Latest news with #IndusValleyCivilisation
Time of India
29-05-2025
- Business
- Time of India
India's golden paradox: High demand, low supply, and the path to self-sufficiency
Nilanjan Banik is a professor at Bennett University's School of Business. His work focuses on the application of time series econometrics in issues relating to international trade, market structure and development economics. He is also interested in the "rules" part of WTO; especially examining non-tariff barriers aspects of GATT/WTO agreements. He has project experience with Australian Department of Foreign Affairs and Trade, Australia; Laffer Associates, USA; KPMG, India; Ministry of Commerce, Government of India; Research and Information System for Developing Countries (RIS), New Delhi; Indian Council for Research on International Economic Relations (ICRIER), New Delhi; Center for Economic Policy Research, UK; Asian Development Bank Institute, Tokyo; Asian Development Bank, Manila; South Asia Network of Economic Research Institutes (SANEI); UNESCAP-ARTNeT, Thailand, Australia India Institute, University of Melbourne; and World Trade Organization, Geneva. LESS ... MORE For Indians the allure of the yellow metal both for its ornamental value and as an asset class, is as old as the country's civilisation dating back to the times of Indus Valley Civilisation or perhaps, even earlier. While that attraction for gold has not diminished over centuries, its supply side has failed to keep pace, resulting in the country's overwhelming dependence on imports. This mismatch of growing demand and reducing supply has become a major burden on the economy with its adverse impact on the balance of trade and a worsening current account deficit. To put things in perspective, India's gold import in 2024 surged to 802.8 tonnes—a 5% increase over the761 tonnes in 2023—with the import bill ballooning to $48.5 billion. In contrast, India's production was only around 1.6 tonnes of gold, meeting only 0.2% of its total demand. This great divide cuts into the country's precious foreign exchange reserves, makes the economy vulnerable to global price shocks and puts pressure on its exchange rate. Moreover, levying higher import duties has only fuelled greater smuggling thereby undermining formal trade and tax revenues losses. No lack of reserves The recent gold reserves data makes the paradox even more evident. In December 2024, the country's gold reserves increased to 876.20 tonnes, valued at $66.2 billion. This significant increase of 72.6 tonnes, the highest since 2021, is only the second highest since 2017, has put India's gold reserves among the top 10 countries globally, says Trading Economics, a mobile app that provides economic data of 196 countries. Similarly, the World Gold Council estimates that India has 2,191.53 metric tons of gold ore resources, but only a fraction of these resources have been explored and exploited. Hence, there is a huge potential that remains to be tapped. While the Hutti Gold Mine, located in the Raichur district of Karnataka, producing about 1.8 tonnes of gold per year, is the only current producer, there have been significant new discoveries in recent years. Some of these include the Sonakhan prospect in Chhattisgarh held by Vedanta, the Gurahar Pahar prospect of the Mahakoshal greenstone belt or the giant in Rajashtan – Bhukia-Jagpura gold mine with reserves estimated in excess of 100 tonnes. Then in the South, there is the newly- discovered Ganajur gold mine in Karnataka which Deccan Gold Mines Ltd has completed an international feasibility study and the Jonnagiri Gold Mine in Andhra Pradesh developed by Geomysore Services (India) Private Limited which is slated for production by the end of 2025 and will be India's first private gold mine since Independence. Despite significant geological potential and availability of sizable discoveries, India's gold mining industry has not reached its true potential due to various factors, including lack of exploration, frequent changes in the policy and absence of private exploration/mining companies who have the expertise and risk capital to develop these projects. Though the government brought in the Composite License (CL), not many international companies with the required experience have availed this opportunity. As a result, only a handful of companies eg., Vedanta, Deccan Gold Mines Limited, Geomysore Services (India) Private Limited etc are actively carrying out exploration in India. This is a far cry from Australia, Canada and many African countries where 100s of exploration companies spend millions of dollars developing this industry. The way ahead The Indian Gold Mining Policy requires regulatory reforms to enhance self-sufficiency by creating a more viable and attractive environment for exploration and mining operations. To overcome impediments, the government should prioritize ease of doing business through single-window clearances, offering attractive incentives and tax concessions to draw experienced private companies into the sector. Policy reforms must support the security of tenure and appropriately reward the high-risk capital expenditure associated with exploration activities. Streamlining the regulatory landscape, reducing bureaucratic delays, and ensuring transparent and predictable processes will encourage investment, boost domestic gold production, and ultimately decrease India's reliance on gold imports. For India, it is a time to take some robust measures because the cost of runaway gold imports is extremely high, impacting India's overall economy A slew of market-oriented reforms, mining reforms and global recognition of the refining sector can go a long way is pushing greater Atmanirbhartha, job creation, and overall development of the economy. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
The Wire
23-05-2025
- Science
- The Wire
Two Years After Submission of Report on Keezhadi Excavations, ASI Asks Archaeologist to Rewrite it
The presence of such an ancient civilisation in south could pit it against the narrative that the Indus Valley Civilisation had ushered in the Iron Age.
