BLUE ECONOMY: IMPACT OF CORONA PANDEMIC

Global ocean assets account for about 5 to 7 % of global GDP at over US$24 trillion to be the seventh largest economy. Marine sector in India constitutes app. 4.1 % of India's economy and is a source of livelihood to over 250 million people. Blue economy has a huge potential and can play a crucial role in the economic development through income and employment generation. With a strategic geographical location in the Indian Ocean and. exclusive economic zone (EEZ) of 1.5 million sq. km, India possesses huge marine resources and blue economy could be a pivot of development. Unfortunately oceans are perceived only as everyone's resource but no one's responsibility. Unregulated and unscientific exploitation has brought fragile marine ecosystem under tremendous pressure. A fundamental change is required to the way the world's marine economy is managed. The COVID-19 pandemic has steadily rippled through this economy affecting most of its sectors including Fisheries and Aquaculture, Renewable Ocean Energy, Seaports and Shipping, Seabed mining, Marine Biotechnology, Marine Tourism. However, the pandemic has also delivered unusual environmental benefits through reduced economic activity and consequent curb on ocean emissions and air and water pollution. The paper discusses the concept of blue economy with a focus on India, its potential and fragility; the requirement to maintain it sustainably; current status and Government's initiatives to build its important components; and the impact of corona pandemonium on the blue economy. Suggestions have been made to manage these resources sustainably.