‘Privatise mining firms to bring down $400bn of imports’

24 June, 2019 12:00 AM printer

NEW DELHI: Anil Agarwal, the scrap metal dealer turned billionaire metals tycoon, has told Prime Minister Narendra Modi that the Centre should privatise five mining firms including NMDC to save some of the $400 billion that India spends annually on imports, saying the government has no business to be in the business.

The Vedanta Resources chairman, who was one of the three industrialists invited for a pre-Budget meeting that Modi had with over 40 economists and sectoral experts Saturday, also said privatisation without job loss can help boost the economy by bringing in efficiency and raising domestic output, report agencies.

The other two corporate honchos invited to the interaction were Tata Group Chairman N Chandrasekaran, who gave recommendations on manufacturing and services sectors, and ITC Chairman Sanjiv Puri, who spoke on value addition in the economy.

Agarwal gave suggestions on mining and natural resources.

"I was honoured to be part of the interaction organised by Niti Aayog on Saturday and in my humble submission I told the Prime Minister that the government has no business to be in the business. It should divest its stake in at least five PSUs such as Hindustan Zinc, Hindustan Copper, Kolar Gold, Uranium Corporation, Shipping Corporation of India and NMDC," he told PTI in an interview.