Nope, not happening. First, we got to meet domestic demand which is at 5 million barrels per day. You meet that demand domestically, boom in one strike you cancelled $200 billion outflow from our forex. This will keep INR stable for a long time with inflation less than 2% like in developed countries. However, I am afraid we will be having a resource curse. The moment you find the black gold you bet every leech and parasitic scum from Congress to TMC to AAP to SP to DMK will start demanding lower Oil prices. We will lower Oil prices for votes and forget transitioning to sustainable renewable sources. Take a look at what Oil has done to Nigeria.
If we did find black gold and utilize the resources properly for let's say 40 years, then we can catapult ourselves quickly to middle income status. Parallelly I hope we also focus on EVs, fuel cells, green hydrogen, wind energy, and solar. We should be prepared for the day when Oil is no longer required or when we run out of it as well. That requires a stable government with sane minds who can think about the future of the country as well. As long as leeches and parasitic scum of dynastic parties exist I hope we don't find too much of black gold.