A report by the Global Trade Research Initiative (GTRI) highlights India's increasing dependence on silver imports, which reached an estimated $9.2 billion in 2025, a 44% rise. GTRI recommends India boost domestic silver processing, refine and recycle more, secure overseas mining supplies, and diversify import sources. Unlike China, which processes imported silver ores, India primarily imports finished silver, making it vulnerable to global demand shifts and geopolitical risks. Silver is increasingly vital for industrial and energy transition applications.