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Indias Gold Appetite
Indias gold import witnessed a huge jump in the month of April which increased to 3.85 billion Dollar compared to 1.23 billion Dollar of the same period of the previous fiscal, contrary to the optimistic views of the Prime Minister and the government. Almost three fold rise in the gold import suggests that the India s appetite for gold is yet to be satiated, which will have a big impact on the countries trade deficit as well. In April trade deficit stood at $13.2 billion, which is the highest since November,2014. The government has taken several measures to address the surging gold imports such as the gold monetization scheme and the sovereign gold bond scheme. However the recent data shows that these schemes were not as effective as expected. The lack of access for formal financial instruments could be a strong reason for people opting for gold as a financial asset. The recent demonetization move has undermined the faith in rupee as a store value. At this juncture, the financial sector needs more structural reforms that allows for more competition, accessibility and innovation. The government could do well in this regard by making the existing schemes more attractive.

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