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What is the Blue Economy? Promoting Blue Economy

Promoting Blue Economy:

 

The union minister of science and technology and earth science said that the Blue Economy is the sixth dimension of Government of India’s Vision of New India by 2030.

  • A Draft Policy document on Blue Economy has been prepared by the Ministry Of Earth Sciences taking into consideration the reports of the expert working groups which emphasizes holistic development and growth of India’s Blue Economy.

Blue Economy:

  • The concept was introduced by Gunter Pauli in his 2010 book- “The Blue Economy: 10 years, 100 innovations, 100 million jobs”.
  • It is the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.
  • It advocates the greening of ocean development strategies for higher productivity and conservation of ocean’s health.
  • Blue Economy emphasizes on integration of development of the ocean economy with social inclusion, environmental sustainability, combined with innovative business models.
  • It encompasses–
    • Renewable Energy: Sustainable marine energy can play a vital role in social and economic development.
    • Fisheries: Sustainable fisheries can generate more revenue, more fish and help restore fish stocks.
    • Maritime Transport: Over 80% of international goods traded are transported by sea.
    • Tourism: Ocean and coastal tourism can bring jobs and economic growth.
    • Climate Change: Oceans are an important carbon sink (blue carbon) and help mitigate climate change.
    • Waste Management: Better waste management on land can help oceans recover.

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