The state of Kerala is set to host a two-day Blue Economy Conclave in Thiruvananthapuram, starting from September 18. The conclave will bring together experts and stakeholders from India and Europe to discuss sustainable development of ocean-based economic growth and partnerships. The blue economy is a concept that represents a shift in managing ocean resources, moving from traditional exploitation to a model that balances economic growth with environmental stewardship and social equity.
India’s blue economy is rapidly growing, with the country’s 11,098 km coastline and 2.4 million square km Exclusive Economic Zone (EEZ) being leveraged for national development. The Ministry of Earth Sciences defines the blue economy as a subset of the national economy that comprises the entire system of ocean resources and man-made economic infrastructure in marine, maritime, and onshore coastal zones. The blue economy is recognized as a key focus pillar within India’s Viksit Bharat vision for 2047 and is listed as one of 10 core growth areas, with a targeted $100 billion blue economy by 2030.
The Biodiversity Beyond National Jurisdiction (BBNJ) Agreement, adopted in June 2023, aims to protect marine biodiversity in areas beyond national borders. Multiple ministries, including the Ministry of Ports, Shipping and Waterways, Ministry of Fisheries, and Ministry of Environment, Forest and Climate Change, are undertaking initiatives to promote the blue economy. These initiatives include the Blue Revolution, Deep Ocean Mission, and programs under the Maritime India Vision 2030.
During India’s G20 Presidency in 2023, world leaders committed to conserving and sustainably using the world’s ocean and marine ecosystems. The Chennai High Level Principles for blue/ocean-based economy were adopted to promote sustainable growth of the blue economy. India has also committed to promoting sustainable ocean governance and marine conservation under the United Nations Convention on the Law of the Sea (UNCLOS).
The blue economy encompasses established industries such as fisheries and shipping, as well as emerging fields like marine renewable energy, biotechnology, and coastal tourism. However, progress is limited by fragmented governance, poor coordination, lack of data sharing, low private investment, and technology gaps. Despite these challenges, there is a strong consensus around the blue economy’s core principles, which emphasize sustainable use of ocean resources for economic growth, improved livelihoods, and preservation of the ocean ecosystem. The World Bank defines the blue economy as a “sustainable use of ocean resources for economic growth, improved livelihoods and jobs while preserving the health of the ocean ecosystem”.