Blue Economy

• India aims for an over Rs 100 billion Blue Economy through its Deep Ocean Mission and marine resources: said Earth Sciences Minister.
• Deep Ocean Mission (DOM) could be new avenue to supplement the country’s economy to the tune of an estimated Rs 110 billion.

Key points:

• Mission planned by the earth sciences ministry will be carried out in collaboration with the Indian Space Research Organisation (ISRO)
• Deep Ocean Mission received the Union Cabinet’s nod last month.
• India aims to target over Rs 100 billion Blue Economy through its Deep Ocean Mission and ocean resources

Blue economy

• It is the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.
• Blue Economy comprises all economic activities related to oceans, seas and coasts. * It covers a wide range of interlinked established and emerging sectors and the ocean economy as a growth opportunity for both developed and developing countries.
• It integrates fully the need to address the environmental and ecological sustainability of the oceans.

• It also includes economic benefits that may not be marketed like carbon storage, coastal protection, cultural values and biodiversity.
• Indian Ocean Rim Association (IORA) Secretariat has identified the following six priority pillars in the blue economy:

1. Fisheries and Aquaculture
2. Renewable Ocean Energy
3. Seaports and Shipping
4. Offshore Hydrocarbons and Seabed Minerals
5. Marine Biotechnology, Research and Development
6. Tourism

Deep Ocean Mission

• The mission is expected to explore the deep ocean for resources and
• Develop deep sea technologies that can be used for sustainable use of ocean resources.
• Deep Ocean Mission consists of six major components:

1. Development of Technologies for Deep Sea Mining, and Manned Submersible
2. Development of Ocean Climate Change Advisory Services
3. Technological innovations for exploration and conservation of deep-sea biodiversity:

4. Deep Ocean Survey and Exploration
5. Energy and freshwater from the Ocean
6. Advanced Marine Station for Ocean Biology

• The estimated cost of the Missionwill be Rs. 4077 crore for a period of 5 years to be implemented in a phase-wise manner.

Facts about ocean:

• The worldwide ocean economy is valued at around valued at around US$1.5 trillion per year.
• Eighty per-cent of global trade by volume is carried by sea.
• 350 million jobs world-wide are linked to fisheries.
• By 2025 it is estimated that 34% of crude oil production will come from offshore fields.
• Aquaculture is the fastest growing food sector and provides about 50% of fish for human consumption.