NEW DELHI: Vedanta Chairman Anil Agarwal urged India to tap its vast potential in natural resources, as the natural resources industry fueled growth in many developed economies.
While addressing shareholders during the 59th Annual General Meeting, Agarwal highlighted that India has explored only 30% of its geological potential so far. He noted that currently, 50% of India’s imports, worth more than $350 billion, consist of minerals and metals, including oil and gas. This figure is expected to double or triple as the economy grows at a rapid pace, presenting a $1 trillion opportunity in this sector.
“The natural resources industry has provided the very foundation for the growth and development of several developed global economies – the United States, Australia, Middle East, Canada, and Europe. It is now clearly India’s time to shine and maximize its potential in this area,” said Agarwal.
He also pointed out that while public discourse often focuses on lithium, cobalt, and nickel, resources such as copper, aluminium, zinc, and silver are equally fundamental to the sunrise sectors of the new economy, and India has abundant reserves of these materials. Agarwal noted that India is the fastest-growing economy in the world, with double-digit growth in demand for various products.