“At a quarter of the import price, India can produce oil”: Anil Agarwal – The New Indian Express

By Express press service

NEW DELHI: India can produce crude oil at a quarter of the import price if it liberalizes its exploration and production policy, Anil Agarwal, chairman of Vedanta, said in a statement on Monday. He said that if India wanted to achieve the dream of not just $5 trillion but a $15-20 trillion economy over the next 2 decades, a functioning mining and minerals sector well will have a big role to play.

“India can produce oil at a quarter of the import price, as Cairn supplies oil at $26 to the government. India is a wealth of talent and on its way to making strides in the world of technology , research and innovation… They can be encouraged to explore the latest technologies like artificial intelligence, automation and data analytics, receiving private capital and selling their licenses after discovery” Agarwal, who leads the metals and energy conglomerate, is advocating for greater private sector participation to make optimal use of the country’s natural resources.

He said the valuation of listed companies can be increased 10 times by privatizing some companies and corporatizing others, because PSUs are endowed with not only good assets but also strong human capital. He further added that while 20% of companies can be privatized, the rest, including defense factories, should be privatized provided there is no job loss and no one is allowed to hold more than 5% of the shares.

“This model has already been successful in the United States and in the Western world,” he added. “This is the time when all mining leases must be for at least 50 years so that Indian and foreign companies can plan and execute well. All existing mines, which have been explored by the private sector but whose work has been stopped, must be returned to them.

NEW DELHI: India can produce crude oil at a quarter of the import price if it liberalizes its exploration and production policy, Anil Agarwal, chairman of Vedanta, said in a statement on Monday. He said that if India wanted to achieve the dream of not just $5 trillion but a $15-20 trillion economy over the next 2 decades, a functioning mining and minerals sector well will have a big role to play. “India can produce oil at a quarter of the import price, as Cairn supplies oil at $26 to the government. India is a wealth of talent and on its way to making strides in the world of technology , research and innovation… They can be encouraged to explore the latest technologies like artificial intelligence, automation and data analytics, receiving private capital and selling their licenses after discovery” , Agarwal said. Agarwal, who heads the metals and energy conglomerate, is advocating for greater private sector participation to make optimal use of the country’s natural resources. He said the valuation of listed companies in the stock market could be multiplied by 10 by privatizing some companies and corporatizing others, because PSUs are equipped not only with good assets, but also with solid human capital. é that while 20% of companies can be privatized, the rest, including defense factories, should be corporatized provided there is no job loss and no one is allowed to own more of 5% of the shares. “This model has already been successful in the United States and in the Western world,” he added. “This is the time when all mining leases must be for at least 50 years so that Indian and foreign companies can plan and execute well. All existing mines, which have been explored by the private sector but whose work has been stopped, must be returned to them.

Comments are closed.