WGC Has Launched A Report Titled Gold Mining In India

WGC has launched a report titled Gold Mining in India. Only 1.6 tonnes is being able to come out of the mines, but removing the problems can be beneficial: WGC.

The World Gold Council (WGC) has said that gold mine production in India was just 1.6 tonnes in 2020, but it may increase to 20 tonnes per year in the long term.

The World Gold Council (WGC) has launched a report titled Gold Mining in India as part of a series of in-depth analyses on the Indian gold market.

WGC said in a statement that the report highlights that India has a large gold mining rig, but the growth of the industry has been stunted by low investment.

Despite India being one of the world’s largest consumers of gold, the mining market operates on a small scale, and entering it is not easy.

WGC has launched a report titled Gold Mining in India: The gold mine output in 2020 was just 1.6 tonnes.

India’s existing resources can be expected to produce around 20 tonnes per annum in the long run as compared to production and resource levels in other countries.

Regulatory challenges, tax policies, and infrastructure are listed as major issues in the report.

World Gold Council Regional CEO Somasundaram PR said that given that India is one of the largest gold-consuming countries in the world, developing mining capacity for it could be a good deal.

But for this to happen, change is needed, problems can be significantly reduced and investment can be encouraged.

He said that the recent years have shown good signs with the changes in the Mines and Minerals (Development and Regulation) Act and the introduction of National Mineral Policy and National Mineral Exploration Policy.

If this trend continues, India’s mine production is expected to increase in the coming years.