India’s Blue Circular Economy Offers Major Opportunities for Growth, Investment and Employment
· Free Press Journal
World Trade Center Mumbai, in association with the Observer Research Foundation (ORF) and the All India Association of Industries (AIAI), organized a high-level Roundtable on “Blue Circular Economy: Innovation, Investment and Sustainable Growth.” The event brought together policymakers, diplomats, industry experts, academics and sustainability practitioners to deliberate on strategies for harnessing ocean resources sustainably while promoting economic growth and environmental stewardship. Diplomats from Finland, Sri Lanka, Egypt, Norway, Australia and Ireland attended the discussion.
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Erik af Hällström, Consul General of Finland in Mumbai, stated, “Climate change, marine pollution and resource depletion are global challenges that require comprehensive international cooperation. Finland aims to achieve carbon neutrality by 2035 and become the world’s first fossil-free economy. Circular economy goes beyond recycling; it is a business model that addresses root causes while creating new economic opportunities.”
Ashish Kumar Singh, Former Additional Chief Secretary, Transport and Ports, Government of Maharashtra and Distinguished Fellow, ORF, observed, “India loses nearly ₹61,000 crore annually due to post-harvest fisheries losses, while fish waste generation exceeds 2 million tonnes. Circular economy becomes a powerful economic strategy when waste is converted into valuable products such as fish oil, collagen, gelatin and nutraceuticals. The future ocean economy will belong to those who waste the least, regenerate the fastest and govern the wisest.”
Rajiv Jalota, Advisor, Indian Ports Association and Former Chairman, Mumbai Port Authority, said, “India’s marine exports are projected to reach USD 30 billion by 2030, while port capacity is expected to expand from 2,600 million metric tonnes to 10,000 million metric tonnes by 2047. Indian ports are at the intersection of shipping, waste logistics and coastal communities. To translate sustainability goals into measurable outcomes, we need common infrastructure, green shipping corridors, alternate fuel bunkering and circularity-focused facilities.”
Dr. Vijay Kalantri, Chairman, World Trade Center Mumbai and President, All India Association of Industries, said, “India has a coastline of over 7,500 kilometres, while Maharashtra alone accounts for nearly 878 kilometres. Nearly 95% of India’s trade volume moves through maritime routes, yet blue economy sectors contribute only about 4% to GDP, highlighting the enormous opportunity before us. To unlock this potential, the blue circular economy must be supported by a clear taxonomy that defines sustainable activities and enables investment, innovation and measurable outcomes. Water transport remains one of the most cost-effective and environmentally sustainable modes of transportation. Timely and collective action can help preserve our oceans, reduce pollution and create a cleaner, healthier marine ecosystem for future generations.”
Jaibal Naduvath, Vice President, Observer Research Foundation, said, “ORF has been actively contributing to global policy dialogue, with a growing focus on the Blue Economy. As the world increasingly recognizes the strategic importance of oceans, the Blue Economy presents significant opportunities to promote sustainable growth, strengthen maritime competitiveness and foster regional and international cooperation.”
Other speakers emphasized that MSMEs need easier access to finance, shared infrastructure and stronger market linkages to adopt circular economy practices at scale. They further noted the importance of involving coastal communities, improving marine resource tracking and channelising CSR support towards coastal ecosystem protection and sustainable livelihoods.
Priya Pansare, Director, Trade and Investment Promotion, World Trade Center Mumbai, proposed the vote of thanks and said, “The blue circular economy offers immense potential to promote sustainable growth, innovation and responsible use of marine resources. WTC Mumbai is also pleased to highlight the WTCA–UNIDO Global Blue Economy Call, which focuses on blue renewable energy, sustainable food systems, maritime transport, coastal tourism and ocean health.”
The roundtable concluded with a consensus that the blue circular economy presents a significant opportunity to align economic growth with environmental sustainability, strengthen coastal livelihoods and support India’s long-term vision of sustainable and resilient development. WTC Mumbai reaffirmed its commitment to fostering policy dialogue, industry collaboration and global partnerships to advance sustainable ocean-based growth.