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India Is The Largest Gold Reserve In The World

Largest Gold Reserve

Gold is an important product among Indian consumers. For Indian's gold is ornamental, an investment, a saving and much more. How much does gold and importing gold affect the Indian economy?

India Gold Imports

India imported about 850 tonnes of gold in 2014-15. India has a meagre 557.7 tonnes of gold reserves held with RBI, the 11th largest in the world. US has 8,133.5 tonnes of gold reserves, the largest in the world among the gold that is imported. 22,000 tonnes of gold is held by individuals in India, the largest gold reserve in the world. 3,000 tonnes are held by temple trusts. Gold imports constitute about 28% of India's current account deficit or export import imbalance.

Gold Bond Schemes

Indian government is keen to cash in on this golden opportunity. Indian government has started gold depositing and bond options. Win-Win for government and the people?