Union Cabinet approved Framework for Cooperation in Blue Economy between India and Seychelles

The Union Cabinet chaired by the Prime Minister Narendra Modi, on 7 October 2015 gave its ex-post facto approval to the protocol for cooperation in the field of blue economy.

India and Seychelles signed the protocol to this effect on 26 August 2015 during the visit of the President of Seychelles James Michel to India.

The protocol lays down the modalities and mechanism of cooperation between the two parties for ocean studies as well as scientific exploration and exploitation of sea based resources, for sustainable development and economic purposes.

How the Protocol will be beneficial for India?
• The cooperation will enhance India’s strategic cooperation in the field of blue economy; commercial benefits from export of human resources, expertise and technology and it will increase India’s access to ocean-based resources in cooperation with Seychelles.
• Cooperation with Seychelles in blue economy will provide new data on ocean-based resources and also provide for sharing of expertise and technology developed by Indian scientists and research institutes. It will also help domestic innovation in the field of ocean research and technology.

What is Blue Economy?
The Blue Economy is a developing world initiative pioneered by SIDS (Small Island Developing States) but relevant to all coastal states and countries with an interest in waters beyond national jurisdiction.

It conceptualises oceans as “Development Spaces” where spatial planning integrates conservation, sustainable use, oil and mineral wealth extraction, bio-prospecting, sustainable energy production and marine transport.

The Blue Economy breaks the mould of the business as usual “brown” development model where the oceans have been perceived as a means of free resource extraction and waste dumping; with costs externalised from economic calculations.

Rather, the concept incorporates ocean values and services into economic modelling and decision-making processes.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App