Chairman of the Vedanta Resources Group Anil Agarwal has written to Prime Minister Modi ‘to take a judicious call’ in initiating measures to reopen the Sterlite plant at Thoothukudi in the overall interest of the economy. In a letter dated June 4, 2020, Mr. Agarwal highlighted that India for the first time in the last two decades had become a net importer of copper resulting in a heavy import bill. He said that the closure of the plant had rendered thousands of workers jobless aggrieving the employment situation further and adding to the exodus of migrant workers. He also said that it has left a dent on both the State and Centre exchequer due to loss of revenue through taxes, cess, and also a loss in foreign exchange to the tune of $1200 million (₹40,000 crores).
Citing media reports of Pakistan of Mr. Agarwal added that the copper shipments to China had increased to $550 million last year, an increase of 400% in the last three years. He said that the Chinese firms are now trying to capture India’s copper market.
Mr. Agarwal in his letter added that both the Sterlite plant and the thermal power plant in Thoothukudi was state-of-the-art with best technologies and is also environment friendly. He termed it as a ‘jewel in the crown for India’ serving the nation’s infrastructure needs for decades.
Mr. Agarwal wrote the letter against the backdrop of the Government of India’s push to become ‘Atmanirbhar’ (self-reliant) and the emphasis given to Make-in-India and “Vocal for Local”.