India, the world’s largest consumer of refined silver, should enhance its domestic processing capabilities and diversify its sources of imports, the Global Trade Research Initiative (GTRI) has said, stressing the strategic importance of the metal beyond its traditional role as a precious commodity.
Silver is increasingly crucial for industrial and energy transition applications, including electronics, solar power, electric vehicles, medical devices, and defence equipment. Despite its growing significance, China remains the dominant player in global silver processing, importing around USD 5.6 billion worth of silver ores and concentrates and refining them domestically for higher‑value exports. India, by contrast, imported about USD 6.4 billion of refined silver in 2024, accounting for more than one‑fifth of global trade, making it the largest consumer of finished silver rather than a processor.
GTRI Founder Ajay Srivastava highlighted that India must shift from simply importing finished silver to processing the metal from ore stage, thereby adding value domestically and strengthening strategic supply chains. In fiscal year 2025, India’s export of silver products was limited to roughly USD 478.4 million, underscoring the country’s heavy reliance on foreign refined metal. Meanwhile, import volumes surged sharply in 2025, reaching an estimated USD 9.2 billion for the year — about 44 per cent higher than 2024.
To mitigate supply risks and reduce dependence on imported finished silver, GTRI has recommended that India secure long‑term mining supplies from overseas, boost domestic refining and recycling infrastructure, and diversify import sources. The institute also noted that recent export controls introduced by China, which require licences for silver shipments, have heightened global supply concerns and underscored the strategic vulnerability of India’s current import‑focused model.
GTRI’s recommendations come amid intensifying global competition for critical materials and the expanding industrial demand for silver. Strengthening domestic capabilities in silver processing and broadening sourcing channels could support India’s broader goals in clean energy, technology manufacturing, and economic resilience.
Global Trade Research Initiative (GTRI) ne kaha hai ki India ko apni silver processing capacity badhani chahiye aur imports ko diversify karna chahiye, taaki foreign dependence kam ho sake. GTRI ke mutabik, silver ab sirf ek precious metal nahi raha, balki electronics, solar energy, electric vehicles, medical devices aur defence jaise sectors ke liye ek strategic metal ban chuka hai.
Currently, China global silver processing me dominant role play kar raha hai. China large quantity me silver ore import karta hai aur usko domestically process karke high-value products export karta hai. India, iske contrast me, zyada tar refined silver import karta hai. 2024 me India ne lagbhag USD 6.4 billion worth refined silver import kiya, jo global trade ka ek bada hissa hai.
GTRI founder Ajay Srivastava ne highlight kiya ki India ko sirf finished silver import karne ke bajay ore se processing start karni chahiye, jisse domestic value addition hoga aur supply chains strong hongi. FY25 me India ke silver product exports limited rahe, jabki imports sharply badhe, jo growing dependency ko clearly dikhata hai.
GTRI ne recommend kiya hai ki India ko long-term mining supplies secure karni chahiye, domestic refining aur recycling infrastructure ko boost karna chahiye, aur multiple countries se imports source karne chahiye. China ke recent export controls ke baad global supply concerns badh gaye hain, jisse India ki vulnerability aur clearly saamne aayi hai.
Experts ka maanna hai ki agar India silver processing aur sourcing strategy par focus karta hai, toh ye clean energy, advanced manufacturing aur overall economic resilience ke liye long term me kaafi beneficial ho sakta hai.