Niggling doubts over the new gold schemes - The Hindu

Niggling doubts over the new gold schemes - The Hindu

My VIEW:

From Morarji Desai’s time, at various times, GOI has tried to exploit the potential concealed in the domestic gold stock in India without much success. This time the difference is, there is a three-pronged effort to make individuals and institutions to bring their gold holdings to the mainstream economy for productive use which will
also benefit them, to reduce the need to import gold for ‘investment’ purposes
by offering Sovereign Gold Bonds as an alternative instrument which will
appreciate in value and to instil confidence in the capacity of India to ‘make
in India’ by offering gold coins made in India for sale.


It goes without saying that ultimately the credibility of the implementing agencies will decide the success of the schemes. The success of Sovereign Gold Bond Scheme and gold coins made in India will be a trust-booster for the government and the central
bank.

M G Warrier

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