Gold shines in India

One insurance and/or safety net that most (almost all I would guess) Indian households have.

India has seen difficult economic times for centuries now. Whether it was due to forcible taking away the acquisitions or famines. This led to a situation where households started building own safety nets and women took a significant charge of the same. Socially as well, women have been kept safer from external shocks.

Gold became the natural choice. Bit by bit. Gram by gram.

It is estimated Indian households have about 25,000 tonnes (yes, tonnes) valued at Rs 12,50,00,00,00,00,000 (Rupees twelve lakh fifty thousand crores) or USD 167 billions. The largest stockpile in the world amongst households.

Even RBI holds 633 tonnes of gold (more than double of UK central bank holdings).

In the difficult economic times due to pandemic, it is this safety net (or insurance) that will be the saviour for many a families.

#gold #wealth #safetynet #indianmaze #savings

205-1-20

Comments

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