Coronavirus A Boost For Commodities Demand in India, Says Vedanta’s Anil Agarwal

Reduced Chinese imports stemming from fears over the novel coronavirus outbreak will result in higher demand for commodities in India, according to Anil Agarwal.

“Overseas, the impact is at least 10-15 percent, but in India, people are cautious and demand is high because there will be less imports, so Indian industry will be okay,” the founder and chairman of Vedanta Resources Ltd. told BloombergQuint during an interaction. “If you look at India, I don’t think there’s anything to slow down as far as commodities are concerned.”

Also, the crude oil price war between Russia and the Saudi Arabia-led Organisation of Petroleum Exporting Countries has caused rates to almost halve, benefiting importers like India, he said. “The oil war will be huge benefit for India,” he said. “The oil price will come up by $10 in a very short time.”

WATCH | Vedanta’s Anil Agarwal On Coronavirus’ Impact On India