By Anil Agarwal I Demonetisation was announced on November 8, 2016. That one night changed the fortunes of many and brought good luck to many others. History was created. Some slept peacefully while others could not sleep at all. But one thing was certain: whether it was an individual or a company, an honest taxpayer had no worries.
Vedanta was among one of the many companies that stayed grounded during demonetisation. There had been no cash transactions for several years in the group companies. More than 80,000 people, directly or indirectly attached with Vedanta as employees or contract employees, stood fearless. Their faith in the Indian economy was reinstated.
Equally commending is the implementation of the goods and services tax). The uniformity in the stabilisation of the economy will bring a unique balance of trade within the country. The simpler — and the more unified — the tax structure, the better it is for the economy in the long run.
The transformation of the Indian economy was taking place by simultaneous monetisation and demonetisation. Many felt proud belonging to this new India, this modern India, a monetised India with its potential to Make in India.
Many projects like Digital India, Make in India and Swachh Bharat launched by the government are not just names coined to fulfil the needs and aspirations of people. The projects are also bringing hope, providing opportunities for many more new industries to open up and create millions of employment opportunities and help towards eradication of poverty.
Make in India has opened up new business models, the startups that want to get a taste of this dynamic new economy. Innovations have started and companies are importing global technology. For once, the world is seeing India with a new vision and a nation that can revive global economy.
If we do not initiate Make in India now, we will always remain an economy of imports. What the country would earn would only be utilised towards footing the import bill. Moreover, it would never bring prosperity in any capacity, as there would be no new jobs due to lack of new industries.
Like everyone, I too have a dream. I hope to make India the world’s largest zinc, aluminium and iron ore producer in the world. I hope to further maximum production of oil and gas for India so we can reduce our import bill. I also want to make the country self-sufficient in gold, fertiliser and technology.
Prime Minister Narendra Modi recently stated that the development of natural resources can be a game-changer for creating employment for millions. It’s a matter of time before our natural resources are sustainably developed to strengthen the economy and create millions of jobs to eradicate poverty, particularly in rural India.
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