India Aims for 20% Domestic Gold Production by 2047

India is working to significantly increase its domestic gold production by 2047, aiming to meet up to 20% of its annual demand. The country currently produces about 1.6 tonnes of gold annually, while its total demand typically ranges between 800 and 850 tonnes.

The government has begun opening up more exploration and mining areas, granting 24 licenses for gold mining over the past decade across eight states, which are estimated to hold approximately 270 tonnes of gold.

The World Gold Council's report 'Swarnim Udaan 2047' highlights the Jonnagiri gold project in Andhra Pradesh as a major development for the sector. This project is notable for being India’s first large-scale private gold mine since independence and has already begun production in 2026.

The government also aims to mobilize household gold wealth into the formal financial system through technology such as tokenization and digital ownership frameworks, which could enhance market liquidity and provide a more productive way to manage its gold reserves.