Anil Agarwal, Chairman, Vedanta, has shared a detailed post on LinkedIn emphasising India’s potential to achieve greater self-reliance in natural resources, reduce import dependence on critical commodities, and unlock the country’s geological strength through policy stability and entrepreneurial freedom. In the post, he reflects on his four decades in the minerals, metals and oil industry, Vedanta’s growth journey, and calls for simplified regulations, trust-based governance and long-term production-focused reforms to strengthen India’s resource security.

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He wrote: “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. We don’t have to import 90 per cent of our oil, or 95 per cent of our copper or 99.5 per cent of our gold or any other metal resources. Mother Earth has given us the best geology. The 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.

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At just 19, I came to Bombay from Bihar and built a company in this industry from scratch. Vedanta was able to acquire Hindustan Zinc and BALCO under a privatisation programme, which was never completed. 26  per cent and 49 per cent stakes are still held by the government and have not been transferred as per a predetermined agreement. Vedanta also acquired ONGC Oil and Gas assets via the UK’s Cairn and Sesa Goa Iron ore from Japan’s Mitsui.

In each one, the ambition and goal was to increase the production so much that India wouldn’t need to import but, in fact, export. In Hindustan Zinc and BALCO, we succeeded. We increased zinc production 10 times and 20 times in aluminium. In the process, more than 1,000 companies have come up for processing this raw material. And Vedanta has contributed Rs 4.5 lakh crore to the exchequer in the last ten years. In oil and gas, our vision is to produce 1 million barrels per day. In iron ore, my vision is to produce 100 million tonnes, 33  per cent of today’s production level. There are many more underperforming government assets that can perform the same way.

Three or four decades ago, there was no know-how, no experts, no finance in this industry. It took a lot of determination. Vedanta raised 35 billion USD from abroad and invested in India. It brought experts and technology. Because of that, Hindustan Zinc can also produce silver and fertiliser, and we are working very hard to start producing critical minerals very soon, something we were told would never happen in India.

Globally, only a few very large companies engage in mining as it is very difficult without scale. Vedanta should be for India what Rio Tinto and BHP are for Australia or Vale is for Brazil. Other entrepreneurs and companies must create new Vedanta.

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. The benefit of the doubt should pass onto them.

In India, we have economic heroes who can raise production equal to the biggest and best in the world. We should not allow tunnel vision or an outdated mindset to keep us small and dependent. Some may remember the case of Rio Tinto, which had invested in a diamond mine in Madhya Pradesh. It could have made India a global hub for diamond production, but it exited because of a complex, interfering and discouraging system.

The most important thing is trust. Keep the system simple, keep regulation limited, and you eliminate the root cause of wrongdoing. 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 the public sector and the private sector should change.”

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Note: This article has been issued by Vedanta and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.