Can Andaman’s massive oil reserves really multiply India’s Economy by 5 Times?

India discovers massive crude oil and gas reserves in the Andaman Sea, boosting energy security and reducing import dependence. Read more on Dynamite News

New Delhi: According to Dynamite News correspondent, huge crude oil and gas reserves found in the Andaman Sea, says Hardeep Puri.

Union Petroleum and Natural Gas Minister Hardeep Singh Puri informed on Monday that a large oil and gas reserves have been found in the Andaman Sea. The initial signs are quite positive and it is estimated that around two lakh crore liters of crude oil may be present here.

The country's economy will get a new boost.

If this estimate is proved correct, it can increase India's GDP up to five times and bolster the Indian economy like never before. Moreover, our dependence on the Gulf and other countries will decrease abruptly. From being an oil importer, India will become the oil exporter around the world.

Natural Gas Minister Hardeep Singh Puri described it as equal to 11.6 billion barrels of crude oil reserves in Guyana. He said that this discovery is an important step towards self-sufficiency in the field of energy.

Energy requirements will be fulfilled, dependence on imports will decrease

If the discovery of oil and gas is successful in Andaman, then India's energy needs will be met to a great extent, and the country will get an opportunity to cut oil imports. This will also bring economic strength. This will not only bolster the Indian economy but the Inflation rate will also go down abruptly as the transportation cost will be reduced. As it decreases the prices of goods and commodities will also go down.

Effect of crisis on the Strait of Hormuz 

With growing tensions between Israel and Iran, the Strait of Hormuz is vulnerable to attack, which would heighten the difficulty and cost of importing oil and gas to India. It connects the strait from the Arabian Sea to the Gulf countries, and about 2 crore barrels of oil are transported from here every day.

India's business relations with Iran and Israel

India in FY 2024-25:

India imported goods worth $44.19 million and exported goods worth $1.24 billion. India enjoys a trade surplus with Iran. But if we talk about Israel, then here too India enjoys a trade surplus, as India in 2024-2025 exported $2.15 billion to Israel and imported $1.61 billion.

This discovery can relieve India from global oil crises and ensure energy security. Stay tuned to Dynamite News for further updates.