Import of gold is having a profound impact on the economy of India. Prime Minister’s Economic Advisory Council (PM-EAC) temporary member Nilesh Shah on Monday said India would have achieved the target of $5,000 billion gross domestic product (GDP) if it was not for the habit of importing gold. ($5 trillion) long ago. According to Bhasha News, he says that in the last 21 years, Indians have spent about 500 billion dollars on the import of gold alone.
lost one-third of GDP.
We are working towards achieving the Prime Minister’s target of $5,000 billion gross domestic product (GDP), Shah said. But just one habit away would have made us a $5 trillion economy long ago. We have probably lost a third of India’s GDP by not making the right financial investments. He said that if that money was invested in businessmen like Tata, Ambani, Birla, Wadia and Adani instead of gold, imagine what our GDP would have been. What would have been the growth, what would have been our GDP per capita?
There is a great desire to sleep.
Citing official data, Shah, managing director and chief executive officer of Kotak Asset Management Company, said Indians spent a lot of money on gold imports in the last 21 years. Along with this, there are regular reports of gold smuggling. It has been observed that Indians have a great attraction towards gold. Due to which huge amount of money has to be spent on gold which goes out of the country.
In FY 2022, India is expected to import gold worth over Rs 3.4 trillion. This is an increase of about 35 percent from the previous year, when Indian gold imports were over Rs 2.5 trillion.
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