Blue Economic Policy

Source: The post is based on the articleBlue Economic Policypublished in PIB on 27th July 2022.

What is the News?

The Ministry of Earth Sciences is finalizing the National Policy on Blue Economy for the country.

What is the Blue Economy?

Blue economy essentially refers to the multitude of ocean resources available in the country that can be harnessed to aid the production of goods and services because of its linkages with economic growth, environmental sustainability, and national security. 

How significant is India’s Blue Economy?

Vast Coastline: With a coastline of nearly 7.5 thousand kilometres, India has a unique maritime position. Nine of its 28 states are coastal states 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.

Huge Living and Non-living Resources: India’s Exclusive Economic Zone of over 2 million square kilometres has huge living and non-living resources with significant recoverable resources such as crude oil and natural gas.

Coastal Communities: The coastal economy sustains over 4 million fisherfolk and coastal communities.

What is the purpose of the Draft Blue Economic Policy?

​​Focus of the policy: The policy envisages the optimal utilization of all sectors of the maritime domain, (living, non-living resources, tourism, ocean energy, etc.) for sustainable development of coastal areas.

Thematic Areas: The policy focuses on seven thematic areas such as 1) national accounting framework for the blue economy and ocean governance, 2) coastal marine spatial planning and tourism, 3) marine fisheries, aquaculture, and fish processing, 4) manufacturing, emerging industries, trade, technology, services, and skill development, 5) logistics, infrastructure and shipping including transhipment, 6) coastal and deep-sea mining and offshore energy and 7) security, strategic dimensions, and international engagement.

National Blue Economy Advisory Council(BEAC): The policy also proposes this council. It will comprise Secretaries of relevant Ministries/ Deptts. as members. It would also include Chief Secretaries/Principal Secretaries of the Coastal States and representatives from industry. 

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