Hindustan Times
20-05-2025
- Hindustan Times
Haryana CM inaugurates devp projects worth ₹20 crore in Hisar's Rakhigarhi
Haryana chief minister (CM) Nayab Singh Saini, along with Union minister of culture and tourism Gajendra Singh Shekhawat, on Monday inaugurated three development projects worth ₹20 crore at the Museum and Interpretation Centre in Rakhigarhi, a historic site of the Indus Valley Civilisation. These projects include a rest house, a hostel and a cafeteria. Saini and Shekhawat also unveiled a booklet prepared on the iconic site of Rakhigarhi on this occasion. The rest house, cafeteria and hostel are expected to provide facilities for tourists and students visiting from across the country and abroad. The 17-room rest house is equipped with modern amenities and the hostel comprises 13 dormitories for student accommodation, along with a dining hall facility. Saini and Shekhawat also visited the exhibition displaying various Harappan-era artefacts discovered during excavations, including children's toys, terracotta cartwheels, lamps, terracotta beads, necklaces and other objects. The chief minister and the Union minister held a meeting with officers to review the Rakhigarhi development plan and directed authorities to expedite the construction work of the museum and interpretation centre. Later speaking to the media, Union minister said that excavations in Rakhigarhi since the 1960s have provided concrete evidence that a highly developed human civilisation existed here around 8,000 years ago. The discoveries made during the excavations strongly prove that India's civilisation is the oldest in the world. He expressed satisfaction with the efforts of the state government in developing Rakhigarhi into a major tourism and research hub for archaeologists and historians. The development work is planned to be completed in various phases, he said.
Hindustan Times
19-05-2025
- Hindustan Times
Haryana CM Saini inaugurates three development projects in Rakhigarhi
Chandigarh, Haryana Chief Minister Nayab Singh Saini on Monday inaugurated three development projects worth ₹20 crore in Hisar district's Rakhigarhi, a historic site of the Indus Valley Civilization. The projects include the construction of a rest house, a hostel, and a cafeteria at the Rakhigarhi Museum and Interpretation Centre, a proposed museum to showcase artefacts of the Indus Valley Civilisation. Saini and Union Minister of Culture and Tourism Gajendra Singh Shekhawat who was also present for the event unveiled a booklet prepared on the archeological site of Rakhigarhi. Saini said that the newly developed rest house, cafeteria, and hostel will provide excellent facilities for tourists and students visiting from across the country and abroad. The 17-room rest house is equipped with modern amenities and the hostel comprises 13 dormitories for students' accommodation and a dining hall. Saini and Shekhawat also visited the exhibition organised by the Department of Archaeology and Museums. The exhibition displayed various Harappan-era artefacts discovered during excavations, including children's toys, terracotta cartwheels, lamps, terracotta beads, necklaces, and other objects. Haryana Heritage and Tourism Minister Arvind Sharma and Public Works and Public Health Engineering Minister Ranbir Gangwa were also present for the inauguration. After the event, the CM and the Union minister held a meeting with officers to review the plan to develop Rakhigarhi as a tourism centre,according to an official statement. Directions were issued to the concerned departments to expedite the construction work of the Rakhigarhi Museum and Interpretation Centre. They also directed that sheds be built at archaeological sites so that excavation work can continue throughout the year. They emphasised the importance of integrating the museum with the archaeological sites and preparing a detailed plan for lighting, parking, and other tourist facilities. Shekhawat said the excavations in Rakhigarhi since the 1960s have provided concrete evidence that a highly developed human civilisation once existed here. He claimed that the discoveries made during the excavations "strongly prove that India's civilisation is the oldest in the world". The minister expressed satisfaction with the Haryana government's efforts in developing Rakhigarhi into a major tourism and research hub for archaeologists and historians. The development work at the site is scheduled to be completed in various phases, he said.
