Cabinet approves ₹84,084-crore ‘Samudra Manthan’ scheme for offshore energy exploration

The Union cabinet chaired by Prime Minister Narendra Modi on Friday approved Samudra Manthan, a ₹84,084 crore national offshore exploration scheme that aims to boost depleting domestic oil and gas resources at a time when India’s crude oil import dependency has surged from 78.5% in 2014-15 to 88.7% in 2025-26.The scheme draws on the Prime Minister’s vision, articulated from the Red Fort on Independence Day last year, of a modern-day “Samudra Manthan” — a reference to the churning of the ocean in India’s ancient epics — to unlock India’s vast offshore energy potential, an official statement issued by the cabinet said. “It marks a landmark step towards strengthening India’s energy security, accelerating domestic exploration and production, promoting technological leadership, and advancing the vision of Viksit Bharat,” the statement said.