India can become engine of global economic growth: Anil Agarwal

LONDON: Pinning hopes on Narendra Modi-led government for policy reforms to attract investment, mining baron Anil Agarwal today said India has the potential to become the "engine of global economic growth".

"As the world is changing the Indian government ... should move towards faster decision making, creating level playing field for the investment ...If anyone can help India realise the great potential it is our Prime Minister Modi and his government," Vedanta Resources Chief Anil Agarwal said on the sidelines of the global CEOs meet here.

Stressing that India needs at least 10 more companies on par with the natural resources giant Vedanta, Agarwal said companies who want to invest in India can raise capital in the UK to invest in India's growth story.

"India has all the potential resources and talent to become the engine of global economic growth," he said and added Indian companies are investing up to USD 600 million every year and creating jobs and contributing to the British economy.

Lauding Tatas, he said, "As an Indian company Tata is one of the largest employer in the UK", while "Vedanta alone has raised more than USD 30 billion in the UK capital market" which it ploughed back in India.

Earlier this year, Agarwal had said Vedanta wanted to make investments of USD 30 billion in India if the investment climate in the country remains positive.

Asserting India has tremendous potential for growth, he said, "India is on the ground floor with only 1/10th of Chinese demand. With a similar population to China, you can only imagine the growth that will take place."

He said Modi government's vision, is to transform India from a USD 2 trillion economy to USD 20 trillion economy and he is confident that this vision can be made into a reality with a learning from the UK and with a strong and outstanding partnership.

The UK has come to recognise India is a country bringing meaningful opportunity and there is huge potential for collaboration across the sectors including health care, education, defence and manufacturing, he said.