The World Gold Council (WGC) has unveiled “Swarnim Udaan 2047: Unlocking the Full Potential of Gold Towards Viksit Bharat 2047,” a long-term vision document that outlines how gold can become a strategic driver of India’s economic growth, industrial competitiveness and financial resilience by 2047. Developed in collaboration with Monitor Deloitte as the knowledge partner, the report presents a roadmap to reposition gold from a traditional store of value to a strategic national asset that supports India’s ambition of becoming a 30 trillion dollar economy.
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According to the report, India already occupies a central position in the global gold ecosystem, and its importance is expected to grow further as global supply chains evolve, financial markets deepen and advanced technologies expand. The WGC believes that coordinated policy action and institutional reforms can unlock greater value across the country’s gold ecosystem while promoting responsible domestic value creation, exports and innovation.
The report sets out five interconnected pillars that together aim to transform India’s gold sector into a more formal, resilient and globally competitive economy.
1. Promoting “Mine in India”
The first pillar focuses on increasing India’s domestic gold production with the objective of meeting 10-15% of the country’s annual gold demand through domestic mining by 2047. To achieve this, the report recommends recognising gold as a “Strategic Mineral” under the MMDR Act, strengthening incentives for early-stage exploration, streamlining regulatory clearances, developing updated and investor-ready geological data repositories, adopting advanced exploration technologies and building a skilled workforce for the mining sector.
2. Making India “Jeweller to the World”
The second pillar envisions India becoming the world’s number one gold jewellery exporter by 2047. The report says this will require expanding beyond traditional diaspora markets by diversifying export destinations, developing market-specific jewellery designs, strengthening the “Made in India” brand, modernising jewellery manufacturing clusters and enhancing artisan skills.
Among the proposed initiatives are the Karigar Connect programme to modernise artisan clusters, the Gold Jewellery Technology Upgradation Fund, and international promotional platforms such as India Gold Fashion Week to showcase Indian jewellery globally.
3. Enabling Greater Financialisation of Gold
The third reform focuses on bringing more household gold into the formal financial system. The WGC proposes mobilising 10-15% of India’s household gold holdings through active participation of banks and reforms in bullion banking.
The report estimates that Indian households currently own around 31,000 tonnes of gold, valued at approximately Rs 314.9 lakh crore (3.4 trillion dollar). It notes that monetising even 1% of this idle stock every year could replace gold imports worth nearly Rs 3.1 lakh crore (34 billion dollar) annually, reducing import dependence while unlocking significant domestic economic value.
4. Reimagining Gold Jewellery for the Modern Consumer
Recognising changing consumer preferences, the report recommends redesigning India’s jewellery ecosystem to better serve the country’s 380 million-plus and growing Gen Z population.
The roadmap calls for wider adoption of phygital retail experiences, contemporary jewellery designs, stronger hallmarking standards, enhanced traceability across the supply chain and positioning gold jewellery as an everyday lifestyle product rather than an occasional purchase.
5. Unlocking Gold’s Potential as a Strategic National Asset and Mineral
The fifth pillar proposes expanding gold’s role beyond investment and jewellery by recognising it as a strategic national asset and mineral that can support India’s long-term industrial and technological ambitions.
According to the report, gold can contribute to advanced manufacturing, economic resilience, industrial competitiveness and sustainable development. It highlights that electronics account for nearly 80% of global industrial gold demand, while India’s semiconductor market is projected to reach 750 billion dollar by 2047. The report says gold will play an increasingly important role in sectors such as electronics, semiconductors, biotechnology, diagnostics, aerospace, artificial intelligence and quantum technologies.
Institutional Reforms to Support Implementation
To translate the vision into action, the WGC proposes establishing a National Gold Board, in line with the NITI Aayog-Watal Committee (2018) recommendations. The Board would function as the apex platform to coordinate stakeholders, align policies, rationalise regulations, strengthen market infrastructure and monitor implementation of reforms.
The report also recommends creating a Gold Innovation Centre to promote research, technology adoption, capability building, digitalisation, sustainability and market development across the gold value chain. In addition, it calls for the formation of a multi-stakeholder task force to drive the implementation roadmap.
The World Gold Council believes that these five strategic pillars, supported by strong institutional coordination and long-term policy reforms, can help unlock the full economic potential of India’s gold industry and position the country as a globally competitive gold economy by 2047.
FAQs
1. What is Swarnim Udaan 2047?
Swarnim Udaan 2047 is a strategic vision document released by the World Gold Council in collaboration with Monitor Deloitte. It outlines a roadmap to strengthen India’s gold ecosystem and support the country’s goal of becoming a developed economy by 2047.
2. Why does the WGC want greater financialisation of gold?
The report estimates Indian households hold around 31,000 tonnes of gold. Bringing a portion of this idle gold into the formal financial system could reduce import dependence, improve liquidity and generate significant economic value.
3. What institutional reforms has the World Gold Council proposed?
The WGC recommends establishing a National Gold Board, creating a Gold Innovation Centre, and forming a multi-stakeholder task force to coordinate policy reforms, promote innovation, strengthen market infrastructure and oversee implementation.
4. How can Swarnim Udaan 2047 benefit India’s economy?
According to the report, the proposed reforms could boost domestic mining, expand jewellery exports, strengthen manufacturing, support high-tech industries such as semiconductors and electronics, reduce gold import dependence, and help position India as a globally competitive gold economy by 2047.
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