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In 2025, three new gold mines across India were discovered, which could help ease the country’s dependence on imports, SBI Research said in a recent report.
In Odisha, nearly 1,685 kg of gold ore was detected by the Geological Survey of India across various districts, including Deogarh, Keonjhar and Mayurbhanj.
In Madhya Pradesh, gold reserves estimated at a scale of lakhs of tonnes were discovered near Jabalpur, making it a potentially massive extractable source
India’s first large private mine venture in the Kurnool district of Andhra Pradesh is expected to produce about 750 kg of gold annually.
According to the World Gold Council, the domestic supply of gold in India forms only a fraction of the total supply, as imports accounted for around 86% in 2024.
The study, Coming Of (A Turbulent) Age: The Great Global Gold, revealed that gold prices directly impact the USD INR exchange rate, due to India’s huge dependence on imports.
The new gold discoveries are expected to have a positive impact on the economy by reducing gold import dependency and improving the current account balance.
In 2024, India’s consumer demand for gold went up to 802.8 tonnes, which is 26% of the global gold demand, second only to China (815.4 tonnes).
Gold prices in India have soared over 50% in 2025, hitting lifetime highs several times throughout the year. Currently, gold prices stand at around ₹1.27 lakh per 10 grams.
A large-scale increase in India’s mining efforts and policy shifts could increase domestic supply, helping to reduce the country’s import dependence gradually.
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