Economy

CAG wants G-20 auditors on the same page to foster a blue economy

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?

IN Bureau

Recent Posts

IAF orders enquiry after MiG-29 aircraft crashed near Agra

Indian Air Force (IAF) has said it has ordered an enquiry hours after a MiG-29…

5 hours ago

Paank urges Pakistan to end enforced disappearances following release of abducted students

The Human Rights Department of the Baloch National Movement, Paank, has emphasised that enforced disappearances…

5 hours ago

UKPNP condemns new restrictions on civil liberties in Pakistan-occupied Jammu and Kashmir

The United Kashmir People's National Party (UKPNP) has condemned a recent notification from the government…

5 hours ago

India-Vietnam Joint military exercise Vinbax 2024 commences at Ambala

The 5th Edition of Vietnam Indian Bilateral Army Exercise "VINBAX 2024" commenced on Monday and…

7 hours ago

“Disaster relief in the Indo-Pacific: A key element of India-Australia bilateral ties”, says EAM Jaishankar

External Affairs Minister S Jaishankar underscored the deepening bilateral relationship between India and Australia during…

8 hours ago

Bramption temple attack: Hindu organisations call for protest against “Khalistani intimidation” today

Following recent attacks on Hindu temples in Canada, the Coalition of Hindus of North America…

8 hours ago