Gold has been an integral part of Indian Culture for thousands of years. Indians view Gold as an secure asset and wearing gold has been a practice of all faiths in India for eons. Both male and women adorn gold regularly. Gold is also viewed as positive energy by Indians.Â
Russia and China have aggressively built their gold reserves in the past decade to safeguard against the collapse of paper economies who are spirally under huge debt and having no collateral to support. India has been guided by foreign economists since the 1991 liberalization era. The western economists believe in paper economies and didnt catch in on the penchant for Gold in Asian countries. Hence they did not build India's gold reserves like Russia and China did.Â
Russia and China even lent money to their citizens to buy gold but For.economists guiding Indian government and the RBI governor discouraged citizens to buy gold. They even put curbs on imports. They wanted to repay Indian debt with Gold. They launched temple gold plan to take temple gold.
Similar proposal is being pushed by Congress leaders even now to take temple gold and repay Indian debts. Such a proposal will be wholeheartedly rejected by Indians. India will not allow foreigners to lay their hands on Temple Gold at all costs. For.economists who are pushing the same do not ever understand India's attachment to GOLD. It is "Asset Forever". Indians sell Gold only when distressed. Even when stressed with business issues, they use gold as asset, clear loan and take back the GOLD. Indians do not like Gold being put in bank.Â
