AIMA Conclave 2022: Vedanta’s Anil Agarwal on India’s potential

AIMA Conclave: The ongoing geopolitical uncertainty due to the Russia-Ukraine war has put India in an advantageous position, said Anil Agarwal, Founder, and Chairman of Vedanta, as he speaks at All India Management Association’s (AIMA) 7th National Leadership Conclave.

“The way our prime minister has handled things, that can’t be matched. All countries are looking for alternate sources of supplies beyond China. They are looking at India,” Agarwal said at AIMA Conclave 2022.

Supporting Prime Minister Narendra Modi’s view, Agarwal also stated the government has no business to be in business and once it is out of business, India would instantly be a $5 trillion economy.

Talking about India's commitment to net-zero emission by 2070 and shifting most of the energy to renewables by 2030, Agarwal said though India is not comparable to the United States, as it has not industrialised, India is endowed with low-Sulphur Coal, oil and gas and it is on the cusp of a renewable energy revolution. He said that one day, energy will not involve any input cost, just like telecom, and it would be a service with only capital cost.

Agarwal said that Barmer in Rajasthan, where Vedanta arm Cain Oil and Gas operates an oilfield, has the potential to become Houston that is considered a major global energy hub "The world wants us to stop coal.

The Middle East does not want India to produce oil, which India can produce at $7 a barrel. Barmer can be a Houston," Agarwal said speaking at the seventh National Leadership Conclave of AIMA.

Anil Agarwal also revealed that the company in partnership with Foxconn will set up a semiconductor manufacturing plant in the next two years.