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Jakarta, May 11 (IANS) The Indian industry has great potential to develop ‘blue economy’ linkages with the Indian Ocean Rim Association (IORA) members, a Ficci study said on Thursday.

“The study highlights the need for a balanced approach, combining imperatives for growth and sustainability. It stresses the value of public-private partnership for generating additional investment and deploying technology for optimal development of blue economic opportunities for India Inc and its international partners,” Ficci said in a statement.

Following Prime Minister Narendra Modi’s policy initiative on blue economy in the form of ‘SAGAR’ (Security and Growth for All in the Region), Ficci presented its latest publication — Blue Economy – Vision 2025 — at the 2nd IORA Ministerial Conference underway here.

Blue economy refers to the use of the sea and its resources for sustainable economic development.

The Federation of Indian Chambers of Commerce and Industry (Ficci) has established a task force on blue economy for a detailed study to develop a business model based on it.

Ficci President Pankaj P. Patel said it is a master document “that synthesises the knowledge and insights of academia and policy community with the perspective of Indian industry”.

Referring to the study during his address at the ministerial conference, Minister of State for External Affairs M.J. Akbar said: “We are happy that the task force on blue economy set up by Ficci has submitted its report, which is not just India-specific but significant for all member-states.”

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