Turning salt to gold.

Tid-Bits Tales, EP. 2.

What is the a blue economy?

Based on the picture above, it has something to do with the ocean, right? Correct. But what is so special about it? I mean, sure, there is exploitation and preservation, which are hot topics, but why would I write about them? I want to write about them not as an environmentalist - but as a reporter breaking down India's Blue Economy.

India's Blue Economy is a policy draft that was submitted back in September 2020. But before getting into the details, I want you to imagine the map of India. India, today not only is the Pharma king, but our country also is Jack Sparrow.

India has a coastline of 7000 KMs+ and two million square kilometres of exclusive economic zones. According to the United Nation's Ocean Laws, Exclusive Economic Zones are areas where a nation can over the ocean exercise its sovereign rights. These are numbers that most world-leading countries cannot even fathom to comprehend, never the less, experience.

However, throughout this great nation's history, we have ignored the promise which is housed within these water bodies we rule. If I say that we could have added a couple of billions to our GDP using these coasts, it is not hyperbole. But, things are looking up now, and that is what we are here to understand.

India's blue economy or the ocean contribution to the Indian economy is 4%, but this data may not be accurate. We must think about reading this article because the very reason the Indian Ocean has survived is that it has not been used to make money. Well, the same concept of Blue Economy is sustainability. Therefore, the policy that the government has come up with has sustainability at its core.

The idea is to use the ocean to boost the fisherman industry while also establishing new ports, industrial areas, and tourism locations. India has more than a thousand islands to its name and with only 199 ports built in those areas. Therefore, one of the first order of business should be to direct government expenditure towards an interventionist policy of increasing infrastructure. This can majorly boost both demand and supply in that region - making the locations appropriate for more cargo and tourist destinations.

Coastline SZEs can be formed to create new industrial areas for exporting business, lower Costs of Productions, and improve India's international competitiveness. India is also subject to an ongoing deficit in terms of international trade. The value of imports is higher than the value of our exports; therefore, the coastlines can be used to directly establish manufacturing industries to boost the country's export values.

As mentioned above, the fishermen accounting for more than 4 million employed labour are heavily focused on this policy. The fishermen currently fish in the shallow waters, where due to the threat to sustainability and common access resources (the idea that the natural resources which are not commercially owned and accessible to all are being used unattainably), the quantity of fish will begin to decrease as the consumption quantity increases.

Therefore, the government attempts to form incentives to ensure that anglers are fishing from the deep waters. Fishing is more tedious; however, a more sustainable practice, more than that, the deep sea also holds minerals and metal deposits. Investment into physical capital and R&D can boost the quality and quantity of resources available in the country as those reserves are extracted. This can exponentially increase potential India has in terms of its GDP and allow rapid future growth.

Lastly, there is a heavy focus due to the United Nation's Social Development Goals and The Paris Agreement guided towards sustainable energy. The coastline can generate enough electricity through tidal and By the use of tidal and wind energy, the coastline has the potential to generate enough energy to power more than 3,75,00,00,000 houses (AC electricity inclusive).

Therefore, there is a large potential in this policy, and there is a large potential in India's coastline. It is about time that it is being looked at. They are bringing out a new frontier for the future of the country. Time will tell, what steps will be taken to follow this policy draft up.