India is the second largest importer of the precious yellow metal. India roughly imports around 900 tonnes to 1,000 tonnes per year. On an average India spends around $30 billion in gold buying. But local gold output is miniscule, at 2 tonnes to 3 tonnes per year. To cut down this trade deficit, Indian government plans to revive a cluster of Kolar Gold Fields in Karnataka. This colonial-era gold mine have been closed for last 15 years; The initial estimates of the reserves indicate their worth as $1.17 billion. The mines also have $880.28 million in gold-bearing deposits as residual dumps leading to their total worth near to $2 billion (Rs.13,600 crores).