August 3, 2026: Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Saturday said the recently approved Samudra Manthan scheme could help India save around ₹1000 billion annually by reducing dependence on imported crude oil and natural gas, describing the Cabinet decision as a "revolutionary" step towards India's energy self-reliance.

Speaking to reporters in Siddharthnagar, Uttar Pradesh, Puri said India currently spends about $150 billion every year on crude oil and natural gas imports, underscoring the need to boost domestic exploration and production.

"Our economy is moving rapidly. Our energy consumption is three times more than the global average. Still, we are importing crude oil and natural gas... So, our import bill right now is about $150 billion... Now, with this project, in the time to come, we will be able to save ₹1000 billion per year," the minister said.

(Source: Economic Times)