Top Countries with Largest Gold Reserve :
If we talk about the central bank of the country's gold holding, India is on the 9th rank. Reserve Bank of India (RBI) has 676.6 Metric Tons Gold Reserve.
Indian peoples gold holdings :
If we talking about Indian public gold holdings, Indian households have up to 25,000 tones of gold. This estimate was predicts by the world gold council. 25,000 tones of gold, This amount is more than top 13th Country or Organization's central bank reserve.
Interesting fact: Indian housewives hold 11% of the world's gold. It does not count the gold that is in the temples in India. Actually in India there are lots of temple which hold the Tones of gold.
25000 tones, which is worth around Rs 110 lakh crore ($1,135 billion) it is equivalent of more than 40% of India's nominal GDP in 2019
Most of this gold are in form of jewelry for that find the actual wealth of it become tough but probably in future may holding biscuits of gold in pure form become the tradition.
Why Indian public have huge amount of gold :
There is a lot of festival in India, there is kind ritual of gold purchase in it.
This hunger for gold is very old in India, because the Indian people know that gold is an actual wealth. because gold was valued even 2000 years ago and will remain after 2000 years unless a very huge amount of gold can be founded.
Gold Loans & Economy:
This gold helped in covid-19 Pandemic, A lot of business were closed due to Pandemic, for that earning were stucked. Now people needed money to start business again, People wanted a quick loan and this was provided by Gold, manpuram finance, muthoot gold and various gov bank provide a loan to people on gold.
For that, after the pandemic storm Indian economy revive very quickly because of gold loan billions of dollar were fluctuate in the market and for that liquidity Consumption in India has not reduced much.
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