India as big gold buyer can play key role in world economic order

Posted under: MSME
Date: 2023-12-05
India as big gold buyer can play key role in world economic order

India, as the world's second-largest buyer of gold, holds a pivotal role in the global economic order, stated Alok Kumar Choudhary, Managing Director of State Bank of India (SBI). Addressing the International Gold Economic Forum, Choudhary highlighted India's potential to set up global economic corridors. Despite the absence of the gold standard, central banks, including the Reserve Bank of India (RBI), continue to hold gold reserves. Dr. C. Rangarajan, former RBI Governor, emphasized gold's historical significance and India's role as one-fourth of global gold demand. The forum discussed gold's role in fostering economic stability and the need for collaborative efforts among stakeholders. In an interconnected world, economic ties transcend borders and gold's role as common accepted asset can foster a sense of stability and potentially contribute to a more integrated, co-operative global economic system.

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