As India focuses on blue economy to touch the $5 trillion, there is an urgent need to tighten its multi-layered audit structure and increase cooperation among other countries to plug the loopholes. 

Under the guiding philosophy of India’s G20 presidency outlining Vasudhaiva Kutumbakam, the Comptroller and Auditor General (C&AG) of India has proposed the collaboration of G20 supreme audit institutions (SAIs) on the blue economy.

Addressing a seminar on blue economy, CAG GC Murmu today said that blue economy could be the next multiplier of GDP only when sustainability and socio-economic welfare are kept at the centre-stage.

“SAIs can also consider developing international auditing guidelines for conducting marine audits, bringing out joint research papers on marine health, sharing practical knowledge and expertise on audit of Blue Economy through audit toolkits, conduct of joint co-operative- audits, etc,” he said.

Blue economy supports about 10 per cent — $1.5 trillion of China’s gross domestic product but it is about 4 per cent in India. As the geopolitical thrust is now shifting on the Indo Pacific, the Narendra Modi government is now aggressively looking at boosting the ocean economy and turning a part of it into a global economic corridor. India, with a coastline of about 7.5 thousand kilometres has carved out a blueprint on blue economy. A holistic ocean policy is key for India’s economy to touch the $5 trillion mark, experts said, adding that issues relating to the environment and maritime security need to be weaved into the blueprint.

Also read: Will India’s focus at G-20 on blue economy help counter climate change, spur equity?