The India-Australia Economic Cooperation and Trade Agreement (IAECTA), finalised in April this year, was welcomed by policymakers on each side as a ground-breaking milestone. It is predicted that trade connecting the two countries will double, and one million jobs will be created. Speaking on this trade deal is Vatsal Agarwal, one of the faces of a new and vibrant India.
Vatsal Agarwal, founder of Simplex Coke and Refractory aims to take India to the peak of coke manufacturing. On this, he says “India and Australia reached a positive agreement to revitalize their trade relations as it will highlight the enormous prospects that persist in the two economies to meet each other’s needs, with the arrangement allowing the two countries to utilize these potentials fully.”
An intellectual with true entrepreneurship, one of India’s young businessmen, named Vatsal Agarwal, has also recently taken over Stratmont Industries Limited, listed with the BSE.
At 28 years of age, Vatsal founded Simplex Coke & Refractory, which is among the largest piling rig rental company in our country. He has outdone himself by bringing a turnover of over 100 crores from a humble beginning of 4 crores. He has recently been rewarded one of the most prestigious awards given to the vibrant youth of our country, ”Yuva Rattan” award by Mr. Ganga Prasad, the Governor of Sikkim in 41st conclave of NRI’s at Constitution club Delhi in April 2022. Yuva Rattan award is rewarded to youth for their service to the nation.
Since Vatsal Agarwal’s business is emphasized on the manufacturing & trading of met coke, he says, “The India-Australia deal is a silver lining for us as well, as it lowers import duties on coking coal, a raw material for finished met coke India can start competing with China for finished met coke by not only reducing imports but also possibly exporting coal from Australia.” Australian coal accounted for roughly 70% of total imports and used to be subject to a 2.5 percent duty. This agreement allows zero percent import duty, making raw materials cheaper for the steel industry.
Vatsal Agarwal, heading the fast-growing enterprise Simplex Coke & Refractory, highlighted, “China is still dominating the market in the metallurgical coke production and demand universally. We have to make a conscious effort to change that in the coming years.”
Vatsal Agarwal explained how the Indian government had sounded the alarm about the country’s coal supply emergency to promote imports and avoid a stoppage.
Before the India – Australia trade deal was finalized, Vatsal Agarwal, like many other coke & steel players of our country, was restless about China’s strong influence on prices. So for growth purposes, even during the unprecedented times of covid-19, wasting no time by adding another start-up to its list. Worldofcoal.com strategizes for purchasing and selling of coal.