India’s relationship with gold is unlike that of any other country. Gold is deeply woven into our economic, cultural, and financial fabric. Yet, despite being among the world’s largest consumers of gold, India remains overwhelmingly dependent on imports to meet domestic demand.Gold (Representational)This dependence carries a significant economic cost--contributing to foreign exchange outflows, pressure on the current account deficit, and vulnerability to global price and geopolitical shocks.Against this backdrop, the recent call to reduce gold imports is both timely and strategically important. In many ways, it raises a larger national question: Should India continue importing most of its gold indefinitely, or should the country build a stronger domestic gold mining ecosystem?The answer lies beneath our feet.It is estimated that nearly 75% of India’s gold potential still remains unexplored or underexplored. India has geology, mineralisation, and untapped opportunities. What has historically constrained the sector is not the absence of resources, but the pace of exploration, approvals, and project development.The emergence of the Jonnagiri Gold Project in Andhra Pradesh demonstrates what is possible when mining projects are supported through policy stability, scientific exploration, and long-term commitment. As one of India’s first modern private sector gold mining projects since Independence, Jonnagiri represents an important milestone for the sector.Beyond gold production, projects like Jonnagiri create broader socio-economic impact--employment generation, infrastructure development, local business opportunities, skill creation, and improved regional economic activity. This becomes even more relevant when viewed alongside the government’s broader development objectives.NITI Aayog has identified 112 Aspirational Districts across India where health care, education, infrastructure, and employment indicators require significant improvement. Importantly, many of these districts are also mineral-rich regions with known occurrences of gold, nickel, iron ore, and other strategic minerals.Responsible mining and mineral development, where economically viable, can become a powerful catalyst for regional transformation in these districts. Mining should not be viewed only as extraction of resources--it should also be viewed as an enabler of economic inclusion, infrastructure development, industrialisation, and long-term community upliftment.Globally, countries are increasingly recognising that resource security is directly linked to economic resilience and strategic independence. Gold, in particular, continues to remain a critical reserve asset and a hedge against uncertainty. Even central banks across the world continue to accumulate gold despite record prices.India, therefore, has a strategic opportunity to strengthen both economic and mineral security simultaneously. However, for this to happen, the country must move decisively on policy execution.Several promising gold projects across India continue to remain delayed due to prolonged litigation, regulatory bottlenecks, and procedural uncertainty. While environmental safeguards and due process are essential, commercially viable projects tied up in courts and administrative delays for years must be resolved through faster and more predictable mechanisms. If India is serious about reducing long-term import dependence, domestic gold exploration and mining must be treated as a strategic national priority.This requires five key shifts:First, India must significantly accelerate geological exploration. Large parts of the country remain underexplored compared to mature mining jurisdictions such as Australia, Canada, and South Africa.Second, faster approvals and regulatory certainty are essential. Mining is a long-gestation, capital-intensive sector where delays discourage investment and slow national progress.Third, India must encourage greater private sector participation and technology-led exploration.Fourth, the country needs stronger integration between mining policy, industrial policy, and regional development goals.Fifth, mining must increasingly be recognised not as a legacy industry, but as a strategic sector central to economic growth, energy transition, manufacturing competitiveness, and national resource security.The countries that secure critical minerals and strategic resources today will shape the industries and economic power structures of tomorrow.India has the geological potential. It has the market demand. It has the entrepreneurial capability. What is needed now is faster execution, policy alignment, and long-term vision.The success of Jonnagiri shows what is possible.The next step is ensuring that more viable projects move from paper to production--responsibly, sustainably, and without unnecessary delay.India’s gold story should not be defined only by consumption. It must also be defined by production, capability, and resource security.(The views expressed are personal)This article is authored by Hanuma Prasad Modali, managing director, Deccan Gold Mines Limited.