Post by Mr. Anil Agarwal, Chairperson, Chairman, Vedanta Limited
Below is the Tweet/Post in detail
Over the last three years, the growth in demand for metals in India has far exceeded the growth of mineral production. Growth of copper consumption was 22% while production of copper concentrate grew only 4%. For aluminium, consumption grew by 13% but raw material bauxite only grew at 6%. For ferroalloys, consumption has grown at 30% while production of chromite and associated minerals has only grown at 6%. Even the demand for steel at 13% is faster than the growth of iron ore at 11%.
What this means is that India’s imports of these minerals and metals is only growing steadily. Even for oil, average demand over last three years has grown at 6% whereas domestic production growth has fallen by 1%. Already 50% of our annual import bill, around $380 billion out of $760 billion is on account of natural resources. As the economy is growing at a fast pace, demand for metals and oil will grow even faster.
India has huge geological potential in all minerals, including oil, particularly sweet crude. We must make use of it. Private sector must be encouraged in exploration. Clearances must be granted on a self-certification basis. We should look at brownfield expansion of assets like Hindustan Copper, Bharat Gold Mine, Hutti Gold Mines with private sector participation. Not only will imports come down but crores of jobs and opportunities will be created, especially for those with less skills, completely eradicating poverty. Every country that has advanced has made optimal use of below the ground resources. We should also.