India, as the second-largest gold buyer globally, can significantly contribute to the global economic order, according to State Bank of India Managing Director Alok Kumar Choudhary. Central banks continue to buy gold in large quantities, and while the gold standard may no longer exist, banks like the Reserve Bank of India continue to hold gold reserves. Gold has become a tangible asset since ancient times, with India being the second largest consumer of gold. In 2022-23, gold imports accounted for 52.2% of the current account deficit. The current level of import duty on gold is reasonable and among the lowest among commodities. Gold is a good diversifier, de-risking portfolios and enabling more risk in other financial asset classes. India's growth is closely linked to the rise of gold as an asset, with 25,000 tons embedded in the economy being a major driver.