Blue Economy in India and Government initiatives for its development

Abstract According to UN report 2022, 2/5th of population in the world settle adjoining to coastal areas, over 3 billion people use the oceans for their occupation, and 80 per cent of international trade occurs utilizing the seas. Blue Economy, in Indian perspective includes “the complete system of ocean resources and economic linked infrastructure prepared by man in marine, maritime and onshore coastal areas within national legitimate jurisdiction, assisting in the generation of goods and services and have robust bonds with economic growth, sustainability of environment and security of nation” as presented by NITI Aayog. Indian coastline provides around 95 per cent of size of trade and 68 per cent of worth of trade. This picture presents a rising prominence to the blue economy of the country. India, with a coastline spanning over 7517 kms, has gained a significant position in the world maritime industry which helps it to develop as a blue economy. The country with 12 major ports and about 200 non-major ports transporting around 1550 million tons of cargo per year. Blue economy has a significant role to play in sustainability of India. It can speed up growth in economy along with ensuring environmental protection. The Maritime Amrit Kaal Vision 2047, a flagship programme of India whose initiative is to modernise ports, expand shipping infrastructure and stimulate renewable marine energy. An investment target of INR35,000 crore has been earmarked by 2047. The future of India’s blue economy pivots on innovative practices, operative policies, and responsible development, safeguarding a prosperous and sustainable ocean economy. This paper tries to attempt various initiatives taken by Government of India for growth of blue economy in India and some recommendations for its development.