Blue Economy is going to be an important source of Aatamnirbhar Bharat

Context

• Blue Economy is going to be an important source of Aatamnirbhar India. Ports and coastal roads are being connected with a focus on multi-modal connectivity.

What is Blue Economy?

• The blue economy is the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.

What is the significance of blue economy for India?

• India is progressing rapidly in the fishery related exports.
• All steps are being taken to turn India into a quality processed sea-food hub.
• India can play a major role in fulfilling the growing demand of seaweed, as farmers are being encouraged for seaweed farming.
• Blue Economy is going to be an important source of Aatamnirbhar India.
• Blue economy entails emerging industries including renewable energy, aquaculture, seabed extractive activities and marine biotechnology and bioprospecting.
• Blue economy also attempts to embrace ocean ecosystem services that are not captured by the market but provide significant contribution to economic and human activity.
• They include carbon sequestration, coastal protection, waste disposal, and the existence of biodiversity.

What are the challenges with this economy?

• Current economic trends that have been rapidly degrading ocean resources.
• The lack of investment in human capital for employment and development in innovative blue economy sectors.
• Inadequate care for marine resources and ecosystem services of the oceans.