'Govt is mai baap': Vedanta's Anil Agarwal on discrimination between public, private entrepreneurs
Agarwal noted that the government and banks are comfortable giving clearances and funding to the public sector, whereas the case is not the same for the private sector entrepreneurs.
- Nov 21, 2023,
- Updated Nov 21, 2023 1:00 PM IST
Vedanta Chairman Anil Agarwal on Tuesday sought support from the government and banks to help the private sector companies in getting loans and support them to build up their businesses in a bid to reach the common goal of making India a $5 trillion economy.
Taking to social media platform X (formerly Twitter), Agarwal noted that the government and banks are comfortable giving clearances and funding to the public sector. However, it should have a balanced approach towards both the private sector and provide a boost to the entrepreneurs and will help start-ups to move faster and create job opportunities.
"As we move ahead, we have to address the discrimination between public sector and private sector (entrepreneurs) which is so evident. Government and banks are comfortable giving clearances and funding to the public sector. Government is mai baap, for them everyone is equal, this will provide a boost to the entrepreneurs and will help start-ups to move faster and create job opportunities. We have to find a solution whereby the government has no business to be in business and look at everybody with the same pair of eyes. This will take our growth rate to a different level. And government's energy will be focused on regulation and welfare of the disadvantaged sections of society," Agarwal wrote on X on Tuesday.
He further added: "Any process for disengaging government from business must commit to zero retrenchment and ensure that no jobs are lost. And if required, some PSUs can be kept for national security reasons. Hamare Prime Minister hamesha bolte hain that the government should not be in business and should focus on the welfare of the less privileged section of the society and their upliftment. Let's act on his vision."
Earlier too, Agarwal had spoken about his support to domestic entrepreneurs and said that their role in India was underplayed and they needed more respect and recognition for their services.
Agarwal had previously noted that some of the other nations such as US and UK became the countries that they did because of the work put in by entrepreneurs and felt that like in the USA, India's entrepreneurs were also willing to contribute through philanthropy. "In our Bharat, role of domestic entrepreneurs is sometimes underplayed. What they can deliver and think for the country no one can."
"They can tie up foreign technologies and funds and they will be our best bet to create the wealth needed for everyone's prosperity. Like American entrepreneurs, they want to give back via philanthropy," Agarwal said last month.
Agarwal further said that it was crucial to put more faith in India's entrepreneurs and every nation worldwide had become successful by trusting their entrepreneurs. "It is important to trust and give benefit of doubt to entrepreneurs. Every democratic country that has become rich has done so because they have put their faith in entrepreneurs and recognized and motivated them," he wrote.
Vedanta Ltd
On November 18, Vedanta Ltd said it had received a GST demand order worth Rs 1.38 crore from GST & Central Excise Commissionerate, Rourkela. In a regulatory filing, Vedanta said that it has received GST demand order worth Rs 1,38 crore along with applicable interest, from the GST & Central Excise Commissionerate, Rourkela.
A penalty of 10 per cent of the demand issued may also be leviable, if the original demand is not discharged by the company, the filing added.
The company has decided to file the appeal with the Appellate Authority under the GST Law, after evaluated the merits of the case. The appeal drafting is in progress and will be filed in due course, the filing said.
On November 17, in another filing, the company said that rating agency CRISIL had downgraded Vedanta's ratings on the long-term bank facilities and debt instruments of the Company to ‘CRISIL AA-’ from ‘CRISIL AA’ and placed these ratings on ‘Rating Watch with Developing Implications’ from ‘Rating Watch with Negative Implications’.
CRISIL said a successful completion of Vedanta's plans to deleverage its balance-sheet via asset monetisation was running behind the earlier expected timelines. The delay in refinancing at VRL reduces the financial flexibility for Vedanta, which had already witnessed a reduction in liquidity since last fiscal.
Last week it was reported that the Centre has told to Anil Agarwal-controlled Hindustan Zinc Ltd (HZL) that it would need its approval for business reorganisation. Vedanta Group's Hindustan Zinc has been looking at splitting its business into three different entities -- zinc and lead, silver and recycling business. The company board at a meeting in September asked the company to explore corporate restructuring to unlock shareholder value.
Vedanta is also planning to split itself into six listed companies just like Hindustan Zinc, which would create separate listed entities for aluminium, oil and gas, iron ore and steel.
The company board approved the formation of six separate listed companies under Vedanta Aluminium, Oil & Gas, Power, Steel, and Ferrous Materials, Base Metals, and Vedanta Limited. For every share of Vedanta Ltd., investors will receive one share of each of the five new companies.
