Mumbai: Adenta Chairman Anil Aggarwal has appealed to the government to sell 50% of its stake in the petroleum, natural gas and metals sectors to the employees of government companies, who should be given a promise of severance along with shareholding. This should be done so that domestic petroleum production in India can be increased after the closure of the Hormuz Strait petroleum shipping lane due to the ongoing war on Iran.
Tweeting from his official
Agarwal said, “Existing assets, most of which belong to the government, should be fully utilised. At least 50% stake can be sold to trusted people. Employees will get shareholding and there will be no promise of being laid off. India cannot wait. The world has never been more volatile and uncertain in my memory. There are no permanent friends or partners in today’s geopolitics. Self-reliance is more than just a wish. This is immediate.” There is an economic and strategic need.”
Agarwal said, “We immediately need to declare this sector a national priority, reduce the cumbersome processes and rapidly increase domestic production. We have such a progressive government and that is why this can happen. Some risk has to be taken and we should take it. This will also give huge returns in terms of jobs. Young people are coming into this sector in a big way and there are talented Indians abroad who can return to India.” Aggarwal said, “Today, 90% of our crude oil is imported. It powers our transport, while 66% of our Liquefied Petroleum Gas (LPG) is imported. We use it for cooking in our homes. Similarly, 50% of Liquefied Natural Gas (LNG) is imported, which goes into low-emission public transport vehicles. Oil and gas are the biggest items in our import bill, which is “It is about $176 billion a year, and any sharp increase in prices has an adverse impact on macroeconomic indicators like current account deficit, value of rupee, fiscal deficit and inflation. Ultimately the common man has to pay the price.”
Agarwal said, “Interestingly, our second largest import is gold, which is about $65 billion every year, the demand and price of which also increases in times of uncertainty. Oil, gas and gold constitute about 30% of our total imports.” Vedanta Chairman Anil Agarwal said, “The government should exempt the sector from time-consuming regulations like public hearings. This has already been done for critical minerals, but it needs to be done simultaneously for all processes and minerals. Environment clearance should be on a self-certification basis. Once a company accepts the government’s rulebook, there is no further process except auditing.” “It should happen.”
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