World is eyeing China Plus One, this is India's moment: Vedanta chief Anil Agarwal

A combination of factors from India being the fastest-growing major economy in the world to the country being a favourable option for those looking to reduce dependence on China makes this India's moment, said Anil Agarwal, the chairman of Vedanta.
Globally, policymakers are dealing with inflationary and recessionary pressures simultaneously, Agarwal said while addressing shareholders at Vedanta's annual general meeting on Wednesday.

"Fortunately, India is doing better than most countries," he said. "Geopolitics and geo-economics are also undergoing a change. The world is looking to adopt a China Plus One strategy and India is clearly in a sweet spot. This is India's moment."

The commodities sector was going through a volatile period but structurally, the world was moving towards a mineral-intensive future. Over the medium term, supply will remain a challenge as demand will be robust, he said. This bodes well for the mining to petroleum conglomerate.

Vedanta will be investing $2 billion as capital expenditure in zinc, oil & gas and aluminium businesses. The company also recently acquired Nicomet, making it the sole producer of Nickel in India, he said. The metal is in high demand for electric vehicles and batteries.

The company is also investing in the manufacturing of semiconductors and display units in India and has already tied up with Foxconn for the same, he said.

"I truly hope this is only the beginning of the creation of a Silicon Valley in India with hundreds of enterprises and hundreds of thousands of talented Indians producing value for the world," Agarwal said.