WGC Seeks Strategic Mineral Status for Gold to Spur Indian Mining

The World Gold Council (WGC) has urged the Indian government to classify gold as a strategic mineral, aiming to boost domestic mining and reduce dependence on imports. According to Sachin Jain, India CEO of WGC, granting gold strategic mineral status would simplify the approval process for mining companies by providing a single-window clearance mechanism.

Jain emphasized that recognizing gold under the strategic mineral list would 'enable a lot of things to change and get simplified.' He highlighted the importance of domestic gold mining in reducing India's current account deficit and advancing self-reliance goals. The WGC report, Swarnim Udaan 2047, recommends that domestic mining meet 10-15% of India's annual gold demand by 2047.

Jain also advocated for greater monetization of India's vast household gold holdings, estimating that Indian households hold around 31,000 tonnes of gold, including about 20,000 tonnes in jewelry and nearly 6,000 tonnes in bars and coins. By encouraging domestic mining and gold monetization, the WGC hopes to reduce India's reliance on imports.