Amidst the rising prices of gold, silver has also attracted the attention of investors. Vedanta Group Chairman Anil Agarwal has recently talked about the rapidly increasing demand of silver on the social media platform ‘X’, describing it as an important mineral of the future. His statement has come just before Dhanteras, when Indians give preference to purchasing gold on this occasion. He said that silver prices have now crossed Rs 1 lakh per kg, and its demand has doubled compared to last year.
Why is the demand for silver increasing?
Aggarwal says that it is not just the traditional use but the increasing industrial demand in areas like solar panels, electric vehicles, advanced healthcare, electronics is also increasing its prices. This unique combination of silver, which makes it not only valuable but also highly useful industrially, is attracting investors. Aggarwal said that the gap between supply and demand of silver is continuously increasing, due to which there is a possibility of further increase in its price.
Can silver become more precious than gold?
Silver is shining.
In India, prices have crossed Rs 1 lakh per kg! Demand has doubled since last year.
Silver’s demand is being driven not just by its traditional uses but by massive industrial demand.
It is now being used pic.twitter.com/JAE4TLlxjr
— Anil Agarwal (@AnilAgarwal_Ved) October 24, 2024
Why did Anil Aggarwal say this?
In view of the increasing demand for silver in India, Anil Aggarwal of Vedanta Group also talked about the contribution of his company. He told that in Hindustan Zinc, they are producing silver through a refinery completely powered by solar energy. Earlier the production of silver was difficult, but with the efforts of advanced technology and capable engineers, Vedanta is now one of the largest silver producers in the world. The company aims to reach the first position globally, and its entire silver production is being sold in India, which promotes national self-reliance.
How much is the future of silver?
Vedanta has also set up a non-profitable industrial park in Rajasthan, in which thousands of downstream industries related to zinc and silver will be given preference. There is a possibility of value addition in silver from these industries, which will generate millions of jobs. According to Aggarwal, this will contribute significantly to India’s economic growth and establish silver as a stable investment option.
