India is poised on the threshold of an historic economic change after a colossal discovery of gold reserves in Odisha. The achievement not only places the state on the map as a new gold mining centre but promises to fetch an annual revenue of Rs 2,500 crore, dramatically spurring state as well as national economies. The discovery comes when international gold prices are reaching for the skies and Indian demand for gold is unsurpassed.
Discovery Details
Large gold deposits have been found in several districts of Odisha, such as Sundargarh, Nabarangpur, Keonjhar, Deogarh, Angul, Koraput, Malkangiri, Sambalpur, and Boudh.
The Odisha Mines Minister had confirmed the discoveries in the state Legislative Assembly, which is a historic achievement for the state's mining industry.
Economic Impact
Odisha is expected to generate Rs 2,500,000,000 (Rs 250 crore) per year from gold mining operations after these discoveries.
The government is gearing up to sell its maiden gold mining block, which will generate sizeable investment and fresh employment opportunities.
National Importance
India, the world's largest private owner of gold (with households possessing an estimated 25,000 tonnes), will further consolidate its leadership position in the global gold market.
The Reserve Bank of India has also been increasing its gold reserves, following a similar trend across central banks worldwide with economic uncertainties.
Global Context
The global rise in prices of gold worldwide, with rates going above $3,400 per ounce and Indian prices moving above Rs 1 lakh for every 10 grams, heightens the importance of these fresh reserves.
India is the second-largest consumer of gold in the world, and this find will help to support its economic resilience and global stature.
Future Outlook
Additional geological surveys and technical appraisals are being carried out to evaluate the total potential for extraction from the newly discovered reserves.
Odisha is poised to become a major contributor to India's gold mining sector, following in the footsteps of Karnataka, Uttar Pradesh, and Jharkhand, which are currently home to the nation's eight active gold mines.
Sources: India.com, Times of India, ET Now, Business Today, Indian Express
