India's Union Cabinet has approved the National Offshore Exploration Scheme, known as Samudra Manthan, allocating Rs840.84bn ($8.83bn) through the financial year 2030–31. The initiative, chaired by Prime Minister Narendra Modi, aims to expand oil and gas exploration in India's offshore areas and reduce the country's dependence on imported crude oil, which currently accounts for an annual import bill of roughly $144bn. The government will provide financial support of up to 50% of deepwater exploration drilling costs to lower investment risks for companies.