The World Gold Council has outlined a comprehensive roadmap, ‘Swarnim Udaan 2047,’ aiming to elevate India’s gold sector beyond its traditional role, turning it into a driver of industrial growth, exports, and financial inclusion as the country nears its centenary of independence.
The World Gold Council has set out an ambitious long-term plan for India’s gold sector, arguing that the market can do far more than serve as a store of wealth. In a roadmap titled “Swarnim Udaan 2047”, the council says gold could become a stronger engine for growth, exports, innovation and financial inclusion as India works towards its goal of becoming a developed economy by 2047.
Prepared with Monitor Deloitte, the strategy calls for a wider policy reset around mining, refining, manufacturing and the use of household gold. It proposes lifting domestic mining so that 10% to 15% of annual gold demand is met at home, drawing 10% to 15% of household holdings into the formal financial system and making India the world’s biggest exporter of gold jewellery by 2047. The council also wants a National Gold Board to improve policy co-ordination and a Gold Innovation Centre to speed up research and modernisation.
According to World Gold Council research published in recent years, India’s gold market faces deep structural challenges, from heavy import dependence to weak formal channels for mobilising private holdings. The council has previously estimated that Indian households hold roughly 23,000 to 25,000 tonnes of gold, worth about $1.4 trillion, while also warning that current schemes to monetise that wealth have struggled to overcome cultural attachment, trust gaps and cumbersome terms. Its earlier studies have also argued that stronger bullion banking, clearer regulation and mining reform could reduce import pressure and support a more organised market.
The new roadmap extends that thinking by linking gold policy directly to broader industrial goals. The council says the sector should not be viewed simply through the lens of imports or savings, but as a source of jobs, advanced manufacturing and export income. It also makes the case for using gold in higher-value industries such as semiconductors, electronics, artificial intelligence and aerospace, alongside efforts to refresh jewellery designs for younger buyers and expand India’s global reach in finished products.
The timing reflects a wider push to turn idle household assets into productive capital. A report cited by Metro India in April said that even a small annual shift of household gold into financial assets could have a large effect on growth, underscoring why policymakers continue to see the sector as strategically important. The World Gold Council believes that, with sustained reform and closer co-operation between government, industry and lenders, India could turn gold into a more formalised and economically powerful part of its future.
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