Speaking at an industry conclave today, he highlighted the scale of the challenge and noted that India imports over 90 per cent of its oil, more than 95 per cent of copper, and almost 100 per cent of gold, despite possessing significant untapped reserves. India currently imports nearly 90 per cent of its oil, about 95 per cent of its copper and almost 99.5 per cent of its gold. He stressed that the country’s geology is among the richest in the world and has the potential to significantly strengthen India’s energy and mineral security.
He expressed the need to accelerate exploration and mining of natural resources. He stated that India’s public sector enterprises and resource companies have the capacity to increase production several times if supported by enabling policies and faster approvals. He also noted that several underperforming government assets have the potential to significantly increase production with the right investment, management and policy support.
