Anil Agarwal: India needs transparent economic policies

The new govt should focus on encouraging private enterprise, exploration of natural resources, development of manufacturing

India is a country richly endowed with the world’s largest reserve of natural resources and in today’s context possesses the potential to add $1 trillion to the growth of the Indian economy over a period of few years and in turn create millions of job opportunities. 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.

The need of the hour is to boost energy security through reform. We can meet at least 50% of our oil and gas requirements from our own resources. Today India produces oil at around $4 per barrel and import at around $110 per barrel. We are sitting on a large resource base of oil & 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. In case of coal, we have the world’s fourth largest coal deposits and can domestically produce most of our requirements.

India has shared geology and mineral potential with Africa and Australia, and has the world’s seventh largest reserves of iron ore that are significantly underinvested in terms of exploration and development.

Government could focus on activating social programs on top priority that help eradicate poverty, promote child welfare and women empowerment. Immediate social measures are needed to curb malnutrition and unemployment which are the biggest woes faced by the country.

The importance of creating infrastructure and amenities by the government to promote liberal arts, culture and sports cannot be underestimated and this will also lead to a new paradigm in employment opportunities. Universities aided by the government can play a key role in developing the intellectual capital of our country.

Tourism continues to be one of India’s most unsold and underrated assets. India has a rich cultural history, its heritage monuments need to be maintained to attract a larger population of visitors to our country.  About six million tourists annually visit India as compared to approximately 60 million who visit China. An all-round effort to develop tourism by building infrastructure and better marketing would lead to large-scale employment and foreign exchange earnings- a welcome addition to our GDP.

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.

I look forward to a progressive India that can be referred again as ‘sone ki chidya’ (a golden bird) a promise to keep made by the new government.

The author is Group Chairman of Vedanta