According to PHDCCI, India’s gold refining industry is poised for significant growth as it is projected to create 25,000 new jobs by 2030 and attract investments worth Rs 15,000 crore.
This growth initiative aims to increase domestic gold production to 100 tonnes by the same year, which promises major benefits to the Indian economy. By reducing dependence on imported gold, the industry expects to save $1.2 billion in foreign reserves through strategic changes in imports. The growth of the sector is expected not only to strengthen economic self-sufficiency, but also to increase its share in GDP, with its share of GDP projected to increase from the current 0.04% to 0.1% by 2030. This growth trajectory highlights the industry’s potential to drive technological advances and infrastructure development, enabling sustainable long-term success. Moreover, the projected increase in GST revenue from Rs 300 crore to Rs 2,250 crore by 2030 underlines the growing economic impact of the sector on government revenue. In addition, the industry’s strategic focus on expanding domestic production is consistent with broader economic goals, including improving the trade balance and fostering innovation through global partnerships.
The current zero duty on import of gold ore concentrates has played an important role in attracting investment and technical know-how underscoring the government’s lucrative policy. As the industry develops, it is expected to not only meet a significant portion of India’s gold demand, but also become a major driver of economic growth and job creation across the country. In conclusion, the future of the Indian gold refining industry looks promising, characterized by its potential to transform the economic landscape through increased production capacity, reduced import dependency and significant GDP and employment..