New Delhi, Mar 3 (UNI) Vedanta Chairman Anil Aggarwal on Tuesday sounded an urgent need for India to become “Self-reliant” in oil and gas-related sectors.
Sharing a graphical representation on India’s resource vulnerability in a volatile world, in X, Aggarwal said, “India cannot wait. The world is more unsettled and uncertain than it has been at any time in my memory. There are no permanent friends or partners in today’s geopolitics. Self-reliance is more than a desirable aspiration. It is an immediate economic and strategic imperative.”
He termed the current ongoing conflict in Iran as a ‘major geopolitical shock’ in a resource-rich region and cautioned India due to its import dependency.
He urged the government to take this sector as a ‘ national priority’ by cutting costs and fostering domestic production.
“We have such a progressive government that this can happen. Some risk has to be taken, and we should take it. It will deliver massive returns in terms of jobs too. Young women are entering this sector in a big way. And there are talented Indians abroad who can do a ghar vapsi.”
Sharing some data, he said that currently 90 per cent of oil and 66 per cent of LPG is imported, which we use in our homes to cook food. Same is in the case of LNG as India imports 50 per cent of it. So, oil and gas are the biggest items in our import bill, which is around USD 176 bln per year, Aggarwal said.
Aggarwal pointed that any sharp rise in prices has adverse effect on macroeconomic indicators such as current account deficit, value of rupee, fiscal deficit and inflation. “The common man ultimately has to pay the price,” he stated.
Coming to gold, he said, “Our second highest import is gold, around USD 65 billion a year, the demand and price of which also soars in times of uncertainty. Oil, gas, and gold account for almost 30 per cent of our total imports.”
He urged the government to exempt these sectors from time-consuming regulations including public hearings.
Environment clearances need to be on a self-certification basis. Once a company commits to the government’s rulebook, there should be no further process, only an audit at a later time, Aggarwal noted on X.
