Already china is on the way to surpassing the USA based on nominal GDP now they have found a humongus 1000 metric tons gold reserve of high quality in China’s Hunan province, how lucky China is but it’s not only luck it’s an investment that India didn’t do
How much gold did China find?
China discovered high-quality gold ore of 1000 metric tons from which China can extract gold worth a minimum of 80 billion dollars for comparison now the Reserve Bank Of India has gold worth 67 billion dollars so a single discovery gave China a huge boost, Currently, China is in the 6th spot in the physical gold-holding ranking with this discovery china can surpass even the IMF and sit together with Germany
How China found the gold reserve and why not India?
The Indian government is unaware of where precious minerals and metals like gold, diamonds and uranium are basically, we don’t know what is beneath a piece of land we are living on because exploration needs money and many times countries fail and there is an element of risk involved, the news we are getting today that china discovered largest reserve of gold and maybe we get to see more news like this because China is continuously exploring their resources and they can afford this kind of expensive risky deals. With India, the problem is the funds were allocated to freebie services and other important sectors like infrastructure, healthcare and India has different types of big priorities and for that reason, the government have very few funds for the exploration, The OPG ( Obvious Geological Potential) that India has is 10,00,000 sq km of gold, 30,00,000 sq km of diamonds, 160,00,000 sq km of base metals, 8,000 sq km of PEGs, and 5,000 sq km of iron ores. A rough estimate indicates that less than 2% is mined and less than 10% is explored. For comparison, Australia is a humongous country and 90% of its land is explored the same China is doing china is investing billions of dollars and invested billions of dollars in Hunan province
Condition of India in exploration
India invests negligible in exploration even though we don’t know which type of dinosaurs used to live in India millions of years ago, recently the news came out that worlds largest snake was not Titanoboa it was Vasuki Indicus that existed in India. We can hope that India will do long-term planning and invest in those sectors which will benefit India in long run rather wasting money on short-term gains like freebie schemes
