Finance, Property, Contracts
(1) All lands, minerals, and other valuable things underlying India's territorial waters, continental shelf, or exclusive economic zone (EEZ) vest in and are held for the Union. (2) All other EEZ resources also vest in and are held for the Union. (3) Parliament may by law specify the limits of these maritime zones.
This ensures India's offshore natural resources - oil, minerals, fisheries, and other valuable resources beneath and within India's territorial waters and exclusive economic zone (extending 200 nautical miles from the coast) - belong to the central government, not to whichever coastal state happens to be geographically nearest, keeping ocean-resource management as a unified national matter.
This is why offshore oil and gas exploration rights in India's maritime zones (like fields off the Mumbai coast) are administered by the central government, not by the neighbouring coastal state, even though that state might be geographically closest to the resource.