An evaluation of the undiscovered mineral resources of India based on the concept of unit regional value

Unit regional value (URV) and unit regional weight (URW) are relatively new concepts which are used to measure the intensity of the development of the mineral resources of any particular region. URV and URW of the mineral resources of India have been evaluated by sector, by commodity, as well as by state. The results are compared with values for the U.S.A. established by earlier workers and which can be taken as a standard for comparison with the mineral resources of other regions. URV of India, evaluated through the years 1898–1985, shows that the total mineral resources produced stands at $24.4 billion U.S. (deflated to 1967 value). Log URV of India lies below one standard deviation of the value for the states of the U.S. Like the U.S. India's major contribution to its URV is from fuels, but it is much less compared to that of the U.S. Next to fuels, metals, nonmetals, construction materials, and precious materials follow in that order. Except for two states, viz. Bihar and West Bengal, all other states are just below two standard deviations of the states of the U.S. The state of J&K is even much lower than the two standard deviations mark. It is concluded that India has a high potential for undiscovered mineral resources. However, this will require a large investment in exploration, on the order of Rs. 7760 crores, in the next few years.