, Columnist
India Could Be Sitting on a Gold Mine
If the country wants to reduce its dependence on imported minerals, it should make it easier to develop mines domestically.
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Gold is so popular in India that it's created an economic problem for Prime Minister Narendra Modi.
The country vies with China as the world's biggest buyer of gold jewelry, thanks in large part to its cherished status in marriage ceremonies. Imports of the metal came to $35 billion last year, and were equivalent to about 43 percent of the country's current account deficit in the September quarter. In November, Modi launched a program to lure private gold holdings onto the market by getting banks to offer interest on items deposited in their vaults.