India imported more than 2.8 trillion Indian rupees worth of gold in fiscal year 2023. This represented a decrease of roughly 18 percent compared to the previous year. That same year, gold exports from the South Asian country were valued at 77 million U.S. dollars.
India's place in the global gold industry
In 2022, India ranked as the fifth-largest gold importing country worldwide based on value, having amounted to nearly 37 billion U.S. dollars, and accounting for over eight percent of global gold imports. In terms of output, India produced about 780 kilograms of gold in financial year 2023, while the global mine production of gold amounted to 3,100 metric tons in 2022. Accordingly, India's relatively low domestic gold output means that the country needs to import significant quantities to meet demand.
The mining industry in India
India’s mining industry is essential for the country’s economy, contributing around 2.5 percent to its gross domestic product (GDP) and providing some 700,000 jobs. As of 2022, the number of reporting mines in India was estimated at 1,319, less than half the amount in 2015. Despite its meaningful contribution to the nation’s economy, mining in India is also controversial due to its environmental impact and human rights violations.
Value of gold imported into India from financial year 2011 to 2023
(in billion Indian rupees)
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Reserve Bank of India. (September 25, 2023). Value of gold imported into India from financial year 2011 to 2023 (in billion Indian rupees) [Graph]. In Statista. Retrieved October 22, 2024, from https://www.statista.com/statistics/625818/import-value-of-gold-india/
Reserve Bank of India. "Value of gold imported into India from financial year 2011 to 2023 (in billion Indian rupees)." Chart. September 25, 2023. Statista. Accessed October 22, 2024. https://www.statista.com/statistics/625818/import-value-of-gold-india/
Reserve Bank of India. (2023). Value of gold imported into India from financial year 2011 to 2023 (in billion Indian rupees). Statista. Statista Inc.. Accessed: October 22, 2024. https://www.statista.com/statistics/625818/import-value-of-gold-india/
Reserve Bank of India. "Value of Gold Imported into India from Financial Year 2011 to 2023 (in Billion Indian Rupees)." Statista, Statista Inc., 25 Sep 2023, https://www.statista.com/statistics/625818/import-value-of-gold-india/
Reserve Bank of India, Value of gold imported into India from financial year 2011 to 2023 (in billion Indian rupees) Statista, https://www.statista.com/statistics/625818/import-value-of-gold-india/ (last visited October 22, 2024)
Value of gold imported into India from financial year 2011 to 2023 (in billion Indian rupees) [Graph], Reserve Bank of India, September 25, 2023. [Online]. Available: https://www.statista.com/statistics/625818/import-value-of-gold-india/