Natural resource sector has key role in India's growth: Vedanta chairman

The natural resource sector can play a key role in India's economic growth and a small policy change can "unleash the true potential" of this sector, Vedanta Resources chairman Anil Agarwal said on Wednesday.

Vedanta Resources Limited has operations in sectors like oil and gas, zinc, lead, silver and copper across India, South Africa and Namibia.

"The natural resource sector will play a pivotal role in India's growth and employment story as the nation strives to become Aatmanirbhar. Even small policy reforms can unleash the true potential of this sector," Agarwal said at the company's 57th annual general meeting.

Agarwal said India is in a sweet spot in terms of drawing investment at a time when businesses across the world are looking for an investment destination other than China amid changing geopolitical situation.

The world is looking to adopt 'China-plus-one' strategy, he said, adding, "India is clearly in a sweet spot. This is India's moment".

'China-plus-one' refers to a strategy in which companies avoid investing only in China and diversify their businesses to alternative destinations.

Agarwal also said that the Indian economy is doing better than most of the nations at a time when the global economy is disrupted due to COVID-19 and Russia-Ukraine war.

"Ours is the fastest growing major economy with a growth rate of around seven per cent and moderate inflation compared to the US and UK which are experiencing near double-digit levels of inflation," he added.