Answer:

Introduction:

The Arctic, often dubbed as the Earth’s last frontier, has gained significant attention in recent years due to its strategic and environmental implications. For India, the Arctic region holds a special place not just from an environmental perspective but also for its strategic and economic prospects.

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Environmental Significance:

• Global Climate Regulator: The Arctic helps circulate the world’s ocean currents, influencing global weather patterns and temperatures. The sea ice in the Arctic acts as a massive reflector, repelling the sun’s rays and maintaining the Earth’s temperature balance.
• Interconnection with Himalayas: The Arctic and the Himalayas, although geographically distant, are interlinked in terms of environmental processes. Understanding the Arctic’s meltdown provides insights into the glacial melts in the Himalayas, which houses significant freshwater reserves, often referred to as the ‘third pole’.

Economic Significance:

• Hydrocarbon and Mineral Reserves: The Arctic region is believed to hold over 40% of the global reserves of oil and gas. Besides, it has abundant deposits of coal, gypsum, diamonds, and other minerals like zinc, lead, placer gold, and quartz. These resources can significantly address India’s energy security needs.
• Northern Sea Route (NSR): The NSR offers a shorter shipping route between Europe and the Asia-Pacific, with distance savings of up to 50% compared to the Suez or Panama Canals. The 2021 Suez Canal blockage further underscored the NSR’s strategic value. India’s share of 35% of the eight million tonnes of cargo at Murmansk port in 2023 highlights India’s growing engagement with the NSR.

Strategic Significance:

• India’s Historical Engagement: India’s Arctic connection dates back to the signing of the Svalbard Treaty in 1920. As an observer-state of the Arctic Council since 2013 and through its various research initiatives in the region, India has solidified its commitment to the Arctic.
• Balancing Geopolitical Interests: The Chennai-Vladivostok Maritime Corridor (CVMC) project and increasing cargo traffic along the NSR, in alignment with India’s expanding imports from Russia, underline the strategic importance of the Arctic for India. Engaging in the NSR also allows India to balance the potential collective influence of China and Russia over the region.

Commitment to Sustainable Development:

• While the Arctic’s resources offer immense economic benefits, India’s Arctic Policy of 2022 emphasizes a sustainable approach, aligned with the UN Sustainable Development Goals. 
• This ensures that while India taps into the economic potential of the region, it remains committed to environmental preservation and sustainable development.

Conclusion:

The Arctic region, with its immense strategic, economic, and environmental significance, plays a pivotal role in shaping India’s global engagements. As the dynamics of the Arctic evolve, it will be imperative for India to further its commitments, collaborations, and responsible actions in the region, ensuring a balance between economic interests and environmental sustainability.