The World Gold Council (WGC) has unveiled its landmark vision document, “Swarnim Udaan 2047: Unlocking the Full Potential of Gold Towards Viksit Bharat 2047,” outlining an ambitious long-term roadmap that positions gold as a strategic pillar of India’s economic transformation by 2047.
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Prepared in partnership with Monitor Deloitte, the report presents a comprehensive multi-decade strategy to strengthen India’s gold ecosystem through domestic mining, jewellery exports, financialisation, innovation, policy reforms, and institutional coordination. As India advances toward its ambition of becoming a 30 trillion dollar economy by 2047, the report argues that gold can contribute significantly to financial resilience, exports, advanced manufacturing, industrial competitiveness, and sustainable economic growth.
Key Vision for India’s Gold Industry by 2047
The report outlines several ambitious targets designed to reshape India’s gold ecosystem over the next two decades:
- Meet 10–15% of India’s annual gold demand through domestic mining
- Mobilise 10–15% of household gold into the formal financial system
- Make India the world’s No.1 gold jewellery exporter
- Establish a National Gold Board for policy coordination
- Create a Gold Innovation Centre to promote technology, sustainability and innovation throughout the gold value chain
David Tait: Gold is Becoming More Than an Investment Asset
Speaking on the launch of the report, David Tait, CEO, World Gold Council, said:
“India is already central to the global gold ecosystem, and its role is set to become even more significant as global supply chains evolve, financial markets deepen, and strategic technologies advance. Gold’s importance goes well beyond investment and jewellery; it is increasingly critical to industrial innovation, financial resilience and economic security. Swarnim Udaan 2047 sets out a clear pathway for India to modernise and strengthen its gold market — enhancing resource security, supporting financial deepening, enabling advanced manufacturing, and contributing to long-term, sustainable economic growth.”
Sachin Jain: Gold Can Become a Strategic National Asset
Sachin Jain, Regional CEO, India, World Gold Council, stated:
“Gold has always been deeply embedded in India’s cultural and economic fabric. The opportunity now is to unlock its full potential as a strategic national asset aligned with India’s economic priorities. Through coordinated action across mining, recycling, financialisation, jewellery, exports and innovation, gold can become a stronger contributor to India’s Viksit Bharat.”
He further added:
“Swarnim Udaan represents the ascent of India’s Sone ki Chidiya (“Swarnim Udaan 2047”)- rooted in heritage, powered by innovation and aligned with national ambition India can secure its golden future and build a legacy that endures for generations to come.”
Monitor Deloitte Supports the Vision
Harsh Kapoor, Partner, Monitor Deloitte, South Asia, said:
“Swarnim Udaan 2047 presents a bold vision for repositioning gold from a traditional ‘store of value’ to a strategic national asset for India’s future economy. By bringing together policy reform, institutional coordination and innovation, the report outlines how greater value can be unlocked across the entire gold ecosystem while strengthening economic resilience, industrial competitiveness, and long-term value creation. We are proud to have partnered with the World Gold Council in shaping this roadmap towards a Viksit Bharat.”
Five Strategic Pillars of Swarnim Udaan 2047
1. Promoting “Mine in India”
The report proposes that 10–15% of India’s annual gold demand should be met through domestic mining by 2047.
Key recommendations include:
- Declaring gold a Strategic Mineral under the MMDR Act
- Stronger exploration incentives
- Faster environmental and regulatory clearances
- Updated geological data repositories
- Adoption of advanced exploration technologies
- Workforce development for the mining sector
2. Making India “Jeweller to the World”
The roadmap aims to position India as the world’s largest gold jewellery exporter by 2047.
Recommended initiatives include:
- Diversifying exports beyond traditional diaspora markets
- Design localisation
- Strengthening the “Made in India” jewellery brand
- Modernising jewellery manufacturing clusters
- Artisan skill development
- Targeted export support programmes
- Launching the Karigar Connect initiative
- Creating a Gold Jewellery Technology Upgradation Fund
- Organising global showcase events such as India Gold Fashion Week
3. Enabling greater financialisation of Gold
One of the report’s most significant proposals is to mobilise 10–15% of India’s household gold into the formal financial system.
According to the report:
- Indian households currently own approximately 31,000 tonnes of gold
- This gold is valued at nearly Rs 314.9 lakh crore (US$3.4 trillion)
- Monetising just 1% annually could substitute gold imports worth approximately ₹3.1 lakh crore (US$34 billion)
The report recommends stronger participation from banks and reforms in bullion banking to unlock this idle wealth.
4. Reimagining gold jewellery for the modern consumer
With India’s 380 million-plus Gen Z population continuing to grow, the report calls for a modern approach to jewellery retail through:
- Phygital retail experiences
- Contemporary jewellery designs
- Stronger hallmarking
- Improved traceability
- Positioning jewellery as an everyday lifestyle product
5. Unlocking gold’s potential as a strategic national asset and mineral
The report also highlights gold’s growing industrial importance.
It notes that:
- Electronics account for nearly 80% of global industrial gold demand
- India’s semiconductor market is projected to reach US$750 billion by 2047
Gold could therefore become increasingly important across sectors including:
- Electronics
- Semiconductors
- Biotechnology
- Diagnostics
- Aerospace
- Artificial Intelligence
- Quantum technologies
Institutional Reforms Proposed
To ensure effective implementation, the report recommends establishing:
National Gold Board
In line with the NITI Aayog–Watal Committee (2018) recommendations, the proposed Board would:
- Coordinate stakeholders
- Align government policies
- Rationalise regulations
- Strengthen market infrastructure
- Monitor implementation
Gold Innovation Centre
The proposed Centre would support:
- Research and development
- Technology adoption
- Digitalisation
- Sustainability initiatives
- Capability building
- Market development across the gold value chain
Multi-Stakeholder Task Force
The report also recommends creating a dedicated task force to oversee implementation of the roadmap.
FAQs
1. What is Swarnim Udaan 2047?
Swarnim Udaan 2047 is a long-term vision document released by the World Gold Council to strengthen India’s gold industry and position gold as a strategic contributor to Viksit Bharat by 2047.
2. What are the main objectives of the report?
The roadmap aims to increase domestic gold mining, mobilise household gold, make India the world’s leading jewellery exporter, establish a National Gold Board, and create a Gold Innovation Centre.
3. How much household gold does India currently hold?
According to the report, Indian households own approximately 31,000 tonnes of gold, valued at around Rs 314.9 lakh crore (US$3.4 trillion).
4. Why does the report propose a National Gold Board?
The proposed National Gold Board would coordinate stakeholders, align policy, improve regulations, strengthen market infrastructure, and oversee implementation of India’s long-term gold strategy.
5. How can Swarnim Udaan 2047 benefit India’s economy?
The report believes that a stronger gold ecosystem can improve financial resilience, reduce import dependence, increase exports, promote advanced manufacturing, encourage innovation, and support India’s goal of becoming a developed economy by 2047.
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