It could boost the development of ocean-observing satellites, offshore businesses, construction and leasing of vessels and prediction of extreme events.

The concept of ‘Blue Economy’ was propounded in 2010 by Gunther Pauli in ‘The Blue Economy: 10 years – 100 innovations – 100 million jobs’. According to him, a “Blue Economy business model” could help society from scarcity to abundance “with what is locally available”. The “sustainability” of resources needs to address environmental and allied issues. The BE pertains to all kinds of economic benefits that can be derived from oceans and linked to industries, and covers several services and expertise.

The Indian Ocean is surrounded by land masses in the north denying its stretch from pole to pole, rendering this ocean unique with respect to climate, geology, physiography, resources, renewable energy (RE) and maritime activities. A brief on various components of BE relevant to India is listed.

Living Resources: India is the second largest producer of marine fish and freshwater fish with 82% being caught using trawlers, 12% by motorised boats and 1% by canoes. The fishery sector operates from 1,500 landing centres and 3,500 fishing villages and employs 11.4 million people. Fish catch in Indian waters was 4.41 million metric tonnes with 47% demersal, 48% pelagic and 5% oceanic.

India exported shrimps, squid, finfish, cattle fish and chilled items to Japan, the U.S., the EU, China, South East Asia and the Middle East, and earned millions of dollars. In 2005, India established the Coastal Aquaculture Authority to culture shrimp, prawn, fish, etc. in saline or brackish water. Mariculture has given a thrust to production of mussels, oysters, seaweeds and cage farming. India has also initiated a ‘Blue Revolution’ to increase inland and marine fisheries.

Bio-products: Oceans are repositories of biological diversities from which chemicals could be tapped for agrochemicals, food additives, pesticides, cosmetics, nutraceuticals, insecticides, biopolymers and dietary items. Marine organisms have long been used by India in traditional medicines such as ‘bhasma’ (ash), infusions, juices, pills, oils, powders and syrups. Medicines for diabetes, cancer, viral and bacterial infections and allergy can be obtained by bio prospecting and biosynthesis. “Bio-economy” uses biotechnology for new products and services.

Marine natural products can be obtained from shallow, tropical and deep-sea organisms, including microbes. Globally, 35,000 marine microbial species and 80 bacterial phyla are known to exist. Recently, 7,300 bio film-forming species and ten bacterial phyla were discovered.

Non-living resources: India has delineated the outer limits of the continental shelf beyond 370 km and mapped the Exclusive Economy Zone (EEZ) in the Arabian Sea, Bay of Bengal and the western part of the Andaman-Nicobar Islands. India’s EEZ is about 2.37 million km2, and another 0.6 million km2 would be added based on the United Nations’ approval.

Along the coasts occur significant quantities of magnetite, ilmenite, chromite, zircon, garnet and monazite with rare earth elements and radioactive thorium. Exploration and exploitation of these deposits need a judicious and sustainable approach, for example, once a mineral of interest has been extracted, then the waste sand could be used to replenish the beaches. Offshore mining would cause environmental degradation; hence, enough time should lapse for beach and near shore areas to attain equilibrium.

Deep-sea deposits include hydrothermal minerals, cobalt-rich ferromanganese crusts and poly metallic nodules respectively found along mid-ocean ridges (70,000 km-long underwater mountain chains, water depth <2,500 m), around the summits of seamounts, and in basins (water depth >4,000m). Ores of iron, copper, cobalt, nickel, lead, manganese, gold, platinum and silver occur in these deposits. India is a contractor for the International Seabed Authority to explore for hydrothermal sulphides along the South-West Indian Ridge and for an area of 75,000 sq. km. in the Central Indian Ocean Basin that has nodules containing 11 million tonnes of nickel, copper, and cobalt.

Energy: India has potential to develop renewable energy from the sun, wind, tides, waves and currents. The International Renewable Energy Agency predicted that 15 years hence, demand for primary energy would grow by 40%, with Asia requiring a significant share. By 2050, solar power with 8,500 giga watts (GW) and wind of 6,000 GW would comprise 3/5th of the generated electricity. Presently, energy from solar and wind contribute 25% of global power generation, which could rise to 86% and 60% respectively.

To encourage renewable energy, the government has given tax holidays, permitted 100% foreign direct investment, and generation-based incentives so as to increase power generation capacity. The National Institute of Wind Energy has located eight areas each in Tamil Nadu and Gujarat for offshore wind farms of about 1 GW capacity a piece. The Indian Renewable Energy Development Agency has identified three sites for tidal energy (Gulfs of Khambhat and Kutch) and in the Sundarbans delta.

Maritime activities: Shipping, marine traffic and transport, tourism and recreation, culture and heritage and associated sectors provide jobs, increase GDP, investments and skill development. The Indian Ocean accounts for 11.2% of shipping in dead weight tonnage. Under the ‘Sagarmala’ project, India is modernising about 200 ports which will be IT-enabled and connected to the hinterland through rail and road. Shipbuilding, repairing and other industries would grow and create 10 lakh jobs.

Cruise and leisure shipping: The Asian cruise sector forms 4% of the world market with the footfalls set to rise. Considering India’s large population, introduction of cruise liners would be a profitable venture. Presently, ships ply to Andaman Islands from Chennai, Kolkata and Vishakhapatnam, and between Mumbai and Goa, Mumbai and Gujarat, Kochi and Lakshadweep Islands and Kochi to Maldives.

Supplementary services: The Blue Economy could boost the development of ocean-observing satellites, offshore businesses, construction and leasing of vessels, communication, database of biodiversity and ecosystems, prediction of extreme events, etc. Hotels, restaurants, resorts, ship chandlers, ship repairing, ship salvaging and ship-breaking are important ancillary services. About 80% of ship demolitions occur in South Asia, mostly in India, Bangladesh and Pakistan.

The first dialogue, ‘Prospects of Blue Economy in the Indian Ocean’, was held in Goa (August 17-18, 2015) with participants from the Indian Ocean Rim Association countries. India is in an enviable position due to her long coastline, expansive EEZ and occurrence of marine minerals and fisheries. Being a leading power in South Asia and with a large youth population, corporate support and encouragement by the government, a Blue Economy would lead to socio-economic development, reduce hunger and poverty, and self-reliance in energy and maritime security. Geopolitically as well as from the economic perspective, India must implement the Blue Economy.