News From Press How best to change the mindset of gold buyers

How best to change the mindset of gold buyers

India needs to discourage gold imports to provide adequate capital for higher economic growth.

Economic Times Jan 25, 2020

In eight years between FY11 and FY18 India remitted $245 billion for net import of gold and precious stones. In FY19 gold smuggling is expected to be around $7 billion. Net import of gold and precious stones in eight years (FY11-18) is estimated to be around $300 billion on official as well as unofficial accounts, more than double of foreign portfolio investments of $145 billion received in the same period.

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