There is a need to establish brand image of India as the Jeweller of the world, Minister of State, Ministry of Finance, Anurag Singh Thakur said at an ASSOCHAM event held in New Delhi today. He also said that banks can engage with state endowment departments to encourage greater participation of religious institutions in Gold Monetization Scheme (GMS). Noting that the announcement made in the Budget formally recognizes that gold is bought not just for jewellery but as an asset too, Thakur said that banks must take forward the message of GMS as an effective instrument of recycling gold stocks held within the country with a view to reducing the import of gold.
He further said that at more than 24,000 tonnes, Indian households hold the largest stock of gold in the world. The country currently has one of the highest saving rates in the world, estimated at around 30 per cent of total income. GMS has huge potential and can achieve great success by effectively tapping into the domestically held gold by households and temple/trusts.
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