Mumbai: Anil Agarwal, Chairman, Vedanta Resources Plc welcomes the auction of coal blocks, and was one of the first who advocated a transparent auction process for the mining sector. The auctions, a landmark decision by the Government of India, are a clear indication of the reform-oriented actions of the Narendra Modi-led Government.
India's ‘demographic dividend' can be en-cashed only when there are enough jobs and through continuous skill development. As mining is a people-intensive sector, the coal auction is an auspicious start that will create thousands of jobs in the country.
Vedanta has enormous faith in India's growth potential and has invested in various mining and refining facilities across the country. After the uncertainty of supply in the recent past, the coal auction is a confidence-boosting measure by the government, as it is the most transparent process for transferring of resources from the public to the private sector.
Through the auction, all stakeholders are in a win-win situation. The public exchequer will be richer by INR 1.47 lakh crore while companies can resume stalled operations and reduce their dependence on coal imports. The auction will fetch the state Government huge monies over years by way of royalty, thus reducing their dependence on the central government for economic aid.
Mr. Anil Agarwal strongly advocates that this transparent auction process be implemented in the oil and gas, fertilisers and metals sectors. India stands at the cusp of an unprecedented and resurgent growth trajectory. With more such initiatives by the Government, positive sentiment will translate into significant investments, including large-scale foreign direct investment (FDI) and a stronger platform for the country in the global arena.