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@nikhilkamathcio Monetisation of Indian household gold , would have worked earlier. However after recent SGB fiasco , with unclear loopholes , Household Gold investors will be skeptical to invest in Govt. gold related schemes due to fear of overnight changing policies, as gold is the only savior
PM Modi’s call to reduce petroleum use & avoid discretionary gold buying is a macroeconomic strategy, not just public advice.
India’s annual import bill:
• Petroleum: ~$150B
• Gold: ~$70B
Together = ~$220B+ forex outflow.