"We expect the new government to have clear reforms and forward looking policies on top of their agenda that can open up this sector's potential to contribute and strongly impact the GDP growth of the country," Agarwal said in a statement.
Though the country has abundant reserves of oil & gas, bauxite, coal, iron ore, copper and gold, it is spending multi-billions of dollars on imports, he said.
India's imports dipped 8.11 per cent to $451 billion in 2013-14. Natural resources, including oil and gas, contributed a significant part in the total basket.
A new government with Narendra Modi as Prime Minister in the Centre is slated to take office on May 26.
"We should explore, produce and utilise our natural resources optimally in the most sustainable and environment friendly manner. Hundreds and thousands of large, medium and small scale industries can be set up across the nation to process our raw material and build infrastructure, this can create significant opportunities for employment," Agarwal said.
The London Stock Exchange-listed Vedanta Resources has business interests in areas such as oil and gas, aluminium, zinc, copper and iron ore, among others.