Indian Government is Planning to Buy Gold

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Why the Indian Government is planning to buy Gold? This is to curb imports from outside, so that US$ Dollar will not be moving out. But the Government is in crisis for Current Account Deficit of about US$ 90 Billion Dollars. But India is the home of about 31,000 Tonnes of Gold which is costing US$ 1.4 Trillion. This will reduce the importing of Gold of 860 Tonnes of Gold.

Reserve Bank of India is having about 557 Tonnes of Gold. Why the Government is not going to sell it? This will bring in United States Dollar and with this the Government can print more money in the economy.
557 Tonnes of Gold with the current price of Rs. 34,000/10 grams.
557 x 1000 = 557,000 gms; With one Tola is considered to be 10 grams. 557,000/10 = 55,700 Tola.
55,700 x Rs. 34,000 = Rs. 189,38,00,000 Crore. This will bring the price of Gold down to Rs. 25,000/10 gms. With this money we can do lot of projects like :-

1. Invest in Infrastructure like building roads, modernize railways, ports and airports
2. Invest in Education like NCVT, Technical studies and professional courses.
3. Invest in Small Scale Industries and create more employment.
4. Link rivers and create more employment, control floods, improve water management, waste management and more.
5. Invest in agriculture and allied industries.
6. Invest in industries especially small and medium industries.

This will create more employment, growth, investment and more productivity. This will also enhance the Rupee against the United States Dollar.

CAT 2013 [Yahoo News]

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