Oil exploration in the Andaman Basin could significantly boost India’s long-term economic prospects and support its journey towards becoming a $20 trillion economy, Andaman and Nicobar Islands Lieutenant Governor Admiral DK Joshi (Retd) said, PTI reported.
Speaking at the 30th Colonel Pyara Lal Memorial Lecture in New Delhi on “Development of Andaman & Nicobar Islands: Challenges & Imperatives”, Joshi outlined key development initiatives underway in the archipelago.
“We have been able to free up 63.5 per cent of the 6 lakh sq kms ‘No-Go Zone’ for oil, with Andaman Basin having been reported as ‘Guyana-like potential’, which could propel India’s growth from a $4 trillion economy toward a $20 trillion dollar economy,” he said.
Joshi, who also serves as Vice-Chairman of the Islands Development Agency (IDA), said the archipelago is positioned to play a significant role in advancing Prime Minister Narendra Modi’s vision of self-reliance, innovation and citizen empowerment.
He highlighted that Galathea Bay at Great Nicobar has been notified as India’s 13th major port. The project will be developed under the Public-Private Partnership (PPP) model and will include an International Container Transhipment Terminal (ICTT).
The proposed transformation of the islands into a ship repair and shipbuilding hub in the Indo-Pacific region is another key initiative, leveraging the region’s strategic maritime location, he said.
Joshi added that projects worth ₹82,450 crore are planned for Great Nicobar Island, including the transhipment terminal, a power plant and a proposed township. These initiatives, he said, would strengthen maritime trade, connectivity and national security, and act as a force multiplier in advancing India’s geo-strategic and economic interests.
