The Glittering Paradox: Unveiling India's Gold Policy Evolution And Its Enduring Flaws

Ramakrishnan Padmanabhan, Chandan Satyarth and Sundaravalli Narayanaswami

IIMA Working Papers from Indian Institute of Management Ahmedabad, Research and Publication Department

Abstract: In recent years, despite reforms and ambitious initiatives like establishing exchanges to enhance transparency in the gold ecosystem, significant time has been consumed by corrective actions and a lack of clear government direction. The corrective actions included the decisions taken during the intervention phase (2012-2013), the transparency phase (2014-2018) and the RBI circulars, notifications and guidelines post 2012 till date. Some of the aspects of gold policy that require corrective action may include the Free Trade Agreements with different countries and trade blocs, different government of India notifications to tackle the import of gold exploiting the India Government Policy loopholes. A review may be timely of the NITI Aayog Report on Transformation Gold Policy issued in February 2018, the recommendations of IGPC-IIMA working group and the subsequent launch of India International Bullion Exchange (IIBX) and its future. There's a need for decisive steps that promise long-term benefits for the nation.

Date: 2024-08-12
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