Vedanta Chairman Urges India to Embrace Exploration to Secure Future in EV and Renewable Technology
Vedanta Chairman, Anil Agarwal, Urges India to Embrace Exploration to Secure Future in EV and Renewable Technology
In a compelling LinkedIn and Twitter post, Mr. Anil Agarwal, Chairman at Vedanta, has highlighted the critical need for India to embrace exploration of minerals to secure its position in the technologies of the future, such as electric vehicles (EVs), batteries, solar power, wind energy, and more. These technologies are highly mineral-intensive, requiring significant quantities of minerals like lithium, cobalt, rare earths, copper, and others.
Currently, India faces a major risk as it is 100% import-dependent for some of these minerals and over 50% dependent for others. China has already taken a substantial lead in producing these minerals and metals, and countries like Saudi Arabia, despite being known for oil, are rapidly attracting investment to become significant players in the new age minerals sector.
India, with its superior geology compared to China and Saudi Arabia, has a golden opportunity to take the lead in this field. However, it is essential to introduce more liberal exploration policies to enable young entrepreneurs to undertake exploration and sell their discoveries to large mining companies. This model is similar to how startups in the technology world sell their discoveries to larger companies to scale up. In the mining industry, such practices are global norms.
By allowing young entrepreneurs to explore India's rich geology and partnering with large mining companies to develop these discoveries, the nation can secure its future and stay ahead of other countries in the race for these valuable minerals. This move could be a game-changer for startups and help propel India to become one of the top three economies in the world.
Mr. Agarwal emphasizes that time is of the essence, and swift action to liberalize and support exploration is crucial. India's abundance of young entrepreneurs needs wings to fly, and this strategic move can unlock vast potential in the renewable technology sector, making India a global leader in the green revolution.
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