Blue Economy: Potential, Prospects and Path Ahead

Report by FICCI Blue Economy Task Force 3.0, November 2023

As the Blue Economy (BE) related initiatives and campaigns have continued, so has continued the work of the Task Force. In its third phase, the Task Force was mandated to critically examine the impact of the important developments in the BE domain in the past four years and explain the insights obtained through deep study, reflections, and widespread consultations for crafting new policy recommendations for consideration of the government and business. Continuing with the past practice, Task Force 3.0 report provides a succinct review of the BE related developments globally and within India so far and bridges them with the upcoming future pathways. Along
with updates on the current state of the major traditional BE sectors like fisheries, tourism, ports and logistics, the third phase has examined in detail the new sectoral and cross cutting thematic segments like deep sea mining, marine and maritime energy transition, biotechnology and pharmaceuticals, and the fast evolvinggovernance framework of Marine Spatial Planning (MSP).

The current report, accordingly, proposes a set of focused recommendations for the principal BE stakeholders from governance, business and academia.