Union Cabinet approves 'Deep Ocean Mission' for use of sustainable renewable resources

Union Cabinet on June 16 approved the proposal of the Ministry of Earth Sciences on 'Deep Ocean Mission', aiming to explore deep ocean for resources and develop deep-sea technologies for sustainable use of ocean resources.

The estimated cost of the 'Deep Ocean Mission' will be Rs 4,077 crore for a period of 5 years to be implemented in a phase-wise manner, the government said in a press release.

For the first phase for the 3 years (2021-2024), the government would spend Rs 2,823.40 crore. The 'Deep Ocean Mission' will be a mission mode project to support the Blue Economy Initiatives of the government and Ministry of Earth Sciences (MoES) will be the nodal Ministry implementing this multi-institutional ambitious mission.

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The 'Deep Ocean Mission' consists of the following six major components:

1) Development of technologies for deep sea mining, and manned submersible.
2) Development of ocean climate change advisory services.
3) Technological innovations for exploration and conservation of deep-sea biodiversity.
4) Deep ocean survey and exploration.
5) Energy and freshwater from the ocean.
6) Advanced marine station for ocean biology.

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With this mission, the government said that it would make attempts to indigenise technologies by collaborating with leading institutes and private industries. A research vessel for deep ocean exploration would be built in an Indian shipyard which would create employment opportunities, the statement added.

Apart from this, the Union Cabinet also gave its approval for nutrient based subsidy and Inland Vessel Bill. Among other key decisions, the Cabinet, under the chairmanship of Prime Minister Narendra Modi approved higher nutrient-based subsidy rates for phosphatic and potassic fertiliser for 2021-22.

The government also hiked subsidy by Rs 700 per bag of Complex fertilisers like di-ammonia phosphate (DAP). From now, every bag of DAP would be priced at Rs 2,400. For this, the government would spend an additional Rs 14,000 crore on increase subsidy support.

Prior to taking this decision, the government in May increased its share of subsidy for DAP by 140 per cent from Rs 500 to Rs 1,200 per bag. With this, the government rolled back the steep 58 per cent hike in prices announced by companies since April.

Moneycontrol News

first published: Jun 16, 2021 03:25 pm

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Union Cabinet approves 'Deep Ocean Mission' for use of sustainable renewable resources

The estimated cost of the 'Deep Ocean Mission' will be Rs 4,077 crore for a period of 5 years to be implemented in a phase-wise manner.

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