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The euphoria over the claim that around 3,000 tonnes of gold reserves, worth Rs 12 trillion, have been discovered in Uttar Pradesh’s Sonbhadra district could not last even 24 hours, with the Geological Survey of India (GSI) clarifying on Saturday there had been no such discovery.

The GSI, headquartered in Kolkata, rebutted the claims of the Uttar Pradesh Directorate of Geology and Mining (UPDGM), and said “miscommunication” must have led to the wrong reporting of facts.

M Sridhar, director general of the GSI, said nobody in the agency gave any such data. He said 52,806 tonnes of gold ore was found in Sonbhadra district during the exploration work in 1998-2000. From this reserve, only 160 kg of gold can be extracted.

“There must have been some miscommunication of facts because of which the gold ore deposits have been overestimated. We have written a letter to Uttar Pradesh (UPDGM), stating the facts. The GSI has not estimated such kind of vast resource of gold deposits in Sonbhadra,” Sridhar said.

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The UPDGM had said on Friday that gold deposits were found in Son Pahadi and Hardi areas of the district. Sridhar said while gold ore was found in the area during the GSI’s exploration work in 1998-2000, it had told the state government about the discovery in November last year.

Under the new regulation, which came into effect from 2015, the GSI has to inform the state government when ore deposits are discovered. Earlier, no such action was mandatory. In its report, the GSI estimated that only 3.03 gm of gold can be extracted from a tonne of ore. It also clarified that even the extraction amount was tentative and could not be established for certain.

Moreover, Sridhar said the deposits were spread across only 0.5 sq km in forest land, which made the mining of ore economically unviable. “When there are several mines nearby, we can club it into a block and then it makes sense to mine the ore. But in this case, the deposits are too small to make it viable for any company to mine it,” he said. The GSI usually prioritises its exploration work based on the needs of the Centre. While strategic minerals like tin, cobalt, lithium, beryllium, germanium, gallium, indium, tantalum, niobium, selenium, and bismuth are atop the list in GSI exploration, gold is another commodity on its priority list.

According to the World Gold Council, India has reserves of 630 tonnes of gold.

New Delhi, June 27: The Prime Minister Narendra Modi-led union government of India is not ready to stop all imports from aggressive China in spite of mount calls to boycott Chinese products in India.

The Centre is reportedly considering to stop only non-essential imports from the neighbouring country.

However, the Inward shipment in sectors such as automobiles, pharmaceuticals, certain electronics and others will continue until a domestic alternative is found.

“India will gradually move towards import substitution. It will not happen overnight. In the meantime, attention has to be paid on production and job creation. We cannot throttle our industry. There are certain absolutely essential imports. Needless to say, those will keep going,” official sources said.

Sources said that both the government and the industry are in the process of identifying products that can be domestically manufactured in the medium term. There are certain chemicals, automotive components, handicrafts, cosmetics, agriculture items and certain consumer electronics, which can be manufactured domestically in the short to medium term. The government is doing all it can to raise the capacity of domestic industries.

However, there are certain other imports in the automobile and the pharmaceutical sectors which cannot be done away within the short to medium term. Their domestic production at the moment may not be that cost-effective.

The six-crore strong traders’ body CAIT has been at the forefront of such a demand and has launched a campaign to celebrate Indian Diwali this year with a total absence of Chinese goods.

“Ease of doing business, capital availability at lower rates and globally competitive logistics and energy costs are some of the prerequisites that the government should look into to ensure the growth of the domestic auto component industry,” according to Automotive Component Manufacturers Association of India (ACMA) Director General Vinnie Mehta.

Maruti Suzuki Chairman R C Bhargava said, “People who are boycotting Chinese goods have to remember that in some cases it may lead to their being asked to pay more for the same product."

Meanwhile, domestic rating agency Acuite Ratings & Research has analysed the current import portfolio from China and found 40 sub-sectors have the potential to lower their import dependency on China. These sectors contribute to $33.6 billion worth of imports from China and about 25% of these imports can be substituted by local manufacturing without any significant additional investments.

Bengaluru, Feb 13: Karnataka Chief Minister BS Yediyurappa on Thursday said the government had initiated measures to implement the Sarojini Mahishi report as the 12-hour Karnataka bandh call by several pro-Kannada organisations under the banner of Karnataka Sanghatanegala Okkoota began on Thursday.

“Government always stood for Kannada and Kannadigas and initiated measures to implement the Sarojini Mahishi report,” Yediyurappa said. Meanwhile, in Bengaluru, Ola, Uber and auto services were affected even though buses were plying as usual. Security has also been beefed up in Bengaluru after stones were pelted at a Tirupati-Mangaluru bus in Farangipet, though no one was injured.

Bangalore University has postponed all postgraduate (PG) exams scheduled for today. A pro-Kannada activist, Praveen Shetty, was kept under house arrest and police have detained a few people, including those involved in Cauvery protests and other bandh cases.

The organisations are demanding the implementation of a report by former union minister Sarojini Mahishi that recommends a certain percentage of jobs to Kannadigas in public sector undertakings, private companies, and multinational companies. The report was submitted in 1984 but is yet to be implemented.