India plans to auction at least three gold mines this year

New Delhi

INDIA is planning to auction at least three gold mines in 2016, a top government official said, opening up the sector to private firms for the first time ever in a bid to slash imports of the metal that cost the government US$36 billion last year.

Economically crippling shipments of up to 1,000 tonnes of gold, accounting for about a quarter of India's annual trade deficit, prompted the government to raise import duties and launch a scheme aimed at mobilising a pool of over 20,000 tonnes of the metal lying idle in homes and temples. But still the government has failed to curb imports by the world's second-biggest consumer, where gold is regarded as the highest form of gift for gods and humans alike.