Blue economy to play a vital role in the country’s economy in future

The blue economy occupies a vital position in India's economic growth and it could well be the next multiplier of GDP and well-being, provided sustainability and socio-economic welfare are kept at the centre stage, said Controller and Auditor General G C Murmu..

India has a 7,517 km long coastline that is home to nine coastal states and 1,382 islands. The coastal economy sustains over 4 million fishermen and other coastal communities.

There are nearly 199 ports, including 12 major ports that handle approximately 1,400 million tons of cargo each year, Comptroller & Auditor General of India (CAG) said at a seminar on the challenges and opportunities in the Blue Economy.

Moreover, he said, India's Exclusive Economic Zone of over 2 million square kilometers has a bounty of living and non-living resources with significant recoverable resources such as crude oil and natural gas.

"With these vast maritime interests, the blue economy occupies a vital potential position in India's economic growth. It could well be the next multiplier of GDP and well-being, provided sustainability and socio-economic welfare are kept at centre stage," he said.

Highlighting the importance of blue economy, Mr Murmu said that the blue economy economic system promotes the sustainable use of marine and freshwater resources while conserving their environments. It encompasses policies and operational dimensions aimed at producing food and energy, supporting livelihoods, and driving economic advancement and welfare, he said.

He emphasized that the Blue Economy while being intrinsically linked to the Sustainable Development Goal (SDG) 14 - which focuses on conserving and using oceans, seas, and marine resources for sustainable development -- shall also be viewed from a holistic perspective of SDG 13 - Climate Action; SDG 6 - Clean Water; SDG 7- Clean and Renewable Energy.

While there were audit criteria and framework for auditing sub-sectors, such as, marine fisheries, coastal eco-system, aquaculture, coastal and marine tourism, bio-technology from marine resources and extraction of sea-bed mineral resources, he said, integrating them into a single auditing framework would be key to all Supreme Audit Institutions (SAIs), including the SAI20 Engagement group.

SAIs could strive to scale up their efforts, develop study papers on the condition of the Blue Economy and make recommendations on how the governments could direct their efforts and policies for sustainable development of the Blue Economy of their nations.