Amid rising gold prices, silver has also attracted investors’ attention. Vedanta Group Chairman Anil Agarwal recently spoke about the rapid rise in demand for silver on social media platform ‘X’ and described it as an important mineral of the future. His statement came just before Dhanteras, when Indians prefer to buy gold on this occasion. He said silver prices have now crossed Rs 1 lakh per kg and its demand has doubled compared to last year.
Why is demand for silver increasing?
Aggarwal says it is not just the traditional use, but growing industrial demand in areas like solar panels, electric vehicles, advanced healthcare and electronics is also driving up their prices. This unique combination of silver, which makes it not only valuable but also very useful industrially, is attracting investors. Aggarwal said that the gap between supply and demand for silver is continuously increasing, so there is a possibility that its price will continue to rise.
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Can silver become more precious than gold?
The silver shines.
In India, prices have crossed one lakh rupees per kg! Demand has doubled since last year.
Demand for silver is being driven not only by its traditional uses but also 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 growing demand for silver in India, Anil Aggarwal of Vedanta Group also spoke about his company’s contribution. He said that at Hindustan Zinc they are producing silver through a refinery powered entirely by solar energy. Previously, silver production was difficult, but thanks to the efforts of advanced technology and capable engineers, Vedanta is now one of the largest silver producers in the world. The company aims to achieve the first position in the world and all its silver production is sold in India, promoting national self-sufficiency.
How much is the future of silver?
Vedanta has also created a non-profitable industrial park in Rajasthan, where preference will be given to thousands of downstream industries related to zinc and silver. There is potential for these industries to add value to silver, creating thousands of jobs. According to Aggarwal, this will contribute significantly to India’s economic growth and establish silver as a stable investment option.
