Archive · 29 Sep 2026
Das Calls for Lower Oil Imports, Highlights Offshore Exploration Push
Shaktikanta Das said India wants to rely less on oil bought from other countries.
He highlighted a new government programme called Samudra Manthan.
The programme will search for oil and gas deep under the sea.
It has funding of about Rs 84,000 crore until 2030-31.
The government hopes it will help discover large new energy reserves.
Das also discussed India’s growing space and nuclear-energy sectors.
He said these efforts could teach useful lessons to other developing countries.
He also said India’s economy has been growing strongly despite global uncertainties.
Shaktikanta Das said India needs to reduce its dependence on imported oil and energy.
The Samudra Manthan National Offshore Exploration Scheme was approved in July 2026 with an outlay of Rs 84,084 crore through 2030-31.
The scheme will target deep-sea and ultra-deep-sea exploration and is expected to help add more than 600 million tonnes of oil and oil-equivalent gas reserves.
Das identified offshore energy, space and nuclear power as reform areas that could offer lessons to countries in the Global South.
He said India recorded average annual real GDP growth of 7.9% from 2021-22 to 2025-26 and grew 7.8% in the first quarter of the current financial year.
- Who
- Shaktikanta Das discussed India’s energy and economic strategy.
- What
- He called for reducing oil-import dependence and highlighted the Samudra Manthan offshore exploration scheme.
- When
- The scheme was approved in July 2026 and is funded through financial year 2030-31.
- Where
- The exploration will focus on India’s deep-sea and ultra-deep-sea areas.
- Why
- The programme aims to increase domestic hydrocarbon production, build reserves and reduce dependence on imported energy.
- Scheme
- Samudra Manthan National Offshore Exploration Scheme
- Approved
- July 2026
- Outlay
- Rs 84,084 crore through 2030-31; Das referred to it as an Rs 84,000 crore outlay
- Exploration focus
- Deep-sea and ultra-deep-sea areas
- Expected reserve accretion
- More than 600 million tonnes of oil and oil-equivalent gas
- Nuclear target
- 100 GW of nuclear power capacity by 2047
- Economic growth
- Average annual real GDP growth of 7.9% between 2021-22 and 2025-26