Newer gold deposits can help India save $20 bln forex

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New Delhi, Apr 10 (UNI) The country, which currently imports 90 per cent of its gold requirement, can save foreign exchange worth 20 billion dollars, provided it gives more emphasis on finding newer deposits.

''We spend 20 billion dollar foreign exchange on importing 90 per cent gold required to fulfil the country's needs,'' Secretary to the Ministry of Mines J P Singh told reporters at a conference here.

Emphasising the need for increased exploration, he said the country has its share of gold and diamonds at various locations, but the major hurdle is the lack of exploration of these resources.

The world's largest gold consumer annually imports between 700 tonnes to 800 tonnes.

In Andhra Pradesh, gold deposits have been found, Mr Singh said and added that there are more destinations where these rich minerals could be found.

He said the concerned department has found evidence of mineral deposits in Rajasthan also.

The country imports major chunks of gold and diamonds from South Africa.

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