A gold-paved route to progress

• Atmanirbharta encapsulates India’s philosophy of self-reliance, emphasized under Prime Minister Modi’s governance, leading to significant national achievements.

• Historical instances showcase India’s resilience through self-reliance, such as the Green Revolution, advancements in digital technology, COVID-19 vaccine development, and progress in defense capabilities.

• With changing global investment dynamics, India must leverage its internal resources, including the vast gold reserves held by families—approximately 25,000 tonnes valued at $2.4 trillion.

• Despite high gold holdings, India is still a major importer, highlighting both a challenge and an opportunity for gold monetization.

• A successful gold monetization scheme requires infrastructure for hallmarking and purity testing, effective logistics for secure gold management, and enhanced digitalization for tracking assets.

• Establishing trust through minimal regulatory friction is essential for encouraging participation in gold monetization.

• The potential economic impact includes reduced import pressure, strengthening the current account, and creating a domestic capital pool for further growth.

• Achieving financial self-reliance involves mobilizing domestic wealth, particularly from gold, reinforcing the cultural significance and economic capability of India.

• The pursuit of financial self-reliance is a crucial step for India to finance its own future aspirations independently and confidently.

Golden path to progress is important topic for Civil service exam (WBCS).

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