WGC Pushes for Strategic Mineral Status to Boost Domestic Gold Mining in India
The World Gold Council (WGC) is urging the Indian government to classify gold as a strategic mineral, which would simplify the mining process and reduce import dependence.
Sachin Jain, regional CEO of WGC India, said granting strategic mineral status to gold would allow for single-window clearance, enabling mining companies to obtain approvals from the Centre instead of navigating multiple state clearances.
Jain noted that this move is directly linked to India's ambition of becoming self-reliant and reducing its current account deficit. He stated that accelerating mining and putting gold on the strategic mineral list would 'hugely amplify' these goals.
The WGC has estimated that 10-15% of India's annual gold demand should be met through domestic mining by 2047, as outlined in their report 'Swarnim Udaan 2047'. The Council also emphasized the need to monetize India's vast household gold holdings, which they estimate to be around 31,000 tonnes, valued at approximately Rs 314.9 lakh crore.
Jain reiterated that simplifying and digitizing the gold monetization framework could bring a significant portion of idle gold into productive economic use. He also touched on cryptocurrencies, stating that digital assets would continue to exist but serve a different purpose from gold, with the WGC working on technology and tokenization infrastructure to make gold more fungible and accessible.