SUBHASH MEHTA

This morning, I was reading Chapter 15 of the Bhagavad Gita. One thought stayed with me. “Have courage. Stay humble. Do your duty without attachment.” Life tested this. Some years ago, Shri Jaiprakash Gaur, who built Jaypee Group, came to meet me in London. He had built an empire over his lifetime with hard work and vision. He reached out more than once. He wrote to me. His only wish was simple that what he had built should go into safe hands and be taken forward with the right intent. He even wrote me letters in Hindi, in his own words, expressing his trust. At that time, we could not proceed. Recently, the asset went into a public auction by CoC in the IBC process. Many strong bidders participated. Suddenly, the sentiment and wishes of Jaiprakash Gaur ji came rushing back to me. One by one, everyone dropped out of the bidding. Finally, we were declared the highest bidder publicly. It was a transparent process. We were informed in writing that we had won. But life is never so simple. After some days, the decision was changed. Don’t want to go into the details. That is for the right forum. But I want to share something from my heart. We have no attachment to this asset. If it comes, it is God’s grace. If it goes, that is also his wish. But one thing we believe strongly. When something is promised in dharma, it should not be taken back. In our scriptures also, we see this again and again. Truth, commitment, and fairness are above everything. So, what should one do? Gita gives a simple answer - do your duty, with courage, but without anger or attachment. That is what we will do. We will place the facts in the right way. We will follow the right path. Rest, I leave to God.

A major geopolitical shock in a resource-rich region, like the ongoing conflict in Iran, makes India vulnerable because of its huge import dependence in natural resources from below the ground. We need to immediately declare this sector a national priority, cut cumbersome processes and facilitate rapid increase in domestic production. We have such a progressive government that this can happen. Some risk has to be taken and we should take it. It will deliver massive returns in terms of jobs too. Young women are entering this sector in a big way. And there are talented Indians abroad who can do a ghar vapsi. Today, 90% of our oil is imported. This fuels our transport. 66% of our LPG is imported. We use it in our homes to cook. So is 50% of LNG, which goes into low emission public transport vehicles. Oil and gas are the biggest items in our import bill, around $176 billion per year, and any sharp rise in prices has an adverse effect on macroeconomic indicators like current account deficit, value of the rupee, fiscal deficit and inflation. The common man ultimately has to pay the price. Interestingly, our second highest import is gold, around $65 billion a year, the demand and price of which also soars in times of uncertainty. Oil, gas and gold account for almost 30% of our total imports. Government should exempt the sector from time-consuming regulations, including public hearing. The latter has already been done for critical minerals but needs to be done across the board for all processes and minerals. Environment clearances need to be on self-certification basis. Once a company commits to the Government’s rulebook, there should be no further process, only audit at a later time. Existing assets, most of which are owned by the government, should be utilized fully. At least 50% stake can be divested to proven people. Employees will get shareholding and a promise of no retrenchment. India cannot wait. The world is more unsettled and uncertain than it has been at anytime in my memory. There are no permanent friends or partners in today’s geopolitics. Self-reliance is more than a desirable aspiration. It is an immediate economic and strategic imperative.