Chanakya Policy & Research Foundation

Historically, Rivers and oceans have played critical role in survivability of ancient civilisation through sustainable agriculture and facilitating trade and commerce. Globalisation has further enhanced humanity’s dependency on the oceans as global ocean economy is rated as close to USD 1.5 trillion per annum. This exploitation of marine resources has created complex
sustainability challenges and compelled the United Nations (UN) to address the issue of balancing economic profit and preventing environmental degradation.

The World Bank defines the blue economy as the “sustainable use of ocean resources to benefit economies, livelihoods and ocean ecosystem health”.
The UN’s 17 Sustainable Development Goals (SDGs) has included blue economy in its charter, and Goal 14 deals explicitly with the conservation and sustainable use of the oceans, seas and marine resources for sustainable development. Recognising the importance of this sector, India has also adopted long-term roadmap for developing maritime blue economy specifically in Interim budget (2024), Government has extensively focused on Blue Economy 2.0 to develop indian fisheries and aquaculture sector as critical components of sustainable growth. India’s tryst with its new sunrise sector – the blue economy hails from the
Blue Revolution or the ‘Neeli Kranti Mission’ (1985-1990s) in the course of the 7th Five Year Plan under the leadership of Mr. Hiralal Chaudhuri and Dr Arun Krishnan. With a 7,500 kilometer coastline spanning nine coastal states, four Union Territories (UTs), India’s blue economy supports 95 per cent of the country’s commerce through transportation and provides an estimated four per cent of GDP. Fortunately, the sector has stood strong despite the challenges caused by the Covid-19 pandemic. India is also the world’s third-largest fish producer and the second-largest aquaculture fish producer (NFDB 2020) so it has potential to recruit a huge indian workforce.
We have approved the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement also called High Seas Treaty. It marks as a significant step towards the conservation and sustainable utilisation of marine biological diversity in areas beyond national jurisdiction. It shows India’s commitment to the global cause of environmental conservation and promoting rule of law at international level. India has also signed India- France Roadmap on Blue Economy and Ocean Governance where they intend to make blue economy a driver of progress of their respective societies. They aim to contribute to scientific knowledge and ocean conservation and ensure that the ocean remains a global common, a space of freedom and trade, based on the rule of law. To address governance challenges, a strategic initiative named ‘Sagarmanthan: The Great Oceans Dialogue’ has been launched. It comprises four interconnected themes that examine fundamental challenges and opportunities shaping the oceans’ future. The first one, New Frontiers, emphasises the huge possibility that improved connectivity, stronger infrastructure, and strategic development hold in a world that is rapidly changing. Meanwhile, Blue Growth underlines the importance of partnerships and collaboration in promoting maritime trade and commerce since India believes in economic shared prosperity and progress. Green and Blue emphasise sustainability, introduction, and innovation as tools that contribute toward making a greener maritime future, while Coasts and Communities covers the human dimension of maritime governance, as it looks into society’s impacts due to coastal populations. These would help India position itself better as a global maritime hub and improve its efficiency across various maritime segments. Meanwhile, Port infrastructure has become a cornerstone of economic growth worldwide, and recognising this potential, India also launched ‘Sagarmala programme’ in 2016 aimed at driving port-led development across India. This ambitious vision seek to enhance the efficiency of EXIM (Export-Import) and domestic trade by minimising infrastructure investment while maximising logistical efficiency. It will connect the oceans with the Indian interior, includes five of the 111 inland rivers. Global initiative such as Rhine freight traffic and canal water-bridge of Magdeburg in Germany tend to emphasise that inland water businesses cannot be separated from their economic contribution to the nation’s blue economy. In India, the efforts are on to develop this sector and recently, the first containerised freight successfully passed through India- Bangladesh Protocol. In addition, India has The Green Tug Transition Program (GTTP) aims to phase out conventional, fuel-based harbour tugs at Indian major ports to replaced with environmentally friendly tugs powered by sustainable fuels. Together, these initiatives reflect India’s commitment to positioning itself as a leader in sustainable maritime development while unlocking the full economic potential of its ports. Further, to raise quality of costal life and increase GDP, India needs to adopt sustainable strategies both at the centre as well as at the state level. India can introduce Blue Bonds, similar to green bond, for the Indian water management concerns. For instance, blue bonds might be used to finance initiatives like the National Mission for Clean Ganga.

India’s vision for a sustainable blue economy emerges from the Maritime India Vision 2030 (MIV 2030) where it aims to develop world-class infrastructure at major Indian Ports. India firmly believes that a port is a gateway to growth, even Prime Minister Modi repeatedly emphasised concept of “Jal Dharma’’ i.e. water ethics where it talked on maintaining balance in nature due to sacredness of rivers and waterbodies. India is drawing inspiration from ancient knowledge and crafted unique approach to Ocean resource management. The blue economy is a vast socioeconomic opportunity for coastal nations and India is committed to utilise ocean resources for societal benefit responsibly.
In his address Prime Minister Modi highlighted that “To me, the blue chakra or wheel in India’s national flag represents the potential of Blue Revolution or the Ocean Economy. That is how central the Ocean Economy is to us.” As we strive to realise the vision of a Viksit Bharat by 2047, blue economy are invaluable for a prosperous future.

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