This refers to the report "WGC ties up with IIM-A for a research centre" (November 27). Even the right exploitation of a small portion of India's surface gold stock will fuel economic growth to a great extent. This is mainly because success in this direction will bring down the import bills, besides improving forex earnings from jewellery exports.
This initiative will give the necessary research support and professional backing to the efforts of the Reserve Bank of India (RBI) to make an inventory of India's domestic gold stock, standardising and making tradable at least a portion of that stock and building people's trust in gold-backed financial instruments.
The media has already reported the measures being taken by RBI to "standardise" the country's gold stock with the central bank. The successful completion of these measures will build confidence and make things easy for the gold think tank to move forward in the right direction.
M G Warrier Mumbai
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