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Modi plan to unlock India's gold gets new focus amid near-record trade gap
By Adrija Chatterjee, Swansy Afonso, and Shruti Srivastava
Bloomberg News
Thursday, October 27, 2022
India's wide trade deficit is highlighting a curious government plan to rein in the gap: Getting people to hand over their private stashes of gold jewelry.
Prime Minister Narendra Modi and his government have been trying to convince gold-obsessed citizens -- who collectively own the biggest private holding of bullion in the world -- to deposit their treasures with banks and earn interest.
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The plan, which dates back seven years, has been a resounding flop, luring only about 25 tons of the 25,000 the World Gold Council estimates is held by households and temples in the south Asian nation.
But now, the impetus behind it -- to stem India's massive gold imports and reduce the trade deficit by melting down the metal already in the country and reselling it -- is newly relevant as the rupee slumps and the trade gap hovers near the record high it hit in July.
"If you can recycle the existing gold back home, then reliance on gold imports comes down and it will reduce pressure on the current account deficit," said Madhavi Arora, lead economist with Emkay Global Financial Services Ltd. "And you can also monetize the gold as an instrument to raise funds." ...
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