Gold monetisation scheme will guide savings towards more productive investments

India’s ‘gold infatuation’ is well-known, with noteworthy statistics on the quantum of gold consumption. According to the World Gold Council, India holds upwards of 22,000 tonnes of physical gold. In terms of value, this amounts to over 200 per cent of India’s FX reserves and nearly 37 per cent of GDP at prevailing market prices. Curbing of demand through administrative measures could be challengi...