New Delhi, March 10 As the ongoing war in West Asia disrupts global supply chains, impacting Indian energy imports, Vedanta Chairman Anil Agarwal has called for urgent measures to unlock the country's domestic natural resource potential to strengthen its energy and mineral security.
Highlighting how global conflicts can directly impact countries dependent on imports, Agarwal said India must reduce its reliance on overseas resources and build self-sufficiency by enabling domestic production.
"It is painful to see India facing the adverse consequences of a war in which we have no involvement," Agarwal said in a statement, referring to the global disruptions that impact commodity prices and supply chains.
"We import nearly 90 per cent of our oil, 95 per cent of our copper, and 99.5 per cent of our gold, despite the fact that India has some of the best geological resources," he said in a statement.
Drawing on over four decades of experience in the minerals, metals, and oil industry, Agarwal argued that India's natural resources, if developed efficiently, could dramatically reduce import dependence while creating jobs, industries, and exports.
Recounting his own entrepreneurial journey, Agarwal said he arrived in Mumbai from Bihar at the age of 19 and built Vedanta from scratch.
Over the years, the company acquired major assets, including Hindustan Zinc, BALCO, Cairn India's oil and gas business, and Sesa Goa Iron Ore, with the aim of significantly expanding production.
According to Agarwal, Vedanta's turnaround of some of these assets demonstrates what private enterprise can achieve.
"We increased zinc production tenfold and aluminum twenty times. As a result, more than 1,000 companies have emerged around these value chains," he said, adding that Vedanta has contributed ₹4.5 lakh crore to the national exchequer in the last decade.
Agarwal also outlined ambitious targets for the future. In oil and gas, the company aims to produce one million barrels per day, while in iron ore, he envisions production of 100 million tonnes, equivalent to roughly a third of India's current output.
He emphasised that India needs globally competitive mining champions.
"Vedanta should be for India what Rio Tinto and BHP are for Australia or Vale for Brazil. And there should be many more Vedantas," he said.
However, Agarwal stressed that policy reforms and a change in regulatory mindset are critical for the sector to flourish. He called for simpler regulations, greater trust in businesses, and a shift towards self-certification and audit-based oversight rather than prolonged approvals and litigation.
"The system must stop creating hurdles. Businesses need recognition and respect, and the benefit of doubt should go to entrepreneurs," he said.