In this article, we will discuss Importance of Blue Economy. So, let’s get started.
Importance
- Blue economy presents India with an unprecedented opportunity to meet its national socio-economic objectives as well as strengthen connectivity with neighbors.
- Blue Economy can help in focusing on livelihood generation, achieving energy security, building ecological resilience, and improving health and living standards of coastal communities.
- Blue economy would reinforce and strengthen the efforts of the Indian government as it strives to achieve the SDGs of hunger and poverty eradication along with sustainable use of marine resources by 2030.
- With an over 7,500-km-long coastline spread across nine coastal states, 12 major, and 200 minor ports, India’s blue economy supports 95% of the country’s business through transportation and contributes an estimated 4% to its Gross Domestic Product (GDP).
- The Indian Ocean is a major conduit of trade with as much as 80% of global oil trade happening through it.
- Better connectivity in the region will significantly cut the transport cost and maritime wastage of resources making the trade sustainable and cost effective.