New Delhi, July 31 -- India on Friday placed a bold new bet in its hydrocarbon hunt, greenlighting a Rs.84,000-crore central programme to accelerate deep-sea oil and gas exploration. The initiative is critical for a country with a mixed record in offshore exploration, and comes amid rising urgency to secure energy needs in an unstable world.

The Union cabinet approved Samudra Manthan, or the National Offshore Exploration Scheme, which aims to unlock India's offshore hydrocarbon reserves by supporting deepwater drilling, seismic surveys, and building common infrastructure. Alongside, the cabinet also extended the farmer income support scheme PM-Kisan for five years at a cost of Rs.3.15 trillion, seeking to boost rural incomes and agricult...