India's gold output could rise multifold if hurdles removed: WGC report

India's annual gold production could surge to 20 tonnes from a mere 1.6 tonnes if the government removes bureaucratic hurdles and encourages investment in the sector, the World Gold Council (WGC) said in a report published on Thursday.

The South Asian country is the world's second-biggest consumer of the metal and fulfils most of its demand through imports. Higher local output could help New Delhi in capping imports. India splurged a record $55.7 billion on gold imports in 2021, buying 1,050 tonnes - the most in a decade, and far more than the 430 tonnes imported in 2020.

"It makes