INDIA'S KEENESS IN RESOURCES OF ARCTIC REGION

 UPSC GS MAINS IMPORTANT QUESTIONS

Why is India taking keen interest in resources of Arctic Region?




India's engagement with the Arctic dates back to nearly nine decades when it signed the 'Svalbard Treaty' in 1920 in Paris. India is already an observer at the Arctic Council- a forum of countries that decides on managing the region's resources.

Opening of the Arctic sea has given way for resource mapping in the Arctic region. The arctic sea is estimated to have as much 10 to 20% of the world's oil and nearly 30 % of natural gas. Arctic regions have large minerals ,particularly the iron ore. Mineral exploration and exploitation is expected to pick up as Arctic shipping develops further in the future. Arctic region will emerge as a new source of fishing. The region is already being called the 'kitchen of Europe'. The releases of new lands as a result of melting ice will lead to development of agriculture in the region.

A strategic trade partnership with South Korea presents an immense opportunity for India in unearthing the riches of the Arctic. Therefore India's interests in the Arctic region are scientific, environmental, commercial as well as strategic.




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