Latest news with #NationalDeepWaterExplorationMission
Hindustan Times
7 hours ago
- Business
- Hindustan Times
India to launch deep water exploration mission: Modi
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.
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Business Standard
7 hours ago
- Business
- Business Standard
Independence Day 2025: PM Narendra Modi maps road to 'atmanirbharta'
With economic self-interest now the global order of the day, Indians must not wallow in crisis but instead build strength and standing, Prime Minister Narendra Modi declared from the ramparts of the Red Fort in his Independence Day address on Friday. Facing stiff US tariffs, Modi appealed to the nation to embrace 'swadeshi', and set out his government's drive towards 'atmanirbharta' -- self-reliance -- in everything from jet engines and EV batteries to fertilisers. In a 103-minute speech, among the longest of his dozen Independence Day addresses since 2014, he spoke about the government's efforts to slash India's energy import bill, which runs into trillions on rupees, and announced a National Deep Water Exploration Mission to hunt for oil and gas. A task force, he said, would be set up to recommend 'next-generation reforms' to overhaul the laws, rules and procedures that govern economic life, working within a strict time-frame. Even as he prepared the country to face economic challenges because of the 50 per cent US tariff, there was a sweetener. The government will roll out next-generation GST reforms, Modi said, to cut the tax burden on ordinary people, make daily necessities cheaper and boost growth. 'It will be a double Diwali gift for you,' he promised, with micro, small, and medium enterprises (MSMEs) and small entrepreneurs set to benefit. While skirting direct reference to the US tariffs -- including penalty over India for its import of Russian crude, and Washington's push for access to the country's agriculture and dairy sectors -- Modi vowed to protect the interests of farmers, livestock rearers and fisherfolk. 'Modi is standing like a wall against any harmful policy that threatens the interests of farmers, fishermen and cattle rearers of India,' he said, sporting a saffron headgear. Calling on every trader and shopkeeper to display 'Swadeshi goods sold here' signs, he urged pride in local products: 'Not out of compulsion but for our own strength -- and if needed, even to compel others to use it. This should be our guiding mantra.' From his '25 years of administrative experience', he insisted: 'If we choose this path, and if everyone chooses it, then no selfish interest will ever be able to entrap us.' Just as millions' sacrifices brought 'swatantra Bharat' 79 years ago, so too could hard work, vocal for local and swadeshi bring 'samruddha Bharat', a prosperous India. The prime minister unveiled a ₹1 trillion employment scheme: Newly-employed private sector youth will receive ₹15,000 a month, benefiting 30 million. He warned of 'demographic imbalance' from infiltration and illegal migration in border areas, launching a high-powered Demography Mission to protect unity, integrity and citizens' rights. The leitmotif of the celebrations was Operation Sindoor -- a military success he credited to indigenous defence investment. By 2035, India would erect a national security shield, the Sudarshan Chakra, to protect both defence and civilian assets. Made-in-India semiconductor chips will hit markets by year's end, Modi said. The prime minister highlighted India's push towards self-reliance in critical minerals with exploration at over 1,200 sites. Attempts to set up chip factories '50–60 years ago were killed at birth while other nations prospered', but now India was in 'mission mode', he said. Nuclear capacity, the prime minister said, would increase tenfold by 2047, with work on 10 new reactors already under way. Pakistan was mentioned three times, along with a warning against 'nuclear blackmail' and further misadventure. The Indus Waters Treaty, put in abeyance after the Pahalgam terror attack, was 'unjust and one-sided', Modi said: 'Blood and water will not flow together.' Stressing that dependence on imports was 'unfortunate', he asked entrepreneurs to strive for quality manufacturing at lower costs. 'Daam kam, dum zyada,' he said. 'We should not waste our energy in belittling others, our focus should be on strengthening ourselves. For a nation, the greatest criteria for self-dignity is its self-reliance,' the prime minister said, while addressing the crowd that included school students and sportspersons wearing white hats printed with the slogan 'New India.' He insisted India's macroeconomic fundamentals were strong -- inflation under control, foreign reserves robust -- and the country must 'focus on even greater goals now'. Modi, once an RSS pracharak, hailed the Sangh's centenary as 'a very proud and glorious' journey for the 'world's biggest NGO'. From the Red Fort, he saluted all swayamsevaks whose century of service 'will continue to inspire us'. Taking aim at Opposition charges of Hindi imposition, he pointed to classical language status for Marathi, Assamese, Bengali, Pali, and Prakrit. The Constitution had been a 'lighthouse' for 75 years, he said, invoking Syama Prasad Mookerjee's sacrifice for it, and recalling how the Emergency 'strangled' it 50 years ago, turning India into 'a prison'. His government, he said, would mark the 200th birth anniversary of reformer Mahatma Jyotiba Phule, whose 'priority to the backward' guided policy still. He also condoled the loss of lives in recent natural calamities, including flash floods in Uttarakhand.
