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Why in the news?

Blue Economy, sixth dimension of India’s ‘Vision of New India’ by 2030

What is blue economy?

Initiatives Taken by the Indian Government:

• Sagarmala Project: With minimum infrastructure investment, the Sagarmala Program aims to cut logistical costs for export-import and domestic trade.
• Coastal Economic Zones: In the National Perspective Plan for the Sagarmala Programme, the government specifies 14 CEZs. The goal of CEZs is to boost exports by offering infrastructure and amenities to entrepreneurs who want to establish enterprises and industries near ports.
• Indian Ocean Rim Association: India has been participating in the IORA, which promotes the blue economy in the Indian Ocean littoral states.
• Matsaya Sampada Yojana: It is the country’s main strategy for concentrated and long-term development of the fishing sector. It will usher in the Blue Revolution by utilizing the potential of fisheries in a way that is sustainable, responsible, inclusive, and egalitarian.
• Polymetallic Nodules: The International Seabed Authority has granted India permission to conduct deep-sea mining in the Central Indian Ocean.

Way Forward:

• In addition to conventional industries like fisheries and coastal tourism, India should focus on marine transportation, communication services, and the construction of a knowledge center for marine research and development.
• India should strive to strike a balance between economic gains and long-term sustainability in order to achieve the broader goals of growth, job creation, equity, and environmental protection, while also building an effective response mechanism to humanitarian crises and natural catastrophes.

Mains oriented question:

What is the blue economy? What are the challenges associated with it? (250 words)