With the current conflict in West Asia affecting the supply chains of the world, thus affecting energy imports in India, the Vedanta Chairman Anil Agarwal has urged the government to look into the potential of natural resources in the country as a way of enhancing energy and metal security.
“It is painful to see India face the adverse consequences of a war we have nothing to do with,” Agarwal stated, highlighting how global conflicts directly affect countries dependent on imports. He encouraged India to cut back on its dependence on foreign resources and encourage self-reliance by producing within its national borders.
Agarwal indicated that India has almost 90 percent imports of oil, 95 percent of copper and 99.5 percent of gold, though India had some of the most promising geological reserves. “We import nearly 90 per cent of our oil, 95 per cent of our copper and 99.5 per cent of our gold, despite the fact that the mother earth has given India one of the best geologies,” he noted.
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Using the experience gained during the last four decades, Agarwal emphasized that the wise use of natural resources in India would enable a significant decrease in the level of importation, as well as the establishment of jobs and industries.
He stressed that the operational achievements that Vedanta has experienced are evidence of how powerful a private enterprise can be, by referring to the tenfold increase in zinc production and the twentyfold increase in aluminum production.
Agarwal also tried to set lofty targets such as one million barrels of oil a day and 100 million tonnes of iron ore, and pushed for a policy change in order to grow the sector. "The system must stop creating hurdles,” he said.
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