India has witnessed one of the slowest economic growth in the recent past . This is in the light of Government announcing many schemes including several stimulus measures in the recent past and the programmes like Make In India, Start Up India , Financial Inclusion and several others with a view to accelerate the Economic growth. Despite introducing many such schemes, the growth of the Economy started sliding down. The Prime Minister has announced the Vision of achieving $ 5 trn economy and the government is geared to identify action plans to achieve this goal. To arrest the falling economic growth, government has introduced many stimulus measures at regular intervals. The measures introduced so far are yet to give the desired result.
Sri Lanka situated 22 miles off the southern coast of India is an important maritime linkage between South East Asia and West Asia. Each year an estimated 60,000 ships, use this maritime route ( Fletcher Forum , Fernando ,S ,2019) . Being one of the closest prospering neighbors to India, Sri Lanka’s capital city Colombo is capable of becoming cities like Hong Kong or Dubai in the coming years. Colombo port is fast turning into a key transshipment hub in South Asia.Six years ago the Colombo port one of the world’s largest marine container handling port saw the opening of the Colombo International Container terminal (CICT). The brand new Container Terminal of the Colombo South Harbour expansion project with a 6.8-kilometer main breakwater can handle the biggest Triple-E Class vessels carrying 18,000 container units.
The blue economy is the, sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem. It is a Concept which encourages better management of our ocean and blue resources. Blue economy also includes benefits, such as carbon storage, coastal protection, cultural values and biodiversity. The concept of Blue Economy covers, Port development, Port based Industrial Development, City development, Cluster development, Fisheries, Education and Research, Shipping, Oil and Gas Extraction, Aquaculture, Coastal Development, Tourism, Marine bio tech, Renewable energy, waste disposal, environment protection and maritime security, Ship building , Ship breaking and Ship repairing.
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