Approach:

Introduction: Introduce the topic by explaining the need for exploring marine resources and mentioning the recent context in which this is being discussed.

Body: Highlight the different resources that can be utilized to bridge the resource gap. Mention challenges in the second part for such exploration.

Conclusion: Suggest a balanced way forward to overcome obstacles and develop technology to ensure sustainable utilization of oceanic resources.

Answer:

According to the Global Ocean Commission, marine resources contribute up to 5% of the world’s GDP and sustain the livelihood of about 350 million people.

Following the industrial revolution, fossil fuels and minerals have been mined irresponsibly, shifting focus to marine resources. In this regard, the oceans contain large quantities of both biotic and abiotic resources. India also is attempting to utilize the oceans; for example, the National Institute of Ocean Technology is setting up a green, self-powered desalination plant in Lakshadweep using the latest technologies to provide potable water to people.

Marine resources that may supplement terrestrial ones include:

1. Food resources - Fish, table salt, seaweed, and kelp are collected from the ocean and have everyday applications. Fishing banks such as Dogger Bank, the North Sea, and the Southern sea are internationally renowned.
2. Hydrogenous, biogenic, and terrigenous deposits are found on the continental shelf and pelagic layer. They include manganese nodules, red clay, sulfur, etc.  For example, Central Indian Ocean Basin consists of polymetallic nodules which India plans to explore.
3. The energy needs of coastal nations can be met through the conversion of wind, tidal, and marine thermal energy.
4. Petroleum. Fossil fuels like petroleum, natural gas, and shale gas are collected from the seabed in the Bombay high and the Sunda shelf, while gas is taken from the Caspian Sea and Krishna Godavari basin.
5. Desalination facilities to combat water shortages.
6. Tourism as a resource may be used further for job creation and income generation.

However, the exploitation of maritime resources presents several obstacles-

1. The astronomical cost of energy exploration escalates into a high cost of electricity.
2. Developing countries do not have access to the technology and equipment necessary to exploit these resources.
3. Unsustainable fishing by industrialized countries in their overseas territories contributes to imbalanced fishing and negatively impacts natural equilibrium.
4. Ocean border disputes including the South China Sea, the Russia-Japan dispute over the Kuril Islands, and the India-Sri Lanka dispute limits international collaboration for resource exploitation.
5. Climate change endangers coral reefs, harming the most significant carbon sinks and the home of many marine animals reducing the overall resources available in the oceans
6. Many nations still need to join the United Nations Convention of the Law of the Seas (UNCLOS). This limits the scope for clarity regarding maritime boundaries for resource exploration and also limits cooperation
7. Environmental Hazards: Oil spills, Great Pacific Garbage Patch (GPGP) oceanic acidification

The Indian government has come out with several initiatives in this regard such as the Deep Ocean Mission, Sampada Yojana, Sagarmala project, Indian Ocean Rim Association, Samudrayan Project, etc.

Thus, sustainable resource exploitation necessitates global collaboration for a number of these concerns. India should further move towards the exploration of resources and developing the latest technologies to ensure self-reliance. It should further ensure north-south collaboration to consistently demand technology and fund transfers from the west to utilize resources for a sustainable future.