Mint Explainer | Why India is betting big on deepwater oil and gas exploration

The Union cabinet last week approved the ₹84,000 crore Samudra Manthan scheme for offshore deepwater hydrocarbon exploration. This five-year initiative aims to revive India’s stagnant production sector and reduce heavy import dependence. As the world’s third-largest oil consumer, India currently imports about 90% of its crude oil needs from abroad.