Lack of incentives led to poor response for GMS: IIM-A's IGPC

IGPC interviewed top bank officials, refineries to grasp challenges of the policy and implications

Lack of incentives for key players like banks and refiners, among others coupled with lack of awareness on the Gold Monetisation Scheme (GMS) led to poor response, found a study conducted by the Indian Gold Policy Centre (IGPC) at the Indian Institute of Management, Ahmedabad (IIM-A).

"It can be said that GMS has not been a successful policy. Our research has identified the areas of policy, which can be tweaked to make it more attractive for the key players of the scheme i.e. consumers, and bankers and refiners," said Arvind Sahay, head of IGPC.

The study 'Gold Monetisation in India as a