Anil Agarwal: Vedanta Group Chairman Anil Agarwal has put forward new ideas regarding the demand and supply of gold in India. Anil Agarwal said that if the Indian government changes its policy, not only will we be included in the list of the world’s largest gold producing countries, but this sector will also be recognized for creating jobs. The Vedanta Group Chairman has advocated handing over the gold sector in India to private hands.
India is importing 99.9 percent of its gold needs
Anil Agarwal, while sharing his views on the social media platform X, said that there is a huge demand for gold all over the world. India is also buying gold in huge quantities. Due to this, the rates of gold have reached record highs. India has to import 99.9 percent of its needs. This shows that we have failed in gold production. We will need huge investments to increase it. If we are successful in investing, then our name will start coming among the big gold producing countries of the world.
Government should sell Bharat Gold Mine and Hutti Gold Mine
The chairman of Vedanta Group wrote that such a huge investment can only come from the private sector. In such a situation, the Government of India should consider privatization of its two gold producing companies Bharat Gold Mine and Hutti Gold Mine. Handing them over to private hands will not only increase gold production but will also create thousands of new jobs.
Global gold prices are at record highs.
We import 99.9% of our requirement. With massive investments, we can be a major producer of gold and a big generator of employment.
The best way forward, is the Government privatizing the two sole producers of gold, Bharat Gold Mine and… pic.twitter.com/C4Df4kMp2L
— Anil Agarwal (@AnilAgarwal_Ved) July 26, 2024
Privatization of gold mines should be done on these three conditions
According to Anil Agarwal, this privatization should happen on three conditions. First, there should not be any kind of layoff. The employees of both these companies should also be given some equity. Apart from this, the deal should be done on the basis of ‘what is where and as is’. The assets of any company should not be transferred from one place to another. He wrote that even if the state government has a stake in these companies, the central government should sell its stake. The company buying these should be able to work together with the state government.
The government should also hand over Hindustan Copper Limited to private hands
He has also advocated handing over Hindustan Copper Limited to private hands. He wrote that Hindustan Copper Limited is the only producer of copper in India. It has also come to the position of companies running gold mines. According to Anil Agarwal, if there is a 10 percent reduction in the import of gold and copper, the government will save 6.5 billion dollars. Along with this, about Rs 3500 crore and about 25 thousand jobs will also be created.
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