New Delhi, Oct 7 (IANS): The union cabinet in a meeting chaired by Prime Minister Narendra Modi on Wednesday approved the protocol for cooperation between India and Seychelles in "blue economy" signed in August this year.

An official release said the cabinet gave its ex-post facto approval to the protocol, laying down modalities of cooperation in ocean studies, scientific exploration and exploitation of sea-based resources for sustainable development and economic purposes, signed during the visit of Seychelles' President James Alix Michel on August 26.

"Cooperation with Seychelles in blue economy would provide new data on ocean-based resources and also provide for sharing of expertise and technology developed by Indian scientists and research institutes," the release said.

The protocol would also help domestic innovation in the field of ocean research and technology, it added.

Officials said blue economy conceptualises oceans as "development spaces" where spatial planning integrates conservation, sustainable use, oil and mineral wealth extraction, bio-prospecting, sustainable energy production and marine transport.