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Blue is The New Black: G20 and its Role in Developing The Blue Economy!

  • Posted on March 28, 2023
  • News
  • By Top Stories

Water is an essential part for the survival of humanity, let alone the entire planet! When life is sustained, it will lead to livelihood, which in turn, fuels the economy of a country. You cut one aspect from this cycle, and your whole ecosystem will fall apart.


     In short, a country's economic country's economic and infrastructural development (including every kind of development) depends on its people. And the survival of these people depends on the basic amenities provided by nature, out of which “Water” is one of the primary necessities!


    Interestingly, the honorable PM of India, Narendra Modi, shares a similar viewpoint on the matter! He understands the importance of water, precisely oceans, and how India, as a country, can harness oceans and utilize it for our development.


     If you don't believe me, this quote from Mr. Modi will clear away your doubts. He said, "To me, the blue chakra in India's flag represents the potential of the... ocean economy."


Before we proceed, let's understand what the Blue economy or the Ocean economy really is. In simple terms, the blue economy refers to the "unceasing" harnessing of resources from the ocean and water bodies for the benefit of a country.


      You would hardly find a better definition than the World Bank on the matter, and I will quote it below:


The blue economy is the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem."


     PM Modi has always been vocal about utilizing the resources from the ocean for the betterment of the country. The government has launched a lot of projects and initiatives to tackle the issues related to the degradation of ocean life and the proper usage of oceanic resources.


     Be it the Sagarmala Initiative encouraging domestic ship manufacturers, the Pradhan Mantri Matsya Sampada Yojana enabling sustainable and responsible development of the fisheries sector, or the Deep Ocean Mission to explore marine resources in the EEZ as well as the buildout of technology for harnessing them, the government took many initiatives to promote and accelerate the Blue Economy.

     On the occasion of World Environment Day in 2018, PM Modi requested the citizens to give up on the use of plastic, a vital contributor to the degrading quality levels of the ocean and other water bodies.


     To double up the bliss, India has the G20 Presidency for the year 2023, a feat achieved never before in the history of the summit! The G20 countries together account for around 45% of the Earth’s coastlines and over 21% of the exclusive economic zones (EEZs).


     Over the last decade or so, G20 summits have witnessed discussions over various issues pertaining to oceans, most notable among them being the G20 Action Plan on Marine Litter, Osaka Blue Ocean Vision, and Coral Research and Development Accelerator Platform.


     With the G20 presidency, India can and has already used the platform to promote the Blue Economy as a priority under the Environment and Climate Sustainability Working Group. The aim is to encourage the adoption of measures that leads to "sustainable and equitable development through the ocean and its resources."


     Even in the last year, during the Ocean 20 launch in Bali, India made its stance clear on prioritizing oceans and the blue economy in general.


     G20 offers a conducive platform for discussions over various policies, to enhance collaborations between different countries over the same goal, and to promote public-private partnerships. With many powerful and developed countries within the sphere of G20 and the Presidency for this term, India can play a pivotal role in giving shape to its vision for a Blue Economy.

     Oceans have a vast bed of resources and opportunities for humanity. It is evident from our ancestral civilizations, who often settled in and around water bodies. The hopes are high among the netizens; whether the Presidency for G20 and the vision of the PM would come to fruition is a topic of discussion for another day!




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