Experts Identify Vast Opportunities for India's Blue Economy

Mumbai Jan 22 (NationPress) Experts in the shipping sector recognize the vast potential for India to evolve into a Blue Economy, given its significant role in the international maritime landscape. With a coastline measuring 7517 kilometers and housing 12 major ports along with approximately 200 non-major ports, the country handles around 1550 million tons of cargo annually. Additionally, India possesses 2 million square kilometers of diverse resources within its exclusive economic zones.

“Approximately 95 percent of India's trade by volume and 68 percent by value is transported via coastal routes, underscoring the potential of the blue economy,” stated Pandurang Raut, Deputy Director General of Shipping, during his speech at ASSOCHAM’s conference titled ‘Accelerating the Blue Economy Wave towards Viksit Bharat’.

Raut elaborated on several initiatives aimed at bolstering the country’s blue economy, noting, “The Maritime Amritkal Vision 2046, launched in 2023, is designed to enhance port modernization, improve shipping infrastructure, and tap into maritime energy. The Sagar Mala program is implementing around 81 projects along India’s coast with an investment of Rs. 11,752 crores.

Furthermore, approximately 21,000 youths have been trained under the coastal development program, and there are 37 fishing harbor projects underway with a budget of Rs. 6,540 crores. The National Coastal Mission has allocated Rs. 240 crores for developing marine litter management practices.

“The Ministry of Ports, Shipping and Waterways has established 22 Viksit Bharat Sankalp (ViBhaS) cells and Neel Arth Vision Implementation Cells (NAVIC) to fulfill the aspirations set forth in the Maritime India Vision 2030 and Maritime Amritsar Vision 2047,” he added.

Le Quang Bien, Consul General of Vietnam in Mumbai, addressed the conference, stating, “The Blue Economy is globally acknowledged as a viable solution to the resource crisis and a sustainable basis for future economic growth. The Indo-Pacific region is strategically vital for the global economy, serving as a crucial route connecting multiple significant markets worldwide. Vietnam is strategically positioned among some of the fastest-growing economies today, such as India, Japan, Korea, and ASEAN.

He emphasized that Vietnam and India hold substantial potential for bilateral cooperation in technology transfer and human resources training to bolster each other’s capabilities in researching and applying advanced technologies for the sustainable exploitation of marine resources.

Enhancing marine collaboration, including blue economies between both nations, will not only yield economic advantages but also contribute to regional stability, development, peace, and security,” he remarked.

Discussing India’s extensive coastlines and their benefits, Shantanu Bhadkamkar, Chairman of the Maharashtra State Development Council (MSDC), Assocham, said, “Australia is densely developed on the east coast, showing that countries develop their coastlines unevenly. Oceans are vital, and India’s extensive coastline and exclusive economic zones must be developed to realize the aspiration of a $10 trillion economy.”

On the topic of a new insurance product, Anita Sharma from The New India Assurance remarked, “Thanks to significant efforts from CIBA and the Indian government’s Department of Fisheries, we have introduced a new product that has been modified and improved based on feedback from the government. A key feature of this policy is that we provide 80 percent indemnity to farmers, with 20 percent being the farmers' responsibility.”