GOLD INDUSTRY OF INDIA: GROWTH AND PROSPECTS
- Credit Rating Agency in India
- Industry Report
- GOLD INDUSTRY OF INDIA: GROWTH AND PROSPECTS
The gold industry of India contributes 1.3 per cent to the national GDP and the sector is dominated by small and medium enterprises. The domestic market of gold in India is mostly supported by culture, wedding, and festive demand. The strong performance in India occurred against the backdrop of a significant decline of 28 per cent in China, where the market was dampened by COVID-19 lockdowns that stalled economic activity and constrained consumer spending. In 2017, the demand for gold in India was 771.22 metric tonne which decreased to 446.4 metric tonne. After the successive decline in four years, now the demand for gold in India is on the path of recovery and reached the pre-pandemic level