In a social media post, Agarwal said India’s ambition of producing 300 million tonnes (mt) of steel per annum would require nearly 800 mt of iron ore, necessitating a sharp increase in domestic output and large-scale investments in mining infrastructure.
He cautioned that at current production levels, India could end up importing as much as 75 per cent of its iron ore requirement, a scenario that would undermine the country’s push for self-reliance under the Atmanirbhar Bharat initiative.
Drawing parallels with global mining companies such as Vale, BHP, Rio Tinto and Fortescue, Agarwal said a handful of firms dominate 70-80 per cent of global iron ore production.
India, he argued, would need to develop three to four large mining players, each capable of producing 200-300 mt annually, to compete at a global scale and ensure raw material security for its expanding steel industry.
“This sector requires very large investments in infrastructure. In my estimate, it will take $20–25 billion or more,” he wrote, highlighting the capital-intensive nature of mining expansion.
Agarwal said policy simplification and faster clearances would be key to accelerating production. He cited global trends, including recent moves by the United States to simplify approvals for oil and gas production, as examples of how governments are prioritising resource extraction to support economic growth.
“The world is moving very fast to make production of minerals and hydrocarbons simpler because it is the need of the hour,” he said, advocating a similar approach in India. “India’s geological reserves and ore quality are comparable, if not superior to leading mining regions globally. The country has the inherent capability to emerge as a major iron ore powerhouse if regulatory and operational bottlenecks are addressed,” he added.
Agarwal’s remarks came at a time when India is scaling up its steel capacity to support infrastructure expansion, urbanisation and manufacturing growth. The country is targeting 300 mt of steel capacity by 2030 under the National Steel Policy, with some industry estimates projecting higher long-term potential.
Emphasising the broader impact of mining expansion, the Vedanta chief said large-scale mineral production has historically driven job creation and improved socio-economic outcomes in regions where such industries operate.
“Below the ground requires a big vision. Globally, we have also seen massive job creation in this sector and the well-being of people goes up where companies go for voluminous production,” he said, adding that a production-oriented approach could not only secure India’s industrial future but also enhance livelihoods and regional development.
His comments assume significance for mineral-rich states such as Odisha, which account for a major share of India’s iron ore output and are central to the country’s steel expansion plans.
 "Anil Agarwal, Vedanta")