General Studies · Reading Comprehension

Read the passage carefully and evaluate the statement based on it: In 1870, the writer Jules Verne imagined the mineral wealth found in the seabed through his fictional character Captain Nemo. At present, India is moving towards achieving unlimited wealth hidden beneath the ocean to strengthen its economy. There are various types of minerals, such as copper, nickel, cobalt, iron, and other rare elements present at the bottom of the oceans spread throughout the world, which can be used in making items ranging from smart devices to pacemakers. Demand for these resources as tools for technology development and infrastructure has been growing at a global level—the supply of which is rapidly declining. To fulfill these resource needs, leading countries including India and China are looking towards the oceans. India, which is Asia's third-largest economy, is receiving approval for industrial mining from the International Seabed Authority (ISA, a UN body related to the management of mining in the oceans). The Indian government has approved funds for the development of deep-sea mining technology. If successful, India will tap into ocean resources that are significantly vast. ISA has approved India for mining in an area of 75,000 square kilometers in the Indian Ocean, which is around 2% of the size of the country. Statement: For growth in its economy, India wants to find minerals within the oceans.