It is curious that government and experts in India have never - TopicsExpress

It is curious that government and experts in India have never denounced the obsolete habit of hoarding gold and nor yet suggested effective means to cut huge annual imports of gold. Governments are shy to do so as the idea is likely to make them un-popular. Though most people may privately agree about this. It is necessary to stem the burgeoning Current Account Deficit (CAD), dangerous levels of foreign debt to reserve ratio, depreciation of INR and other foreign exchange related difficulties. It is sucking huge amounts of savings every year which can otherwise meet the need of scarce capital for infrastructure, generation of employment etc. The mother of all non-essential imports is undoubtedly GOLD, the craze of most Indians

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