Modi Bets $8.8 Billion on Deep-Sea Oil and Chips to End Import Addiction by 2047
India’s Prime Minister Narendra Modi has vowed to turn the country into a developed economy by 2047, leaning heavily on a $8.8 billion deep-sea oil gamble and a domestic push for semiconductor and nuclear power production to break foreign dependency [219670][214591]. The plan comes amid growing student protests and a stark warning from Modi that India must build a "strong and capable" military through self-reliance [219678][215497].
Speaking from the Red Fort on Independence Day, Modi framed the 2047 vision as a direct response to shifting global supply chains, positioning domestic manufacturing of computer chips and expanded nuclear capacity as critical to long-term energy and tech stability [219670]. The government is simultaneously committing $8.8 billion to drill for oil and gas in India’s exclusive economic zone—a two-million-square-kilometer area that has remained largely untapped due to high costs [214591]. With India currently importing over 80% of its crude oil, mostly from Gulf nations, officials argue the deep-sea project is necessary to shield the economy from volatile price swings and supply disruptions [214591].
The defence sector is also part of the push. New Delhi has initiated steps to join France’s next-generation fighter jet programme, aiming to secure not just planes but the industrial know-how to build advanced jets domestically [217907]. Analysts caution, however, that sixth-generation fighters are unlikely to arrive before 2035, leaving India’s current fleet stretched thin in the interim [217907].
While the goals are ambitious, analysts note that success will hinge on execution, investment, and regulatory reforms [219670]. The first exploratory deep-sea wells are scheduled within two years, but energy experts warn that deep-sea drilling is risky, expensive, and often takes over a decade to reach full output [214591].