a lot of opportunities like
- Minerals- poly metallic nodules
- Trade and trans-shipment hub
- Geographical stronghold in Indian Ocean Rim
- Energy from oceans
- Increased trade and investment
India with such a long coastline can definitely explore various opportunities and open new avenues for India. This can boost the Indian economy and also generate employment. But in order to achieve this, certain challenges will be involved. To name a few:
- Funds will be needed to create opportunities
- Technological advancement will be required in order to explore, extract energy and dredging.
- Marine pollution has to be controlled since seas will be polluted due to the various activities going on and in the nearby regions
- Submergence of coastal regions due to global warming
- Over exploitation of resources is yet another threat
- Coastal area pollution is another challenge for the growth of blue economy. For the blue economy to grow and yield profit for India coastal area pollution is also a menace.
- Piracy is an equally concerning peril. Existence of pirates in the Indian Ocean Rim can jeopardize the entire scenario and increase trade cost.
- Sovereignty and Exclusive Economic Zone boundary issues may also act as an impediment.
But there are certain measures that can be adopted to overcome the challenges. I, as a PGDM student can suggest few measures:
- Scientifically planned strategy should be espoused to harness the resources as well as energy.
- Sustainably using the sea resources based on mutually agreed principles.
- Synchronizing the blue economy with the International North South Transport Corridor so that a multi modal connectivity could be provided.
- Project “Mausam” can also help increase India’s as well as Indian Ocean Rim (IOR’s) soft power in the world.
- Strengthening of dispute resolution mechanism in IORC.
- Bringing in stringent following of Coastal Regulation Zone (CRZ) norms.
As a PGDM student of Calcutta Business School I try to read varied subjects and topics for my own improvement and thought of sharing this with you.
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