Please use this identifier to cite or link to this item: https://repository.iimb.ac.in/handle/2074/13427
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dc.contributor.authorSingh, Charan
dc.date.accessioned2020-07-17T15:01:47Z-
dc.date.available2020-07-17T15:01:47Z-
dc.date.issued2015-04-10
dc.identifier.urihttps://repository.iimb.ac.in/handle/2074/13427-
dc.descriptionThe New Indian Express, 10-04-2015
dc.description.abstractIn the Union Budget, finance minister Arun Jaitley observed that India is among the largest consumers of gold in the world, importing nearly 1,000 tonnes every year. According to conservative estimates, stocks of gold in India are estimated to be nearly 25,000 tonnes or equivalent to about Rs 63 lakh crore. This amounts to nearly 56 per cent of the gross domestic product (GDP) or 67 per cent of the total money supply in India. According to other estimates and anecdotal evidence, including talking to markets, the amount of gold stocks in India are at least three times the above mentioned estimates. The government has proposed in the Union Budget to monetize gold stocks through three schemes. First, to introduce Gold Monetization Scheme (GMS) to replace the existing Gold Deposit and Gold Metal Loan schemes; second, to develop an alternative financial asset, Sovereign Gold Bond (SGB), as a substitute to purchasing metal gold. Finally, to develop and issue an Indian Gold Coin (IGC), with an Ashok Chakra on its face. An IGC would help reduce the demand for coins minted outside India and also help to recycle the gold available within the country. In brief, the government is making efforts to encourage recycling of gold within the country and reducing the pressure on imports that finally impact current account deficit (CAD). The minting of gold coins in India, mainly used for investment, would lead to higher employment and retention of related profits within the country. Read more at: https://www.newindianexpress.com/opinions/2015/apr/10/Monetizing-Gold-Will-Help-Unlock-Dormant-Money-740625.html
dc.language.isoen_US
dc.publisherExpress Publications (Madurai) Private Limited
dc.subjectGold
dc.subjectGold market
dc.subjectGold monetisation scheme
dc.subjectGMS
dc.subjectGross domestic product
dc.subjectGDP
dc.titleMonetizing gold will help unlock dormant money
dc.typeMagazine and Newspaper Article
dc.identifier.urlhttps://www.newindianexpress.com/opinions/2015/apr/10/Monetizing-Gold-Will-Help-Unlock-Dormant-Money-740625.html
dc.journal.nameThe New Indian Express
Appears in Collections:2010-2019
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