WGC urges government to classify gold as a strategic mineral
The industry body also advocated faster gold monetisation and simplified mining approvals to strengthen self-reliance and reduce import dependence.
The World Gold Council (WGC) has urged the Indian government to classify gold as a strategic mineral to stimulate domestic mining operations and decrease reliance on imports, according to a top official. Sachin Jain, the regional CEO of WGC for India, explained that this designation would streamline the approval process, enabling mining companies to obtain all necessary clearances from the central government rather than dealing with multiple state-level approvals.
Jain stated that this simplification would facilitate mining activities across the country with a single-window clearance system. The WGC report, 'Swarnim Udaan 2047', suggests that 10-15% of India's annual gold demand should be met through domestic production by 2047. Jain emphasized the potential economic benefits of monetizing India's substantial household gold holdings, which currently amount to approximately Rs 314.9 lakh crore.
By monetizing even 1% of this idle gold annually, the country could substitute gold imports worth Rs 3.1 lakh crore, thereby reducing import dependency and unlocking significant domestic economic value. Jain also discussed the role of cryptocurrencies, stating that while they would continue to exist, their purpose would differ from gold.
The WGC is actively working on technology and tokenization infrastructure to make gold more fungible, authentic, and accessible 24/7.
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