Mining baron Anil Agarwal, executive chairman of Vedanta Group, on Tuesday expressed concerns over skyrocketing imports of natural resources leading to a falling Indian Rupee and advocated to restart the iron ore mining in Goa.
Mr. Agarwal took to twitter to express his concerns over the ban of iron ore exports worth billion of dollars from Goa.
“Natural Resources imports have skyrocketed. Aluminium imports are up by 20%, enormous amounts of Oil, Copper, Sulfuric Acid and Fertilizers are being imported & Iron Ore exports worth billions from Goa have stopped. These domestic factors are contributing to slide of Rupee,” said Mr. Agarwal in his tweet.
“Need of the hour is to urgently restart Goa mining. A positive resolution on Sterlite Copper will hugely benefit the domestic market & ancillary industries. This will help arrest sliding rupee, contain interest rates, save hard earned Forex and create jobs,” said the tweet, which tagged Prime Minister Narendra Modi’s twitter handle.
Vedanta Limited is planning to spend as much as $8 billion in the next 3 years to expand its oil and metals business in India.
Early this year, the Supreme Court cancelled all iron ore mining permits in Goa, which majorly affected Anil Agarwal’s Vedanta Limited as it is the biggest iron ore miner in the State.
The Tamil Nadu government, on May 28, ordered the State pollution control board to seal and “permanently” close the mining group’s copper plant in the State following violent protests over pollution concerns.
