India, Aug. 1 -- The Union cabinet chaired by Prime Minister Narendra Modi on Friday approved Samudra Manthan, a Rs.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 explor...