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Importance of Blue Economy

created Jun 12th 2021, 08:27 by shailesh saroj


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374 words
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One of the major challenges following the pandemic is the loss of livelihoods and jobs. One of the ways for recovery and growth can go through the ocean. The Blue Economy represents an enormous potential for sustainable economic activity and job creation after the crisis.
India has a unique maritime position, with a 7,517-km long coastline and an Exclusive Economic Zone of over two million sq-km. Having vast ocean resources at their disposal presenting a huge opportunity for boosting their economic growth and tackling unemployment, food security, and poverty.
The resources in these areas can spur India's economic recovery in a manner that is also beneficial to our climate and environment.
The 'Blue Economy' is an emerging concept that encourages better stewardship of our ocean or 'blue' resources.
Similar to the 'Green Economy', the blue economy model aims for the improvement of human wellbeing and social equity, while significantly reducing environmental risks and ecological scarcities.
International society believes that the blue economy covers three economic forms: Economy coping with the global water crisis, Innovative development economy, Development of marine economy. It is important to note that the blue economy goes beyond viewing the ocean economy solely as a mechanism for economic growth. In the ocean economy model, large-scale industrial nations sought to exploit the maritime and marine resources, often without a view to the effects, their activities have on the future health or productivity of those same resources. For example through shipping, commercial fishing, and the oil, gas, minerals, and mining industries.
The blue economy is not just about market opportunities; it also provides for the protection and development of more intangible 'blue' resources. For example, traditional ways of life, carbon sequestration, and coastal resilience help vulnerable states mitigate the often devastating effects of climate change. It provides for an inclusive model in which coastal states - which sometimes lack the capacity to manage their rich ocean resources - can begin to extend the benefit of those resources to all.
The ocean has a role to play in strengthening resilience to economic and environmental disruptions. Investing in shipping decarbonization, sustainable seafood production, and ocean-based renewable energy provide for better health outcomes, richer biodiversity, more secure jobs, and a safer planet for generations to come.

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