Measures to Harness India’s Blue Economy
This chapter attempts to decipher the underlying principles of the Blue Economy and is aimed at developing a common understanding of the concept. It identifies the challenges in implementation as well as the enablers of Blue Economy in the context of India. India has a wealth of sea-based resources and there is a significant potential for harnessing the ‘Blue Economy’. Investing in the Blue Economy leads to ecosystem benefits and results in enhanced public goods and services which are invaluable and promote equity. There are various enablers such as maritime security, innovation funding, dynamic business models, and technological developments which act as catalysts for facilitating the Blue Economy. Planning and financing of programmes and developing public-private partnership models to promote Blue Economy is also crucial. International and regional cooperation is important for implementing Blue Economy so as to enable shared responsibility for effective management of sea-based resources.