How Temple Gold Can Save Indian Economy From Crisis?

Bangalore: The appointment of RBI’s new governor Raghuram Rajan has surely led to the upsurge of rupee value. The market sentiments have slightly changed and rupee finally moved up from its all time low of 68.85 against dollar.  But there is still a lot to be done to improve the Indian economy. A step towards that motive will be to reduce gold imports into the country by buying gold from temples, reports MG Arun of India Today.

Many experts are of the view that an effective way of reducing the import of gold is to buy some from the temples that have an estimated 35,000 tonnes of gold. "Temples don't need this gold. If the banks buy them, it can help lower our imports, which stand anywhere between 800 to 1,000 tonnes a year," says Jamal Mecklai, CEO of Mecklai Financial. The Reserve Bank of India has recently assessed the gold stocks in Indian temples and if it decides to buy some then gold import, the major reason behind the country’s current account deficit (CAD), can be brought under control.

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