New Delhi: With the interim budget for 2019-20 laying emphasis on cutting costly imports of crude oil and natural gas through increased production, Vedanta Resources Executive Chairman Anil Agarwal has said the government must open up the entire natural resources sector for corporates.
“While the finance minister spoke about the transparency in auction of coal and spectrum and highlighted the urgent need to increase hydrocarbon output to cut imports, it is essential that the government pushes ahead with opening of the entire natural resources sector and not just oil and gas,” Agarwal said, commenting on the budget provisions.
Finance minister Piyush Goyal in his budget speech in Parliament said the government has ushered in a new era of transparency by conducting transparent auction of resources like coal and spectrum.
Agarwal said India’s natural resource sector has huge untapped potential that will not just do away with India’s import dependence but turn it into a net exporter for a number of metals and minerals. “This will also generate adequate finances for the government to meet its series of social sector objectives and build a $10 trillion economy in the next eight years,” he said.
The business tycoon also said the Modi government must be applauded for what he said was “a pro-growth and fiscally prudent budget” for the financial year 2019-20 without putting the exchequer’s finances under too much pressure.
“This is one budget that has not only focussed on giving immediate relief to a large section of the Indian society but has also clearly outlined the vision for the next decade and building a new India that aims to provide quality life to every Indian,” Agarwal said.
Goyal in his budget speech talked about the ten dimensions of the government’s vision for the next decade which included physical and social infrastructure, digital India, addressing pollution issues and expanding rural industrialisation.