For every Indian, gold is a symbol of prosperity. This passion for gold has made the country, the second largest populated in the world, the largest consumer of the commodity.

India's Minister of Mines, Sis Ram Ola, in a written reply in the Rajya Sabha said on Monday that the import of gold in the last few years has been in the range of 700-800 tonnes per annum.

He presented the year wise import of gold during last 3 years:

2004-05                 -               782.86 tonnes

2005-06                 -               723.79 tonnes

2006-07                 -               715.80 tonnes

As per National Mineral [Get Quote] Inventory prepared by Indian Bureau of Mines, the total resources of gold ore (primary) in the country are estimated at 390.29 million tonnes with a metal content of 490.81 tonnes.

Apart from regional exploration of gold undertaken by Geological Survey of India, detailed exploration for gold in 39 prospects has been done by Mineral Exploration Corporation Limited, since its inception in 1972.

Central Government has also been given prior approvals for grant of reconnaissance permits for regional exploration and prospecting licenses for detailed exploration of gold to various applicants, including private companies.