NITI Aayog calls for robust evaluation framework to boost gold exploration, mining

New Delhi, Nov 11 (IANS) NITI Aayog CEO Anurag Jain on Wednesday stressed the need for a robust evaluation matrix for awarding exploration and mining projects, saying such a framework would help promote technical competence, attract investment and support the sustainable development of India's gold resources. 

Jain made the remarks during a meeting held to discuss the report, "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).

According to a post by NITI Aayog on social media platform X, the discussions focused on India's untapped gold mining potential, the country's growing reliance on imported gold and the need to strengthen domestic exploration and mining capabilities.

Participants examined several challenges facing the sector, including inadequate geological data, limited exploration activity, lengthy project development timelines, auction design issues and concerns over investment viability.

"Anurag Jain, CEO, NITI Aayog, emphasized the development of a suitable evaluation matrix for awarding exploration and mining projects, drawing upon international practices, to promote technical competence, investment and sustainable development of India’s gold resources," it said in its post on X.

The deliberations also underscored the importance of improving the quality and availability of geological data through internationally accepted reporting standards. Stakeholders highlighted the need to streamline regulatory approvals through stronger coordination between the Centre and states and establish a predictable policy environment that can improve project bankability and encourage greater private-sector participation.

"The meeting focused on India’s gold mining potential, the growing dependence on gold imports, and the need to strengthen domestic exploration and mining capabilities," it stated. 

"Key issues discussed included geological data gaps, limited exploration, prolonged project development timelines, auction design and investment viability," it added. 

The deliberations highlighted the importance of improving geological data through internationally accepted reporting standards, streamlining regulatory approvals through Centre–State coordination, and creating a predictable policy framework to enhance project bankability, Niti Aayog added in its post.

--IANS

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