October saw an increase in percentage of purchases of gold!!!

S Venkateshwari
October saw an increase in percentage of purchases of gold!!!

India bought 123 tonnes of gold annually in october of this year, a 60 per cent increase from the previous year. it marks the peak after thirty-one months. Over 77 tons of gold were imported at the same time last year. A government source states that for the past ten years, october has seen the importation of roughly 66 tons of gold on average. However, this time around, because of the drop in gold prices before the celebration, more gold has been purchased, and imports of the metal have significantly increased.

Does gold investment actually impede the nation's progress?

The indian populace has spent over $500 billion on the import of gold alone during the past 21 years. However, if those same $500 billion had been invested in India's GDP rather than being used to import gold, the nation's industries would have grown, more jobs would be created, and both production and consumption would rise, all of which would raise the GDP of the entire nation.

Plans by the government to boost investment

In response to this query in a BBC report, senior india analyst at Observatory Group Ananth Narayan stated that india has to improve its reform narrative. "India needs to increase investment, and it has started many schemes to achieve this," he stated. The government has made greater financial investments than in the past in industries like power, ports, railroads, and highways. Regretfully, "Our reforming record in these areas is pitiful. Therefore, it doesn't seem plausible that things will get better as they are now and that we will grow to our full potential."

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