The Hindu·2 min read·medium
Fifty years ago | Gold sales suggested to mop up savings
✦AI Summary
This archival piece from 1974 discusses a proposal for the Indian government to sell gold in rural areas to mobilize savings. Economists suggested using foreign exchange reserves or RBI gold to tap into the rural preference for gold over traditional financial instruments.
New Delhi, August 4: The Union Government is understood to be examining a suggestion that it should utilise the present foreign exchange reserves for the purchase of gold in the international market and sell it in the rural areas as part of a concerted drive to mop up the savings from these areas.
economybusiness
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