India’s current import of 800 tonnes of gold seems to have become a concern to the government, with the cash outflow being Rs.550 million ($13.6 million).

According to Indian Minister for state mines, the government is encouraging mining companies to tie-up in joint ventures with foreign mining establishments to source gold. This would leverage the less developed reserves in India which are valued at around RS.6 billion ($147.7 million). To encourage this sector, the Federation of Indian Mineral Industries has proposed to invest Rs 5 million ($123.9 million) in developing the domestic mining sector.