Why India needs a bullion bank

India’s affinity for gold is a well-known fact, so is India’s dependence on gold imports to meet domestic demand. More than 98 percent of the gold consumed in the country is met through import while the rest is met through recycleddomestic gold. In 2015-16, India imported 926 tonnes of gold. Ironically, despite this huge appetite…

Demonetisation and its outcomes

0N APRIL 11, finance minister Arun Jaitley informed the Rajya Sabha that ₹5,400 crore of undisclosed income had been detected since the November 8 announcement that demonetised 86 per cent of the currency in circulation. Critics will surely latch on to this rather measly figure to declare that demonetisation has palpably failed in expropriating owners…

Yogi and the Road Ahead

Distance lends charm. I can vouch for this having spent a week away from Delhi, its alarming morning headlines and hyper competitive television anchors.India with its growing economy, social pluralism and thriving democracy appears far more attractive in Cardiff than from Delhi. I have not been accosted about our failing democracy or the rise of…

India’s Gold Monetisation Story

Back in 2014, realising the potential of domestic stock of gold in the country, the Government of India decided to introduce gold related schemes that would unlock the idle yellow metal lying in private lockers. With the dual objective of reducing import and recycling domestic gold, the Hon’ble Finance Minister of India introduced the gold-troika…