Govt may okay Vedanta’s Rs.17k-cr offer
Commenting on the state-wide ban on iron ore mining in Goa, where the group’s Sesa Goa is located, Agarwal pointed out it was a colossal loss for the country since the mining industry in Goa contributed Rs 7,750 crore annually to the central and state budgets while employing 400,000 people. The closure of the industry meant the country would end up losing $4 billion worth of forex each year – against a potential of 600 million tonnes of iron ore development in a year, India produced only 169 million tonnes last year. “The only way India can provide employment is through industry and if we carry on denying industry permissions, it will keep industry away and we will remain an import-dependent economy,” Agarwal observed.
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