India strikes gold, really!
Gold-mines with over 3,000 tonnes of gold ore found in UP; this is 5 times India's current reserve
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Let's start the day with some good news.
India has literally stumbled upon a gold stock, this time underground. Of course, 3000 tonnes must be a conservative estimate. This together with our accounted and yet to be accounted for and mainstreamed surface gold-stock could be 30,000 plus tonnes of the yellow metal which has the potential to support the nation's balance sheet come out of red. If our resources are properly accounted*, India can be the first country among big countries to become a self-reliant economy in terms of assets and liabilities.
M G Warrier
*Media reports say that in Kerala, following the example of Guruvayur Devaswam, Government-guided Devaswam Boards are also considering depositing their idle gold stock with banks to earn interest income.
Gold management needs a makeover - Business Line