India can become engine of global economic growth, says Vedanta Chairman

Pinning hopes on the Narendra Modi government for policy reforms to attract investment, mining baron Anil Agarwal on Friday said India has the potential to become the "engine of global economic growth".

"As the world is changing, the Indian government... should move towards faster decision-making, creating level playing field for the investment... If anyone can help India realise the great potential it is our Prime Minister Modi and his government," Vedanta Resources chief Anil Agarwal said on the sidelines of the global CEOs' meet here.

Stressing that India needs at least 10 more companies on par with natural resources giant Vedanta, Mr Agarwal said companies that want to invest in India can raise capital in the UK to invest in India's growth story.

"India has all the potential resources and talent to become the engine of global economic growth," he said, adding that Indian companies are investing up to $600 million every year and creating jobs and contributing to the British economy.

Lauding the Tatas, he said, "As an Indian company, Tata is one of the largest employer in the UK" while "Vedanta alone has raised more than $30 billion in the UK capital market" which it ploughed back in India.

Earlier this year, Mr Agarwal had said Vedanta wanted to make investments of $30 billion in India if the investment climate in the country remains positive.

Asserting India has tremendous potential for growth, he said, "India is on the ground floor with only 1/10th of Chinese demand. With a similar population to China, you can only imagine the growth that will take place."

He said the Modi government's vision is to transform India from a $2-trillion economy to $20-trillion economy.

The UK has come to recognise India is a country bringing meaningful opportunity and there is huge potential for collaboration across the sectors including health care, education, defence and manufacturing, he said.