WGC Seeks Strategic Mineral Status for Gold to Boost Indian Mining
The World Gold Council (WGC) is urging the Indian government to classify gold as a strategic mineral, which would simplify mining approvals and boost domestic production. According to WGC India CEO Sachin Jain, this move could enable a single-window clearance mechanism, allowing companies to obtain Centre-level approvals instead of navigating multiple state-level clearances.
Jain believes that granting gold strategic mineral status will have significant benefits for the country's economy, including reducing its dependence on imports and decreasing the current account deficit. He also sees it as crucial for advancing India's self-reliance goals.
The WGC has suggested in its report 'Swarnim Udaan 2047' that domestic mining should meet 10-15% of India's annual gold demand by 2047. Additionally, Jain called for greater monetisation of the country's vast household gold holdings, which are estimated to be around 31,000 tonnes, including 20,000 tonnes in jewellery and nearly 6,000 tonnes in bars and coins.