Blue Economy Enhancing Growth and Sustainability

Author: S. K. Mohanty, Priyadarshi Dash, Aastha Gupta
Published Year: 2017
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Following decades of debate on the quest for an ideal development strategy which can embrace the Post War concepts of ‘growth oriented strategy’ and ‘sustainable development’ in a comprehensive strategy, there is some further development in the form of Blue Economy. Amalgamating positive elements of both the strategies, the Blue Economy has emerged as an alternative development strategy which is consistent with the development thinking of both developed and developing countries. In the Post War period, the growth oriented strategy emphasised on the use of domestic endowments to maintain high growth with stability. With depletion of land resources, development focus gradually shifted towards ‘sustainable development’ which remains the main plank of development focus. Despite experimenting with both strategies over half a century, underdevelopment remains wide spread in the world over. Now there is a need for a development strategy which can promise high growth with sustainable use of resources for economic development. Blue Economy has the mandate of fulfilling these objectives by relying on the ocean health and resources generated from it. The ocean can unleash colossal opportunities, but sustainability norms need to be adhered to access these possibilities.