NITI Aayog CEO Anurag Jain has called for a robust evaluation framework for awarding gold exploration and mining projects in India. The proposed framework aims to strengthen technical competence, attract investment, improve project viability and support the sustainable development of the country’s untapped gold resources.
Jain made the remarks during a meeting to discuss the report titled “India’s Gold Mining Policy: Challenges, Learning and the Road Ahead”, prepared by the Pahle India Foundation (PIF) with support from the World Gold Council (WGC).
According to NITI Aayog’s post on X, the proposed evaluation matrix is intended to draw upon international practices and promote technical competence, encourage investment and support the sustainable development of India’s gold resources.
India’s Untapped Gold Potential and Import Dependence
The discussions examined India’s considerable untapped gold mining potential and the country’s growing reliance on imported gold. Participants highlighted the need to strengthen domestic exploration and mining capabilities to improve the development of indigenous resources.
Several structural challenges affecting the sector were discussed, including inadequate geological data, limited exploration activity, prolonged project development timelines, auction design issues and concerns over investment viability.
These challenges can affect the pace of exploration, increase project uncertainty and make it difficult to attract private investment into gold mining.
Better Geological Data and Regulatory Coordination
The deliberations underscored the importance of improving the quality and availability of geological information through internationally accepted reporting standards. Reliable geological data can help investors assess mineral potential and make informed decisions about exploration and mining projects.
Stakeholders also called for streamlining regulatory approvals through stronger coordination between the Centre and state governments. A predictable policy environment was identified as essential for improving project bankability and encouraging greater private-sector participation.
Strengthening India’s Domestic Gold Mining Sector
The discussions highlighted the need for a comprehensive policy approach that addresses technical, regulatory and investment-related barriers to gold exploration and mining.
A transparent evaluation framework, better geological information and coordinated approvals could help create more favourable conditions for developing India’s domestic gold resources.
NITI Aayog’s call for a robust evaluation matrix highlights the importance of improving project selection and investment conditions in India’s gold mining sector. Strengthening geological data, simplifying approvals and creating predictable policies will be important for unlocking domestic gold resources and reducing dependence on imports.
