Anil Agarwal, Founder and Non-Executive Chairman of Vedanta, said the Centre's push for self-reliance on semiconductors through the Semiconductor India Programme, which comes at a top of acute global chip shortage, placees India in prime position to create the next Silicon Valley.

“There is a (semiconductor) famine in the world (and) India is in a position (to) make it. Vedanta is already in the glass business — we have a company in Japan where we make display glass; we (produce) optical fibre in India (and) have a tie-up with Foxconn ... It is not only semiconductors, we are going to create another Silicon Valley or another Taiwan, that’s the vision,” Agarwal told CNBC-TV18's Shereen Bhan on the sidelines of the World Economic Forum's annual summit at Davos.

Agarwal further said the company will be the frontrunner in development of renewables and in Environmental, Social and Corporate Governance (ESG).

“People always thought that technology is coming and commodities may not be required but it is the other way round. Whether you talk of renewables, electric cars or anything — they require commodities. All the batteries need zinc, everything needs metal. So this is the time when commodity prices will shoot up," Agarwal said.

"No production has come up in India in last 10 years; no new mines have opened; but at Vedanta, we have been focusing on increasing production of zinc, of oil and gas. We will also be the frontrunner for ESG in India. We will be most powerful company to develop renewable energy — we will turn waste to wealth. So I am very optimistic,” he added.

Agarwal said India is in a sweet spot due to geopolitical issues and Indian startups will change the face of the country.

“The world has recognised the importance of commodities, whether soft or hard. However, India is in a very sweet spot because of what is happening in China and other geopolitical situations, as every country is looking at having alternative sources ... Indian entrepreneurs, especially startups, will change the face of the country.”

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