The Print
14 hours ago
- Business
- The Print
Deep-water exploration to clean energy targets, what Modi said about India's energy security
He added that in the 11 years since his government came to power, solar energy has increased by 30 times. The PM was referring to India's total installed capacity of solar power, which reached 105 GW earlier this year. He also lauded the country's new and upcoming dams, focusing on how they would bring in clean hydropower. 'We're dependent on so many countries for energy—petrol, diesel and gas. We spend lakhs of crores of rupees to buy it from other countries,' said the PM in his address. 'We need to be atmanirbhar in our energy.' New Delhi: Prime Minister Narendra Modi announced a new 'National Deep Water Exploration Mission' in his Independence Day speech on Friday. He was speaking about India's attempts at building energy security, and how the new mission would explore the oceans and seabed for gas and energy resources. 'We spend so much money on getting energy from other countries, but if we're not dependent on them, all that money can be used for the country's youth, poor, and farmers,' said Modi from the ramparts of the Red Fort. The PM's speech highlighted India's other clean energy missions such as the National Green Hydrogen Mission, and new initiatives in nuclear energy. India currently has 25 operational nuclear reactors in the country, and Modi said 10 of these are new and brought in during his tenure. He also said that his government has reformed the nuclear energy sector by opening it up to private players, a decision taken in March this year. 'By 2047, which is the Viksit Bharat goal, we will increase nuclear energy capacity by more than 10 times,' the PM declared. Modi also said that India achieved its 2030 goal of 50 percent clean energy installed capacity five years in advance by 2025. He lauded the country's commitment to acting against global warming. Deep water mission, critical minerals In a bid towards development, PM Modi said the country is moving towards the deep ocean and will launch the National Deep Water Exploration Mission. The Mission comes at an opportune time, as the National Institute of Ocean Technology on Thursday announced that two of its engineers became the first Indians ever to travel 5000 m underwater in the Atlantic Ocean. Apart from the Deep Water mission, Modi also spoke about the world's growing awareness of critical minerals. For India, he said, critical minerals are essential in every sector, from energy, industry, defence to technology. He spoke briefly about the work being carried out in the sector. 'The National Critical Minerals Mission is exploring more than 1200 sites, and we're soon moving towards self-reliance in this sector too,' said the PM. (Edited by Gitanjali Das) Also Read: Modi pushes for self-reliance in critical minerals in I-Day speech. What India's done so far
New Indian Express
15 hours ago
- Business
- New Indian Express
PM Modi announces National Deep Water Exploration Mission to find oil under seabed
NEW DELHI: Prime Minister Narendra Modi on Friday announced a National Deep Water Exploration Mission aimed at discovering oil and gas reserves beneath the seabed, as part of efforts to boost domestic production and reduce the country's multi-billion-dollar import bill. India is dependent on imports to meet as much as 88 per cent of its needs of crude oil, which is converted into fuels like petrol and diesel, and about half of its requirement of natural gas, which is used to generate electricity, produce fertilisers and converted to CNG to power automobiles. One reason for high import dependence is that the country is not endowed with easy-to-find reserves. Large oil and gas discoveries like KG-D6 of Reliance Industries and KG-DWN-98/2 of ONGC happened in the pre-2014 period in deep-sea blocks. "A huge portion of the budget is spent on importing petrol, diesel, gas, and other such resources... lakhs of crores of rupees go into this," Modi said. "If we weren't dependent on energy imports, that money could