Industry Odisha Bureau, Aug 1: In a bid to accelerate deep-sea oil and gas exploration under the ‘Samudra Manthan’ programme, the Union Cabinet yesterday reportedly accorded its seal of approval to the allocation of Rs 84,000 crore meant for the purpose, and also extended the PM-Kisan scheme to another five-year duration.
As per media reports, “Also known as the ‘National Offshore Exploration Scheme’, the Centre’s ‘Samudra Manthan’ programme aims at unlocking India’s offshore hydrocarbon reserves by supporting deepwater drilling, seismic surveys, and building common infrastructure.”
Elaborating on it, media reports, citing inputs from the Government of India (GoI) stated that, “The GoI, under the ‘Samudra Manthan’ programme, would spend the Rs 84,000 crore over the five years on reimbursing deepwater drilling costs, funding 3D seismic surveys, supporting scientific drilling in frontier basins with unproven reserves, developing common offshore production and evacuation infrastructure, creating an integrated oil and gas manufacturing and services zone, and also providing digital programme management, technology adoption, capacity building and international collaboration.”
Media reports, quoting Railways, Information & Broadcasting and Electronics and Information Minister Ashwini Vaishnaw’s statement, said that, “Samudra Manthan is expected to catalyse reserve accretion of over 600 mmtoe (million tonnes of oil equivalent), substantially increase offshore exploration activity, promote higher domestic oil and gas production and strengthen indigenous manufacturing,”
On the extension of ‘PM-Kisan Scheme’, media reports added that, “The Union Cabinet extended the ambitious ‘PM-Kisan Scheme’ to another five years, i.e. till fiscal year 2030-31 (FY31) allocating Rs 3.15 trillion in order to boost up rural incomes and agricultural investments by the Indian farmers.”
Media reports further stated that, “While the ‘PM-Kisan Scheme’ provides Rs 6,000 annually to eligible Indian farmer families in three instalments and is also expected to benefit around 11 crore beneficiariers, Rs 3,10,107 crore has already been disbursed to farmers up to fiscal year 2025-26 (FY26) since its launch in February 2019.”
