MUMBAI: World Gold Council has come out with a 21-year plan to substantially improve the gold ecosystem in India. The plan, christened Swarnim Udaan and aligned with govt’s Viksit Bharat 2047 vision, aims to build on the strengths that have long distinguished India globally while creating new engines of growth for the future, WGC’s report said.The roadmap includes increasing the total mined gold from within India to 10-20% of the country’s total demand and making the gold jewellery sector the world’s leading manufacturer (like the diamond industry is). The plan also aims at enhancing the usage of the yellow metal in industries like electronics, semiconductors, aerospace, healthcare and other advanced technologies, and channelising household gold for productive use through financialisation. WGC also aims at enhancing the demand for retail gold jewellery from Gen Z, expected to be the biggest consuming group in India in the next few years.According to Sachin Jain, regional CEO, India, WGC, the intent was to see how gold can truly contribute to making India a superpower. The intent was also to bring forward gold in contemporary architecture and a forward-looking theme.One of the top objectives of the plan is to have a stronger domestic gold ecosystem so that India’s import dependence that exposes the economy to global price volatility, supply disruptions and foreign exchange outflows could come down.“A stronger domestic gold ecosystem is therefore closely aligned with the objectives of Atmanirbhar Bharat and Make in India, supporting manufacturing competitiveness, innovation, resilient supply chains and domestic value creation,” the report noted.Strengthening domestic gold supply through mining, recycling and financialisation presents an opportunity to unlock greater value from India’s existing gold ecosystem while enhancing economic resilience, meeting consumer preferences and improving long-term competitiveness, the report said.Beyond gold’s established role as a reserve asset and store of value, the report also put in place plans to use the yellow metal in industries like electronics, semiconductors, aerospace, healthcare and other advanced technologies.“Large household gold holdings, a globally recognised jewellery industry, manufacturing capabilities and deepening financial markets provide a strong foundation to create value across mining, refining, recycling, manufacturing, exports, financialisation and emerging industrial applications,” the report said.
