National News
Major Gold Reserves Unearthed in Odisha: A Game-Changer for India’s Mining Industry
Odisha’s Gold Discovery Sparks Optimism for Growth in the Mining Sector, with Plans for Large-Scale Auction Underway
Odisha has emerged as a promising new hub for gold mining, following the discovery of vast gold reserves across several districts. Bibhuti Jena, the state’s Mines Minister, confirmed the exciting find and announced ongoing exploration efforts. The state is set to hold a large-scale auction of gold mining blocks in the near future to capitalize on this newfound potential.
Key districts such as Sundargarh, Nabarangpur, Keonjhar, and Deogarh have been identified as hotspots for the gold reserves. Exploration is also expanding to regions like Malkangiri, Sambalpur, and Boudh, with more discoveries anticipated. In Mayurbhanj, areas like Jashipur, Suriaguda, Ruaansi, Idelkucha, Maredihi, Suleipat, and Badampahad are under investigation for their mineral potential.
One of the most notable discoveries has been in Deogarh district, specifically in Adasa-Rampalli, an area where gold traces had been found earlier. The Geological Survey of India (GSI) is actively conducting G-2 level exploration in this region, revealing the possibility of multiple mineral resources, including copper.
Keonjhar district is also a key focus for gold exploration, with surveys being carried out in areas like Gopur-Gazipur, Mankadchuan, Saleikana, and Dimirimunda. These efforts form part of Odisha’s larger strategy to develop its mining industry and fully utilize its untapped mineral wealth. The state government is closely involved, and the upcoming auction of gold mining blocks in Deogarh is seen as a major step forward.
The exploration is being carefully monitored by state authorities, the GSI, and the Odisha Mining Corporation, with technical committees set to review the final exploration reports to assess the viability of commercial mining. Early findings suggest promising potential, and final results are expected by the end of 2025.
This discovery further solidifies Odisha’s reputation as a mineral-rich state, while positioning India as a key player on the global mining stage. If the reserves prove commercially viable, the gold deposits could provide a significant economic boost, drawing both domestic and international investments into the country’s mining sector.
National News
BCCI Panel Discussion Explored Ways To Channel Household Gold Into The Formal Financial System
If India Can Replicate The Convenience Of A Gold Loan While Offering Attractive Incentives, The Country Has The Potential To Mobilize Significant Domestic Gold Resources.
Bombay Chamber of Commerce & Industry organized a panel discussion on “Building India’s Gold Monetization Marketplace”, moderated by Neil Borate, Editor-in-Chief of The Federal’s fintech platform The Fynprint. The panel featured Khushboo Ranawat, Regional Chairperson – West, and Member – National Exhibitions, GJEPC, Richa Agarwal, Chief General Manager, SEBI; Ramakrishnan Padmanabhan, General Manager, Department of Metals & Commodities, IFSCA; Nilesh Lodaya, Chief Business Officer, CDSL; Rajnish Gupta, Partner, Tax and Economic Policy Group, EY India; and Gunveer Singh, Executive Director, Department of Payment & Settlement Systems, RBI.
The discussion explored ways to channel household gold into the formal financial system, strengthen India’s gold monetization ecosystem and reduce dependence on imports. Panelists noted that a significant share of India’s gold holdings consists of investment gold in the form of bars and coins, representing a substantial opportunity for future monetization. If India can replicate the convenience of a gold loan while offering attractive incentives, the country has the potential to mobilize significant domestic gold resources.
The seminar brought together regulators, market infrastructure institutions and industry leaders to discuss policy reforms, electronic gold receipts, tokenization and the development of a modern digital gold ecosystem. Speakers included Praveen Rai, MD & CEO of MCX, former SEBI Executive Director Pramod Rao, and senior officials from SEBI, IFSCA, RBI, CDSL and NSDL.
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