The FICCI-KAS Knowledge Report with the title ‘Blue Economy – Global Best Practices: Takeaways for India and Partner Nations’, was launched on January 17, 2020 in the presence of Hon’ble Minister of State for External Affairs and Parliamentary Affairs, Govt. of India, Shri V. Muraleedharan.

In his keynote address, V. Muraleedharan elaborated that the concept of Blue Economy underlines the goal of achieving an all-inclusive and sustainable development, which would only be possible to achieve through fostering and developing blue growth in the country.

He further added: "Prime Minister has the vision of making India a $5 trillion economy by 2024. The responsible development of Blue Economy forms a cornerstone to the realization of the vision for New India. Government for the first time created a separate Ministry for fisheries. This is the first step in creating the Ministry for Blue Economy, I think sooner or later it will come into effect."

Dr. Jyotsna Suri, Past President of FICCI, added that, "Oceans are the next frontier of global growth. The benefits of Blue Economy to India are immense as India has a coastline of over 7500 kms. With this huge coastline, the sky is the limit" while Amb. Rajiv Bhatia, Chair of the FICCI Core Group on Blue Economy, said, "Informed and purposeful pro-activism is needed to assist our coastal states with best global practices in technology, management, and investments. FICCI has the role to be the bridge builder between sources of foreign technology and those who need it in the Indian coastal areas.”

Everyone present agreed that India and the global community as a whole need to use benefits of Blue Economy in an efficient way. In this context, the concept of Blue Economy promoting economic growth based on the sustainable usage of water-based resources is of cross-regional interest. This was once again highlighted by the concluding remarks of Peter Rimmele, Resident Representative of the KAS India Office. He recalled that during the 5th Indo-German Intergovernmental Consultations in November 2019, Chancellor Merkel and PM Modi had shown their commitment to SDG 12 (Responsible consumption and production), which can lead to resource efficiency and sustainability. Norway’s DHM Mrs. Bilton mentioned about the Government of Norway’s White Paper titled ‘Place of the Oceans in Norway's Foreign and Development Policy’ which was recently launched. She emphasized how the paper is on parallel lines with FICCI’s report on Blue Economy and could encourage further synergies.

Read more about the FICCI Core Group’s suggestions on Blue Economy and the launch in the report by FICCI attached.