NITI Aayog CEO Anurag Jain on Wednesday, 11 November 2026, called for a robust evaluation matrix for awarding gold exploration and mining projects, arguing that a structured framework would promote technical competence, attract private investment, and support the sustainable development of India's untapped gold resources. Jain made the remarks at a high-level meeting convened to deliberate on a report titled India's Gold Mining Policy: Challenges, Learning and the Road Ahead, prepared by the Pahle India Foundation (PIF) with support from the World Gold Council (WGC).

Key Issues on the Table

Participants at the meeting spotlighted a cluster of structural bottlenecks holding back India's gold mining sector. These included inadequate geological data, limited exploration activity, prolonged project development timelines, flawed auction design, and persistent concerns over investment viability. The consensus was that each of these barriers, taken together, has suppressed what many experts consider a significantly under-exploited domestic resource base.

The deliberations also flagged the country's rising dependence on imported gold — a pressure point for both the current account deficit and foreign exchange reserves. Strengthening domestic exploration and mining capabilities, stakeholders argued, is therefore a question of economic resilience, not merely sectoral policy.

What the Evaluation Framework Would Do

According to reports, Jain emphasised drawing upon international best practices to design the evaluation matrix. The framework is intended to ensure that project awards reward genuine technical expertise rather than price bidding alone — a shift that proponents say would improve long-term project outcomes and reduce the risk of stranded assets. This approach mirrors reforms seen in jurisdictions such as Australia and Canada, where multi-criteria evaluation has historically yielded higher exploration success rates.

Data Standards and Regulatory Coordination

The meeting underscored the urgent need to improve the quality and availability of geological data through internationally accepted reporting standards. Stakeholders highlighted that unreliable or incomplete data remains a primary deterrent for both domestic and foreign investors conducting due diligence on Indian gold assets.

Equally critical, participants stressed, is streamlining regulatory approvals through stronger coordination between the Centre and state governments. A predictable, stable policy environment was identified as essential for improving project bankability — the degree to which a project can attract debt financing — and for encouraging greater private-sector participation in an industry currently dominated by limited public-sector activity.

Broader Policy Context

India is among the world's largest consumers of gold, yet domestic production remains negligible relative to demand, leaving the country heavily reliant on imports that run into tens of billions of dollars annually. This structural imbalance has long been flagged by economists as a drag on the current account. The PIF-WGC report and Wednesday's deliberations signal a renewed institutional push to address this gap through targeted policy reform. Notably, this meeting follows broader governmental momentum around critical minerals and resource self-sufficiency, areas that have received increased policy attention over the past two years.

How quickly the Centre translates these deliberations into binding policy frameworks — and whether states align — will determine whether India's gold mining sector can finally move from potential to production.