Vedanta Chairman Anil Agarwal said on Monday that India’s exploration and production policy should be liberalized for a wide range of metals and minerals.
The country continues to pay heavy import bills year after year even though the country is endowed with large reserves of metals and minerals, noted the metals and mining magnate.
“It becomes critical for India to liberalize its exploration and production policy for a wide range of metals, rare metals, minerals and hydrocarbons,” Agarwal said in a statement.
Robust domestic production will also insulate India from any global crisis, encourage entrepreneurship, create a large number of jobs and create a vibrant ecosystem, he said.
India, he said, can produce oil at a quarter of the import price similar to Cairn supplying US$26 oil to the government.
The country’s import bill, from crude oil to copper, has risen sharply this year due to rising global commodity prices as well as the depreciation of the rupee.
The country, he said, is a wealth of talent and is on the path to making strides in the world of technology, research and innovation.
”Our economic growth is fueled by a combination of traditional industries and start-ups. Encouraging our start-ups and entrepreneurs to put their energy to work without fear or obstacles will create massive jobs and massive revenue for the government.
“They can be encouraged to explore with the latest technologies like artificial intelligence, automation and data analytics, receiving private equity funding and selling their licenses after discovery. It can also lead to affordable oil and gas in India as per Prime Minister Narendra Modi’s vision. ”This is the time when all mining leases should be granted for a minimum of 50 years for better planning and execution by companies, Agarwal said.
All existing mines, which have been explored by the private sector but whose work has been stopped, must be returned to them.
“…we can’t afford to stop production. A well-functioning mining and minerals sector will have a big role to play if we are to realize our dream of not just $5 trillion, but of a $15-20 trillion economy over the next two decades. “, did he declare.
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)