Standard gold, advantage India

February 23, 2023 Standard gold, Advantage India This refers to the report 'WGC to digitise gold ecosystem' (February 23). The message WGC's Chief Executive David Tait is conveying here is significant for India. Imagine a day when India mainstreams, accounts and standardizes at least 50 percent of the country's estimated domestic gold stock of 25,000 tonnes. Besides the country's economic growth moving to fast track, the overall attitude of Indians to the yellow metal will change for the better. If India decides to manage the gold the country owns productively, by providing facilities for conversion of domestic gold stock to standard gold, giving higher returns on gold deposits and increasing the component of gold in Banks' Statutory Liquidity Ratio (this doesn't even need a change in regulations!) and giving such other incentives as may be necessary, to reduce household gold stock, gold will play a hitherto unheard of proactive role in the country's economic growth. M G Warrier Mumbai


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