At 11:30 am, the stock was trading at Rs 240.25, up by 0.31 per cent.
Vedanta Chairman Anil Agarwal on Tuesday sought support from the government and banks to help the private sector companies in getting loans and support them to build up their businesses in a bid to reach the common goal of making India a $5 trillion economy.
Taking to social media platform X (formerly Twitter), Agarwal noted that the government and banks are comfortable giving clearances and funding to the public sector. However, it should have a balanced approach towards both the private sector and provide a boost to the entrepreneurs and will help start-ups to move faster and create job opportunities.
"As we move ahead, we have to address the discrimination between public sector and private sector (entrepreneurs) which is so evident. Government and banks are comfortable giving clearances and funding to the public sector. Government is mai baap, for them everyone is equal, this will provide a boost to the entrepreneurs and will help start-ups to move faster and create job opportunities. We have to find a solution whereby the government has no business to be in business and look at everybody with the same pair of eyes. This will take our growth rate to a different level. And government's energy will be focused on regulation and welfare of the disadvantaged sections of society," Agarwal wrote on X on Tuesday.
He further added: "Any process for disengaging government from business must commit to zero retrenchment and ensure that no jobs are lost. And if required, some PSUs can be kept for national security reasons. Hamare Prime Minister hamesha bolte hain that the government should not be in business and should focus on the welfare of the less privileged section of the society and their upliftment. Let's act on his vision."
Earlier too, Agarwal had spoken about his support to domestic entrepreneurs and said that their role in India was underplayed and they needed more respect and recognition for their services.
Agarwal had previously noted that some of the other nations such as US and UK became the countries that they did because of the work put in by entrepreneurs and felt that like in the USA, India's entrepreneurs were also willing to contribute through philanthropy. "In our Bharat, role of domestic entrepreneurs is sometimes underplayed. What they can deliver and think for the country no one can."
"They can tie up foreign technologies and funds and they will be our best bet to create the wealth needed for everyone's prosperity. Like American entrepreneurs, they want to give back via philanthropy," Agarwal said last month.
Agarwal further said that it was crucial to put more faith in India's entrepreneurs and every nation worldwide had become successful by trusting their entrepreneurs. "It is important to trust and give benefit of doubt to entrepreneurs. Every democratic country that has become rich has done so because they have put their faith in entrepreneurs and recognized and motivated them," he wrote.
Vedanta Ltd
On November 18, Vedanta Ltd said it had received a GST demand order worth Rs 1.38 crore from GST & Central Excise Commissionerate, Rourkela. In a regulatory filing, Vedanta said that it has received GST demand order worth Rs 1,38 crore along with applicable interest, from the GST & Central Excise Commissionerate, Rourkela.
A penalty of 10 per cent of the demand issued may also be leviable, if the original demand is not discharged by the company, the filing added.
The company has decided to file the appeal with the Appellate Authority under the GST Law, after evaluated the merits of the case. The appeal drafting is in progress and will be filed in due course, the filing said.
On November 17, in another filing, the company said that rating agency CRISIL had downgraded Vedanta's ratings on the long-term bank facilities and debt instruments of the Company to ‘CRISIL AA-’ from ‘CRISIL AA’ and placed these ratings on ‘Rating Watch with Developing Implications’ from ‘Rating Watch with Negative Implications’.
CRISIL said a successful completion of Vedanta's plans to deleverage its balance-sheet via asset monetisation was running behind the earlier expected timelines. The delay in refinancing at VRL reduces the financial flexibility for Vedanta, which had already witnessed a reduction in liquidity since last fiscal.
Last week it was reported that the Centre has told to Anil Agarwal-controlled Hindustan Zinc Ltd (HZL) that it would need its approval for business reorganisation. Vedanta Group's Hindustan Zinc has been looking at splitting its business into three different entities -- zinc and lead, silver and recycling business. The company board at a meeting in September asked the company to explore corporate restructuring to unlock shareholder value.
Vedanta is also planning to split itself into six listed companies just like Hindustan Zinc, which would create separate listed entities for aluminium, oil and gas, iron ore and steel.
The company board approved the formation of six separate listed companies under Vedanta Aluminium, Oil & Gas, Power, Steel, and Ferrous Materials, Base Metals, and Vedanta Limited. For every share of Vedanta Ltd., investors will receive one share of each of the five new companies.
At 11:30 am, the stock was trading at Rs 240.25, up by 0.31 per cent.