Advancing a Safe and Sustainable Ocean Economy in india

The Scoping Phase in India focused on establishing a baseline and critically analysing national initiatives, guidelines, regulations, stakeholder engagement and recent studies in the Blue Economy. It also sought to identify sub-sectors’ specific challenges in Indian Ocean industries and across key value chains. 

Despite the country’s vast ocean economy, India faces significant barriers to growth. There is a notable lack of financial and human capital investments directed toward technology and innovation in the Indian Blue Economy. Additionally, limited awareness, insufficient research, and inadequate capacity-building initiatives hinder the adoption of safety and sustainability practices across ocean industries. Environmental threats such as declining marine biodiversity, rising sea levels, increasing ocean temperatures, extreme weather events, and broader climate change impacts jeopardize the country’s food, economic, and human security. Compounding these issues, Sustainable Development Goal (SDG) 14 — Life Below Water — remains one of the least prioritized goals by the private sector.

At the same time, India holds significant opportunities to expand its ocean economy. The Indian private sector is well-positioned to excel in developing port infrastructure, ship manufacturing, shipping services, and related business initiatives. These advancements can contribute meaningfully to the country’s economic growth and GDP, while also aligning with the Viksit Bharat Mission 2047 (Developed India Mission 2047). The blue economy offers pathways for sustainable development, inclusive growth, employment generation, and marine conservation. Furthermore, it can be expanded through innovative blue financing products — such as blue bonds, loans, and derivative instruments — to support sustainable ocean industry projects.

Several unexpected insights emerged during the scoping phase. Shipbuilding and shipping were identified as key contributors to India’s blue economy. The importance of ocean resources, maritime infrastructure, and coastal management services became evident, not only for economic growth and sustainability but also for national security. A significant share of the country's oil and gas is transported by sea, underscoring the Indian Ocean region's strategic role in national development. Additionally, fisheries and marine minerals were highlighted as crucial components, with India’s coastal economy supporting approximately 4 million fishermen and numerous coastal towns.