New Delhi, Jan. 7 -- Silver is no longer just a precious metal but a critical industrial and energy-transition input, and India must urgently recalibrate its policy to move up the value chain, the Global Trade Research Initiative (GTRI) said.

Rising Import Dependence a Key Vulnerability

India imported about USD 6.4 billion worth of refined silver in 2024, accounting for 21.4 percent of global refined silver trade, making it the world's largest consumer of finished silver rather than a processor.

In FY25, exports were just USD 478.4 million against imports of USD 4.83 billion. The gap widened in 2025, with imports jumping to USD 2.7 billion in October and USD 1.1 billion in November.

Cumulative imports reached USD 8.5 billion in Januar...