Express Tribune
05-05-2025
- Express Tribune
A cross-border tapestry of history, culture and untapped potential
The Thar Desert, stretching across northwestern India and southeastern Pakistan, represents far more than just an arid landscape - it stands as a living testament to centuries of shared history, culture and untapped economic potential. About 85 per cent of this vast desert lies within India's Rajasthan state while the remaining 15 per cent extends into Pakistan's Sindh province. Despite the political division created by the 1947 partition, the people of these regions remain deeply connected through language, traditions and enduring familial bonds. This region was once a thriving trade corridor linking the Indian subcontinent with Central Asia, but today it symbolises missed opportunities for cross-border cooperation. While other divided regions like Punjab have established connections such as the Kartarpur Corridor, the Rajasthan-Sindh border remains largely neglected despite holding immense potential for trade, tourism and cultural exchange. The historical ties here run deep, dating back to the Indus Valley Civilisation that left its mark at sites like Kalibangan in Rajasthan and Mohenjo Daro in Sindh. Medieval periods saw close connections between Rajput kingdoms and Sindhi Sufi dynasties, creating a unique cultural synthesis where Hindu and Muslim traditions intertwined seamlessly. The desert landscape is dotted with sacred sites that continue to draw pilgrims from both sides of the border. In Pakistan's Thar region, the Hinglaj Mata Temple stands as one of Hinduism's most important Shakti Peethas, while the Rama Pir Temple in Tando Allahyar attracts both Hindu and Muslim devotees. Across the border in Rajasthan, the Karni Mata Temple with its revered rats and the Brahma Temple at Pushkar hold deep significance for Pakistani Hindus, particularly those from Sindh. The Ajmer Sharif Dargah, resting place of Sufi saint Khwaja Moinuddin Chishti, remains a powerful spiritual draw for Muslims from both countries. Yet visa restrictions and political tensions make visiting these sites extraordinarily difficult for most. The Khokhrapar-Munabao border crossing presents a particularly compelling opportunity for renewed connectivity. Before the partition, this route formed a vital link between Jodhpur and Karachi, facilitating the movement of goods and people. Today, what could be a 500 km direct journey requires a 3,000 km detour through Dubai due to the border closure. Reviving this crossing could dramatically reduce transport costs for key commodities like Rajasthan's construction stone and Sindh's handicrafts while reuniting divided families and enabling pilgrim travel. The potential economic benefits are substantial - Rajasthan's high-quality limestone could supply Sindh's construction boom, while India's affordable generic medicines could help address healthcare shortages in Pakistan's border regions. Other divided regions around the world offer instructive examples of how borders can transform from barriers into bridges. The Kartarpur Corridor has shown how faith can transcend politics, allowing Sikh pilgrims to visit holy sites across the India-Pakistan border. The US-Mexico border, despite political tensions, generates over $1.7 billion in daily trade, while the China-Vietnam border has evolved from a war zone into a $1.7 billion annual trade corridor. These cases demonstrate that economic pragmatism can overcome even deep historical animosities. Current trade statistics involving Pakistan and India reveal both the challenges and opportunities. The official trade figures reveal a striking imbalance. In 2023-24, Pakistan officially exported only $3 million worth of goods to India, while its imports from India reached $1.2 billion through Attari-Wagha border, but the thriving unofficial trade - estimated at $26.8 million in February 2025 alone - demonstrates the persistent demand for cross-border commerce. Establishing formal trade channels through Khokhrapar-Munabao could capture this existing economic activity while generating new opportunities in sectors like agriculture, textiles and tourism. Realising this vision faces significant challenges, particularly political hesitancy and bureaucratic hurdles. Visa policies remain restrictive, and the Rajasthan-Sindh connection receives far less attention in bilateral talks than the Punjab or Kashmir borders. However, incremental steps could build momentum - starting with special pilgrimage visas, followed by limited trade agreements for specific goods, and eventually developing full-fledged economic cooperation. Civil society and business communities could play crucial roles in fostering people-to-people connections that create bottom-up pressure for change. The Thar Desert stands at a crossroads - it can remain a symbol of division, or it can become a bridge linking two nations through shared heritage and mutual prosperity. The success of the Kartarpur Corridor proves that even small openings can have transformative effects. By reopening the Khokhrapar-Munabao route and fostering cross-border exchanges, India and Pakistan have an opportunity to write a new chapter in their relationship - one that honors their shared history while building a more connected future. The golden sands of Thar have witnessed centuries of cultural exchange; with vision and political will, they could once again become a meeting ground rather than a dividing line.
