FALLING INDIAN CURRENCY YET GOLD ON CONSTANT RISE At time when Indian economy is at doldrums next only to that of Brazilian economy, two things are constantly in news. One, off course is our currency’s rate depletion against USD, leading aftermaths and second rise in Gold prices despite the currency/economic slowdown. A leading pool of financial experts, business analysts even state Gold to be made a leading carrier of our currency or given equal rights as its one of the only commodities that’s ever on a constant rise. Some trader unions, panelists of renowned survey firm, gold brokers etc even touts to share/transform one’s money to Gold to have a pool of liquid reserves that can be utilized at time when crisis cripples us or nation. Thus it acts as one of sources to boost our economic downturn. According to sources quoted by Bombay bullion association with a leading newspaper daily shows a startling figure of Gold price closing at Rs.32, 585/10 gram an increase of 2.5 % than a week ago. Against pound an increase of 1% to close at £1,721 amidst the deepening economic crisis. India largest producer of Gold, Silver and other such precious metals contribute near about 50% of total reserves. At this moment a query which arises in one’s mind is why there is huge inflation & economic downturn that’s affecting India? The answer is well known. It’s corruption that endangers and makes this issue very grave. But startling fact is that it’s not just corruption but just like money laundering, gold laundering and hoard of illegal activities which powers these issues to an untouched levels. Gold acts as a current asset because of fact that at time of crisis, all assets like Gold, silver, diamond and other precious materials are soaring high and there utility lies in that they can be converted into currency on exchange . Despite this only issue is the considerable drop in our currency rates. Gold, silver products are also soaring and is in high demand throughout the time period due to religious, traditional believes, marriage functions, utility of being used and exchange source for purchase of any commodity next only to currency at certain levels and can be converted into liquid reserves at time of crisis so that one can remain satisfied to certain extent. The yellow metal surge ahead of the rest in India because of fact that there’s unprecedented support to it and bulk purchases attract a lot of reduction and margin as it acts as a booster to increase our country’s economic condition. RBI-India’s financial power head have even proposed to government to propose a “Gold hour” in the two houses of Rajyasabha and Loksabha where a close monitor will track Gold rates and also invent various methodologies to use it as an alternative against Rupee. I would certainly welcome this move if our government takes a decisive framework against this proposal, but at same time want them to take stringent mechanisms against any violators, gold launderers like the way currency is just a puppet in hands of corrupt officials, money minded people due to which two extreme situation has arise wherein wealth have been accumulated/inherited by few and which has given rise to “Rich getting richer and poor becoming even poorer” as well as “Malnutrition”, ”Hoarding of precious commodities” leading to biggest menace that of “Inflation & recessed economy” . If Indian government doesn’t take right actions, then it would be “Now or never” game for general public. They must also realize that passing off/ bucking under new concept “Food bill” for poor will subdue just hunger and defend malnutrition, but to eradicate greater combat in form of Inflation as well as recession is to be self defiant and device an alternative form of currency which would be untouched, stable enough to provide new dimensions to erstwhile global issues.
Posted on: Thu, 29 Aug 2013 06:22:07 +0000
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