Economy

Published: Mar 27, 2023
Updated: Mar 27, 2023

India's Blue Economy: Recent Developments and Challenges

India's coastline stretches for more than 7,500 kilometres, providing ample opportunities for the development of the Blue Economy. The Blue Economy includes activities related to marine resources, such as fisheries, aquaculture, tourism, shipping, and offshore energy production. In recent years, the Indian government has recognized the importance of the Blue Economy and has taken several steps to promote its development. However, challenges such as climate change and unsustainable fishing practices pose significant obstacles to this growth.

Recent Developments in India's Blue Economy

One of the major steps taken by the Indian government to promote the Blue Economy is the launch of the Sagarmala Programme in 2015. The programme aims to develop port infrastructure, enhance connectivity between ports and hinterland, and promote coastal community development. The programme is expected to attract more than $120 billion in investment over the next decade.

Another important initiative is the National Marine Fisheries Policy (NMFP) launched in 2017, which aims to promote sustainable and responsible fisheries practices. The policy recognizes the need to balance the interests of the fishing community with the conservation of marine resources.

In 2020, the Indian government launched the Pradhan Mantri Matsya Sampada Yojana (PMMSY) with an investment of Rs. 20,050 crore. The scheme aims to enhance fish production, improve fisheries infrastructure, and create employment opportunities in the fisheries sector. The PMMSY is expected to double fish exports and increase the income of fishers by 2024.

Challenges to India's Blue Economy

Climate change is one of the most significant challenges to the growth of India's Blue Economy. Rising sea temperatures, ocean acidification, and sea-level rise have severe implications for marine ecosystems and the livelihoods of coastal communities. The Indian government has taken steps to mitigate the impact of climate change by promoting the use of renewable energy and implementing coastal zone management plans.

Unsustainable fishing practices, such as overfishing and the use of destructive fishing gear, are another challenge to the Blue Economy. The NMFP recognizes the need to promote responsible and sustainable fishing practices, but the implementation of the policy has been slow.

Efforts to mitigate risk need to be stepped up as climate change concerns persist

India's Blue Economy has significant potential for growth and development, but it also faces significant challenges. The Indian government has taken several steps to promote the growth of the Blue Economy, but there is a need for more concerted efforts to address the challenges posed by climate change and unsustainable fishing practices. The sustainable development of the Blue Economy requires a balance between economic growth, environmental conservation, and social development