India to launch deep water exploration mission: Modi

Hindustan Times

a day ago

New Delhi: Prime Minister Narendra Modi on Friday announced the National Deep Water Exploration Mission to achieve energy security. Prime Minister Narendra Modi salutes during address to the nation from the ramparts of Red Fort on 79th Independence Day. (ANI)
'We are preparing to extract deep ocean resources such as reserves of oil and gas,' Modi said in his Independence Day speech. Terming the mission as 'Samudra Manthan' (the mythical churning of the sea), he said the initiative will be executed in 'Mission Mode'.
India is the world's third largest crude oil consumer after the US and China. It imported 232.7 million tonnes of crude worth $157.5 billion in 2024-25 . The country imports over 88% of crude oil it processes and also exports various refined products.
'A large part of the budget is spent on bringing in petrol, diesel, and gas. Lakhs and crores are spent on this. If we had not been dependent on the budget, that money would have been used for the future of my country's youth, fighting poverty and the welfare of the farmers,' Modi said.
'That money would have been used to change the situation in my country's villages. But we have to give it to the foreigners. Now we are working towards becoming self-reliant,' he said.
The Prime Minister also stressed on achieving self reliance in the critical mineral sector. 'We need self reliance in the critical mineral sector also because this addresses defence, energy, and technology needs. That is why we have launched the National Critical Mineral Mission. There are over 1200 exploration sites under this,' Modi added.
With focus on achieving self reliance across all sectors, the Prime Minister said in the last 11 years, solar energy production has increased by 30 times in the country.
He also announced enhancing nuclear and solar energy production by manifold.
'Keeping the energy of the environment in mind, keeping the energy sectors in mind, India is taking very big initiatives In nuclear energy, 10 new nuclear reactors are working rapidly. By 2047, By the time India celebrates 100 years of independence, we aim to increase our nuclear energy capacity tenfold,' he said.
'When the world is worried about global warming, I want to tell the world that India has decided that by 2030, India will provide 50% of clean energy. This was our goal for 2030. See the determination and power of my brothers and sisters, we have achieved it by 2025. We have achieved the goal five years in advance. We are as sensitive to the world as we are to nature,' he said.
India has surpassed its target of installing 50% of its power capacity from non-fossil fuel sources, achieving one of its key nationally determined contributions (NDCs) under the Paris Agreement five years ahead of schedule, the union cabinet said last month.
'The pursuit of energy security is paramount for a rapidly growing economy. Given India's 2070 net zero target, it might be challenging to get investments from the private sector for the deep sea oil and gas exploration as by the time such long gestational investments fructify, India might be on a path to decisively reducing its emissions,' said Vaibhav Chaturvedi, Senior Fellow at Council on Energy, Environment and Water.