'Painful to see India face adverse consequences of war we have nothing to do with': Anil Agarwal on oil import

New Delhi: India has enough resources and giving entrepreneurs respect and freedom would help reduce the country’s dependence on foreign supplies to meet the requirements of commodities like oil, copper and gold, Vedanta Group Chairman Anil Agarwal said on Tuesday.

“It is painful to see India face the adverse consequences of a war we have nothing to do with, particularly because of raw material security,” Agarwal said in a post on X.

“We don’t have to import 90% of our oil, or 95% of our copper or 99.5% of our gold or any other metal resources. Mother Earth has given us the best geology. Last 40 years of practice in the minerals, metals and oil industry have taught me this. Now is the time, with this positive government, to give entrepreneurs freedom,” he added.

Urging the government to keep the system simple, Vedanta Group chairman underlined that constant enquiry and interference only discourage enterprise.

“We should have self-certification instead of lengthy approvals and clearances. The Government issues the rulebook and entrepreneurs strictly comply, subject to audit. Constant enquiry and interference only discourage enterprise. Also, the mindset of discrimination between public sector and private sector should change,” he said.

Agarwal pointed out that most of the advanced countries have become prosperous by developing natural resources, including oil and gas.

“In India, the system has to stop creating hurdles. It needs to take a long-term view, as this government is not revenue-minded but production-minded. It must facilitate. Instead of notices and judicial activity, all businesses need to receive recognition and respect. Benefit of doubt should pass onto them,” he said.

Referring to Rio Tinto abandoned diamond mining project in Madhya Pradesh, Agarwal said, “It could have made India a global hub for diamond production, but they exited because of a complex, interfering and discouraging system.”