Sunday, October 2, 2022

Blue economy bugle sounded: $1 TN Blue GDP coming up?

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In his Independence Day address to the nation on Sunday, Prime Minister Narendra Modi sounded the bugle to develop blue economy and the massive impact it could have on India’s economy. With about 1,400 Islands, Deep-sea tech is the future and it is certainly time for India Inc to jump in the opportunity. If we can tap this arena, we could be possibly looking at at $1 TN blue GDP coming up. From aqua culture to sea farming, a Rs 4000 CR project as been launched with key emphasis on one message, “Future is blue economy’. At a time when China has mapped the ocean, what are our urgent priorities?

What is blue economy?

An emerging concept, the Blue Economy aims at the preservation and improvement of our blue or ocean resources, while significantly reducing environment risks and ecological scarcities. The World Bank defines blue economy as the sustainable use of ocean resources for economic growth, improved livelihoods and jobs and ocean ecosystem health. It encompasses activities like renewable energy, tourism, climate changes, waste management, fisheries, maritime transport and much more. Time and again, experts have emphasised the potential of blue economy and its long term benefits for developing and developed states.

Objectives Of Rs 4000 Cr Deep Sea Project

Some of the key objectives of the blue economy mission include:

  1. To address issues in ocean due to climate change
  2. To develop technologies for deep sea exploration
  3. To develop underwater vehicles and underwater robotics
  4. To provide ocean climate change advisory services
  5. To identify conservation methods for marine bio resources
  6. To develop offshore based desalination techniques
  7. To develop renewable energy generation techniques

India has almost 1300 islands across the seas and most of these are unheard. From the coast of Goa to the Sundarbans, it is time to put India’s islands on the map.

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