Beyond Gold: The New Age Indian Investment Mindset

Beyond Gold: The New Age Indian Investment Mindset

Prime Minister Narendra Modi’s recent call to the Indians to do away with buying gold for one year in national interest has opened an important discussion across the country. Reports have linked the appeal to reducing non-essential foreign exchange outflows and conserving India’s foreign exchange reserves amid global economic uncertainty.

Gold has been one of India’s most valued and sentimental valuables for decades. Gold is bought for families for festivals, weddings, special occasions and major milestones in life. It stands for prosperity, security and tradition. But now the Prime Minister’s plea reminds us of something more fundamental: every financial choice we make in our own lives impacts the nation too.

So when India imports gold, the country spends foreign currency. Large quantities of gold might strain foreign exchange reserves and increase the import bill. In the present context, when India is aspiring to be an economic power, self-reliant and with a long-term vision, res...