Regional CEO, India, World Gold Council, Sachin Jain
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The demand for gold among Indian consumers has been stable despite the sharp rise in prices in recent months. Though gold demand in the June quarter was down 6 per cent year-on-year, consumer spending on gold zoomed 50 per cent to Rs 1.98 lakh crore due to firm prices. After an exceptional rally for the last two years and early 2026, gold prices moderated in Q2, though they remained elevated by 59 per cent year-on-year. The government had to hike import duty to 15 per cent and appeal to consumers to cut down on gold purchases so that imports can be bought down. The World Gold Council, the body of leading global gold miners, has worked on a report to make gold a growth driver of Indian economy. Sachin Jain, Regional CEO India, World Gold Council spoke to businessline on future of gold in India. Excerpts:
What is the idea behind the ‘Swarna Bharat 2047’ report?
The report presents a roadmap for the gold industry aligned with the vision of Viksit Bharat 2047. If India becomes a $25-trillion economy, what role can gold play? Gold is often viewed only as an imported commodity, but it also supports manufacturing, exports, financial services and millions of jobs. We believe it can become a major contributor to India’s long-term growth. The report was prepared after consultations with industry bodies, leading companies and government departments, including the PMO, the Ministries of Finance, Commerce, Consumer Affairs and Mines, the RBI and Invest India.
