New Delhi [India], March 3 (ANI): Vedanta Group Chairman Anil Agarwal on Tuesday suggested that India needs to declare mining of natural resources as a national priority, amidst escalated tensions and uncertainties in resource-rich West Asia.

A major geopolitical shock in a resource-rich region, like the ongoing conflict in Iran, makes India vulnerable because of its huge import dependence on underground natural resources, the Vedanta Group Chairman posted on X.

'We need to immediately declare this sector a national priority, cut cumbersome processes and facilitate a rapid increase in domestic production. We have such a progressive government that this can happen. Some risk has to be taken, and we should take it,' he wrote on X.

Declaring it as a national priority, as suggested by him, will deliver massive returns in terms of jobs, too.

'Young women are entering this sector in a big way. And there are talented Indians abroad who can do a ghar vapsi,' he noted.

Today, 90 per cent of India's oil needs are imported, and about 66 per cent of the country's LPG is imported. Similarly, 50 per cent of LNG needs are imported, which goes into low-emission public transport vehicles.

'Oil and gas are the biggest items in our import bill, around USD 176 billion per year, and any sharp rise in prices has an adverse effect on macroeconomic indicators like current account deficit, value of the rupee, fiscal deficit and inflation. The common man ultimately has to pay the price,' he further wrote.

Gold is another key import item for India, at around USD 65 billion a year. Oil, gas and gold combined account for almost 30 per cent of India's total imports, as per Agarwal.

Against this backdrop, the government should exempt the sector from time-consuming regulations, including public hearings.

'The latter has already been done for critical minerals, but needs to be done across the board for all processes and minerals. Environment clearances need to be on a self-certification basis. Once a company commits to the Government's rulebook, there should be no further process, only audit at a later time,' he said.

Existing assets, most of which are owned by the government, should be utilized fully, he asserted, suggesting that at least 50 per cent stake can be divested to 'proven people.'

Divestment, he said, will help employees get shareholding too, with no retrenchment.

'India cannot wait. The world is more unsettled and uncertain than it has been at anytime in my memory. There are no permanent friends or partners in today's geopolitics. Self-reliance is more than a desirable aspiration. It is an immediate economic and strategic imperative,' he concluded his X post. (ANI)