Gold in India is more than an asset or an investment, it is an emotional component of a typical Indian existence. This is the case, as Indians assign a greater emotional value to the yellow metal than most of their global counterparts.
India and Gold
In a report shared by an X handle, by the name BRICS News, Indian women now own 11 per cent of the world's gold supply, which is more than the next top 5 countries' gold reserves.
Gold and Patriotism
The post on x from the handle further claimed that Indian women own 24,000 tonnes, the USA owns 8,133 tonnes, Germany: 3,362 tonnes, Italy: 2,451 tonnes, France: 2,436 tonnes, and Russia: 2,298 tonnes. The post does not provide a source for this report.
However, the head of Mahindra Group and industrialist known for his activity on X took the platform to react to this post.
In his post, he said, "In 1962, at the outbreak of our war with China, I was just seven years old. But I vividly remember the appeal made to all citizens to contribute their gold items & jewellery to the war effort."
Mahindra further added, "Trucks would go around neighbourhoods in Mumbai and solicit donations through megaphones."
Furthermore, he talked about the intertwining of patriotism and consumer behaviour. "The patriotism was fervent, and women would take their gold ornaments and hand it to the volunteers with complete trust while onlookers would cheer. I recall my sister and I going down to the street with my mother and watching as she made her contribution.", added Anand Mahindra.
In conclusion, he said, "These holdings are the hidden wealth of India"
Gold Reserves In World
World Gold Council
As per the World Gold Council, as of 2023, the United States has gold reserves amounting to 8,133.46 tonnes, followed by Germany with 3,352.65 tonnes, and Italy with 2,451.84 tonnes. India, according to this list has 803 tonnes.
