Narendra Modi announces Samudra Manthan opening India's coastal waters ₹85,000cr
India
Big move from PM Modi: most of India's coastal waters, once off-limits, are now open for hydrocarbon exploration.
This is part of the new Samudra Manthan plan to boost energy security and cut down on expensive oil imports.
The government has set aside ₹85,000 crore to help find new energy reserves offshore.
Phase 1 outlay ₹84,084cr till FY2030-31
The Samudra Manthan scheme has a first phase with an outlay of ₹84,084 crore up to FY 2030-31. It'll use advanced tech to search over 5,600 MMTOE, or Million Metric Tonnes of Oil Equivalent, of hydrocarbon potential.
Modi also pointed out that cities with piped gas have jumped from 70 cities before 2014 to 700 now, and solar power has grown massively, from just 2 GW to 160 GW, helping India rely less on imported fuel.