'Simple regulatory farmework to help India attract investment'

NEW DELHI: Implementation of simple regulatory framework and adherence to commitments will help India attract investments in natural resources sector, Vedanta Resources Chairman Anil Agarwal said.

"India is a country richly endowed with world's largest reserve of natural resources and in today's context, possesses the potential to add USD 1 trillion to the growth of the Indian economy over a period of few years and in turn, create millions of job opportunities," he said in his expectation from the government.

The key to this simple revolution lies in implementing a simple regulatory framework, based on a transparent structure of policies and regulations and a faithful adherence to commitments to attract investments.

"I am sure this will attract many more companies willing to work in India, to explore and harness the vast reserve of natural resources to the benefit of the Indian economy," he said.

Stating that the need of the hour was to boost energy security through reform, Agarwal said that India can meet at least 50 per cent of its oil and gas requirements from its own resources.

"Today India produces oil at around USD 4 per barrel and import at around USD 110 per barrel. We are sitting on a large resource base of oil and gas and what is needed is to encourage large companies to enter this sector to unlock the true potential. This can be through joint ventures and foreign investments," he said.

Agarwal said that though India has the world's fourth largest coal deposits and seventh largest deposits of iron ore, these sectors are significantly underinvested in terms of exploration and development.

"Encouraging private enterprise, exploration of natural resources, development of manufacturing, simplification of regulatory and approval processes, promoting tourism and liberal arts can open up new avenues of employment and accelerate the economic progress of the country," Agarwal said.