Low commodity prices can be an opportunity for India: Anil Agarwal, Vedanta chairman

NEW DELHI: Low commodity prices can be an opportunity for India, which needs to decrease its dependence on imports, said Vedanta chairman Anil Agarwal.

"This is the time when India can look at building capacity. We are being seen as a country that imports 50% of its energy needs. We need to change it," Agarwal said at the second edition of the ET Global business summit.

The summit, which is being held in Delhi, will see Prime minister Narendra Modi deliver the keynote address.

Agarwal added that India should channel all the gains from low oil price into building infrastructure.

"There is a model called Engineering Procurement Contract (EPC), which can be changed to EPCF and F can be for finance so that there is no concern of funding," Agarwal said.

In the EPC model, the contractor builds any infrastructure and the government pays in installment. The contractor, in this model, has to arrange for interim finance. Agarwal's suggestions is to remove that requirement too.