PM Modi stresses on energy resilience and ‘Samudra manthan’ project amid US-Iran war in Independence Day speech
PM Modi said India needed to strengthen domestic capacity in critical areas, including energy and minerals, as dependence on external sources became vulnerable.
Prime Minister Narendra Modi, delivering his Independence Day address from the Red Fort on Saturday, emphasized the need for India to bolster domestic energy capacity amidst growing geopolitical tensions. The Prime Minister warned that the weaponization of resources and strategic sea routes by certain nations could jeopardize the country's economic security, as dependence on external energy sources leaves India vulnerable.
India, which relies heavily on imports for nearly 90% of its crude oil and half of its natural gas needs, has been forced to seek alternative sources of energy in response to disruptions caused by the US-Israeli conflict with Iran. The Strait of Hormuz, a critical conduit for global energy supplies, has faced increased tanker attacks and reduced maritime traffic, causing energy prices to soar.
To address this vulnerability, Modi highlighted the government's ₹84,084-crore Samudra Manthan National Offshore Exploration Scheme, aimed at accelerating exploration and production of oil and gas in deepwater and ultra-deepwater areas over the next five years. The scheme seeks to attract investment and technology to India's largely underexplored offshore basins, reducing the country's reliance on foreign energy supplies.
The Prime Minister also outlined the government's efforts to promote self-reliance in critical minerals, nuclear power, and non-fossil energy sources, as part of the broader Atmanirbhar Bharat initiative.
Written by urgent.news from Hindustan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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