India needs global confidence towards policies: Vedanta chief

Tags: News
India needs a transparent and simplified economic structure in order to garner a strong global confidence towards its policies, Metal and mining conglomerate Vedanta Resources chief Anil Agarwal has said.

"India needs strong global confidence towards policies, commitments and govt support.Need for a transparent and simplified economic structure," Agarwal tweeted today.

Agarwal also felt that the country needed strong measures to overcome the impasse of previous years.

"India needs some strong measures that could help India move pass the impasse of last few years," Vedanta Chief said also emphasising that "discrimination between the public sector and private sector companies should end immediately as it hurts business sentiments."

"Where ONGC has been allowed to explore shale gas, the private sector is still awaiting approvals," Agarwal said, adding, even in iron ore, in spite of mining ban in Goa and Karnataka (Karnataka has now opened up partially), NMDC has been finding ore mining easy.

Likewise, he said, in the transmission business, PGCIL is reaping the advantage being a public sector company while the private companies are struggling.

Giving example of aluminium major Nalco, he said "Nalco is exporting alumina at a rate that is much lesser than the rate offered by domestic companies which are struggling for want of this raw material used for making aluminium," he said.

Asserting that "justice delayed paralyses the industry and the economy" he stressed that ultimately, both the government and the private sector will have to sit on the same side of the table for development and for the people of India.

He expressed the hope that things would start moving as "2014, is seen as a year of hope and revival by the industry."

Earlier he had pitched for 51 per cent stake sale in PSUs saying this can change the face of modern India by creating more jobs and bringing in prosperity.

"We may be having more than 250 state and central government companies... Why not divest 51 per cent of these companies in the market, with the caveat that no one can own more than 10 per cent of these companies...This is bound to change the face of modern India," he had said.

He had also advocated giving shares to the employees in the companies, which he said will in turn bring "security, as well in terms of financial as they would be getting more money than they currently draw, and their interests will be aligned."

The most talented, professional management will be identified and fully incentivised so that they can create world-class capacities and quality with the possibility to make the company 10 times bigger, including creating huge valuation, he has said.

With this capacity, the companies may generate employment for a further 50 million people, he has said.

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