Role of Blue Economy on Ecological Sustainability

Abstract

Blue economy is defined as sustainable use of oceans for economic development
without impeding ecosystem of ocean. Blue economy consists of various activities
like harvesting and trade of marine living resources; extraction and use of marine
non-living resources; use of renewable non-exhaustible natural resources (wave,
wind and tidal energy); commerce and trade in and around the oceans; and indirect
contribution to economic activities and environments . These activities support various
sectors and industries like shipping, fisheries, aquaculture, marine- biotechnology,
bioprospecting, mining, desalination, blue carbon and habitat protection etc. This
evidently elucidates the significance and scope of the blue economy . The significance
of the blue economy is not concentrated at one place or to a country; rather it has been
accepted internationally and countries are initiating various programs and activities to
incorporate it in their system. China has five year development plans for the nation –
marine economy. EuropeanUnion has also initiated their plans for blue growth. Many
water locked countries like Mauritius and Seychelles have also held their interest in the
blue economy (Pauli, 2010). India has also launched several projects like ”Sagarmala ‘’
and “Parivartan” in order to harness the benefits of the blue economy and ensure
a safe Indian ocean region, deeping a security cooperation, and building the Indian
ocean region as a frontier of sustainable development. The paper is an endeavour
to highlight the basic concept of the blue economy and various benefits the blue
economy can provide in economic growth and development. This model can also help
in reducing burden on land. This paper has following objectives. To develop insight
in the blue economy, To understand role of blue economy on sustainable economic
growth of India, To understand the role of blue economy ecological sustainability.