India must unlock its vast natural resource potential and give entrepreneurs the freedom to build scale if the country wants to achieve energy and mineral self-reliance, says Vedanta Chairman Anil Agarwal, warning that geopolitical conflicts are exposing India’s vulnerability to raw material imports.
“It is painful to see India face the adverse consequences of a war we have nothing to do with,” Agarwal said, referring to global disruptions that impact commodity prices and supply chains. “We import nearly 90% of our oil, 95% of our copper and 99.5% of our gold, despite the fact that Mother Earth has given India one of the best geologies.”
Drawing from over four decades in the minerals, metals and oil industry, Agarwal argued that India’s natural resources, if developed efficiently, could dramatically reduce import dependence while creating jobs, industries and exports.
Recounting his own entrepreneurial journey, Agarwal said he arrived in Mumbai from Bihar at the age of 19 and built Vedanta from scratch. Over the years, the company acquired major assets including Hindustan Zinc, BALCO, the oil and gas business of Cairn India, and Sesa Goa Iron Ore, with the aim of significantly expanding production.
According to Agarwal, Vedanta’s operational turnaround of some of these assets demonstrates what private enterprise can achieve. “We increased zinc production ten times and aluminium twenty times. As a result, more than 1,000 companies have emerged around these value chains,” he said, adding that Vedanta has contributed ₹4.5 lakh crore to the national exchequer in the last decade.
Agarwal also outlined ambitious targets for the future. In oil and gas, the company aims to produce one million barrels per day, while in iron ore he envisions production of 100 million tonnes, equivalent to roughly a third of India’s current output.
He emphasised that India needs globally competitive mining champions. “Vedanta should be for India what Rio Tinto and BHP are for Australia or Vale for Brazil. And there should be many more Vedantas,” he said.
However, Agarwal stressed that policy reforms and a change in regulatory mindset are critical for the sector to flourish. He called for simpler regulations, greater trust in businesses and a shift towards self-certification and audit-based oversight rather than prolonged approvals and litigation.
“The system must stop creating hurdles. Businesses need recognition and respect, and the benefit of doubt should go to entrepreneurs,” he said.
Highlighting past missed opportunities, Agarwal cited the example of Rio Tinto exiting a diamond project in Madhya Pradesh due to regulatory complexities, saying India lost the chance to become a global diamond production hub.
Agarwal also reflected on a personal tragedy his family faced this year, sharing that he drew strength from words of encouragement by Prime Minister Narendra Modi, who urged him to stay strong and continue contributing to India’s development.
Invoking the values passed down by his grandparents, Agarwal said wealth must ultimately serve society. He added that developing India’s natural resource sector can play a pivotal role in job creation, women’s empowerment and nation-building.
“This sector has contributed the maximum revenue to the exchequer globally,” he said. “If we unlock its full potential, it will help India become a developed nation. Let us make India and Indians proud.”