have been used for eradicating poverty, farmers' welfare and improving conditions in our villages... but instead, we have to send it to foreign countries." The government, he said, is now working to make the country self-reliant in energy. "To make India a developed nation, we are now embarking on a new phase of Samudra Manthan (Churning of the Ocean)," he said. "Building on this effort, we aim to work in mission mode to explore and discover oil and gas reserves beneath the sea. That's why India is launching the National Deep Water Exploration Mission - a significant step toward achieving energy independence." While the large discoveries of KG-D6 and KG-DWN-98/2 and a few more off the East Coast happened in areas awarded under the New Exploration Licensing Policy (NELP) prior to 2014, the Modi government has revamped the exploration policy, ushering in an open acreage licensing policy and opening up record area for exploration of oil and gas. Commenting on the announcement, Oil Minister Hardeep Singh Puri, in a post on X, said several key reforms, including legislation like the ORD Amendment Act, have been put in place to enhance exploration and production activities in India over the last few years. "52 discoveries have been made in the last five years, and 172 since 2014, including 66 offshore. Acreage of more than 0.38 million square kilometres has been awarded (for exploration) as compared to 82,327 sq km between 2009 and 2014. India's energy sector is exploring new horizons." Recently, nearly 1 million sq km of erstwhile 'No-Go' areas have been opened up for exploration and put up for bidding. The areas opened up include new deepwater frontiers like the Andaman-Nicobar basin. Deep water, particularly off the Andhra coast and the Andaman Sea, may hold some prospects. Puri and his ministry have been touting the prospects of the Andaman Sea for some time now. "Andaman-Nicobar: India's Next Oil & Gas Hotspot! Its tectonic setting and proximity to proven petroleum systems in Myanmar and North Sumatra make it a high-potential exploration zone attracting global interest," the Ministry of Petroleum and Natural Gas had said in a post on X on July 31. Puri, in a post on July 30, had said, "Andaman's waters could hold the key to India's energy future". Stating that India is exploring this untapped frontier, he had said that 25 blocks have been offered for bidding under the current OALP-X bid round, including promising ones in the Andaman Basin, spanning around 2 lakh sq km. "A breakthrough here means less imports, more jobs, and stronger energy security," he stated.
Time of India
16 hours ago
- Business
- Time of India
UK Confirms 'Serious Nuclear Accident' At Scottish Naval Base, Home To All Royal Navy Submarines
GST Reforms To Jobs: PM Modi's Eight Big Announcements For India During 79th Independence Day Speech Prime Minister Narendra Modi's 79th Independence Day address from the Red Fort was his longest yet, and packed with 8 bold announcements set to redefine India's journey towards 2047. From next-generation GST reforms to boost MSMEs, to ₹15,000 job market aid for youth, Modi revealed a sweeping economic and social vision. He announced India's first semiconductor chip by year-end, opening the private sector to nuclear energy, and launching the Sudarshan Chakra Mission to strengthen national security. His High-Power Demography Mission takes on infiltration threats, while the National Deep Water Exploration Mission pushes energy self-reliance. A new task force for next-gen reforms aims to align India with the global economy. This speech signals not just ambition, but a decisive push to transform India into a Viksit Bharat by 2047.#pmmodi #independenceday #modispeech #modiindependencedayspeech #modiredfortspeech #independenceday #viksitbharat #gstreform #nuclearenergy #sudarshanchakra #selfreliantindia #makeinindia #indianeconomy #redfortspeech #semiconductors #indiajobs #rozgaryojana #indiademography #samudramanthan #breakingnews #trending #trendingnow #toi #bharat #toibharat #indianews 5.9K views | 2 hours ago
