"It is high time India had to eradicate poverty and create jobs. What can be a better time, when there is a stable government, 1.3 billion people and home consumption," Agarwal said while addressing the Global Natural Resource Conclave today.
Vedanta Chairman Anil Agarwal today called for building a new India by exploiting resources to create jobs for all and eradicate poverty on the back of consumption by 1.3 billion-strong population. “It is high time India had to eradicate poverty and create jobs. What can be a better time, when there is a stable government, 1.3 billion people and home consumption,” Agarwal said while addressing the Global Natural Resource Conclave today. He felt that natural resources are key to India’s economic development.
He said, “India’s geology is highly prospective for oil, bauxite, iron ore, fertiliser, rock phosphate, gold, uranium, marble and others, which are some of the resources our economy will need in abundance, to move people out of poverty and help to create jobs.” With a government “very focused” on technology, digitisation and communication, the Vedanta chief said: “I believe this decade will be ours. If we all join hands and work together, we will create a new India.” Agarwal also endorsed Narendra Modi’s leadership, saying “for the world, there will never be a better time than this to invest in India… as he is taking the country from USD 2 trillion dollar to USD 20 trillion, and from red tape to red carpet”.
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About benefits of exploitation of natural resources, he said hundreds and thousands of medium and small scale industries can be set up to process the raw material for further manufacturing, which can create 10-15 crore new jobs. “India is spending USD 500 billion on imports. With 7 per cent growth in 5-7 years, this can cross almost a trillion dollars,” he said. This revenue can be used for investment in education, healthcare, skill development and infrastructure, he suggested.