Recently, the Indian Prime Minister unveiled the long-term blueprint for the Indian maritime blue economy known as ‘Amrit Kaal Vision 2047’ at the Global Maritime India Summit 2023 in Mumbai. The initiative includes promising developments like Advanced Mega Ports, an International Container Trans-shipment Port, island development, Expanded inland waterways, and multi-modal hubs promoting efficient trade. The government’s vision for the maritime sector is represented by the slogan ‘Ports for Prosperity’ and ‘Ports for Progress.’
Focus of the Global Maritime India Summit 2023
The Global Maritime India Summit (GMIS) 2023, organized by the Ministry of Ports, Shipping and Waterways, Indian Ports Association, and Federation of Indian Chambers of Commerce and Industry (FICCI), aims at boosting the Indian maritime economy. This flagship event fosters global and regional partnerships, thereby encouraging essential investments. As an annual gathering, it addresses key industry issues and brainstorms ideas to bolster the maritime sector.
Understanding the Blue Economy
According to the World Bank, the blue economy refers to the economic growth realized through sustainable use of ocean resources while preserving their health and improving livelihoods and creating jobs. Highlighting its significance, the Blue Economy contributes directly to food security through fisheries and aquaculture, promotes environmental conservation, and enhances tourism and recreation opportunities. It also promotes renewable energy sources and aids in transportation and trade.
India’s Potential in the Blue Economy
India, with a vast coastline extending over 7500 km and an exclusive economic zone that spans over 2.2 million square km, boasts of significant potential in the blue economy. Hosting 12 major ports, over 200 other ports, 30 shipyards, and a diverse array of maritime service providers, India is poised to be a frontrunner in the blue economic space.
Challenges Faced by India’s Blue Economy
India’s blue economy faces hurdles due to a fragmented fishing industry, climate change impacts, pollution, and port congestion. The fishing industry predominantly consists of small fishermen who lack access to credit and modern technology. Overfishing caused by inadequate regulation threatens the industry’s sustainability. Climate-induced sea-level rise, heightened ocean acidity, and extreme weather events pose significant threats. Pollution and invasive species introduced through oil spills jeopardize marine ecosystems, while port congestion results in delays and increased costs.
Government Initiatives for the Blue Economy
To address these challenges, the government has launched initiatives like the Deep Ocean Mission, Sagarmala project, O-SMART, Integrated Coastal Zone Management, and NavIC. These aim at promoting sustainable practices, enhancing infrastructure, reducing pollution, and improving overall efficiency.
A Pathway Forward
Comprehensive policy reforms, regulatory framework development, customs streamlining, and investment in infrastructure are required for the promotion of a sustainable blue economy. Improving road and rail connectivity to ports is essential for efficient cargo movement. Efforts must be targeted towards promoting responsible fishing and strict pollution control measures. Encouraging private sector investments through public-private partnerships, incentives, and financial support can also boost growth. Enhancing the shipbuilding industry through innovation and establishment of research and development centers will further fortify India’s blue economy.