God and gold can help our economy

The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Anjana Jaladi,MBA 2014-16, Vinod Gupta School of Management, IIT Kharagpur.


The government of India is reportedly planning to encourage temples to deposit their gold with banks.The incentive for the temples is the interest payments by banks.Also the proposal includes melting of this gold and selling to jewellery makers to tackle India’s chronic trade imbalance.The huge gold appetite of Indian consumer accounts for 28 % of trade deficit. If this need could be met through the gold reserves of temples, it would help us cut down gold imports by  800 to 1,000 tonnes by a quarter.

I think this is a wise step when observed from the economical point of view for the above said reasons.From the religious perspective,all communities and religions preach their followers to try for the greater good.Devotees should try to understand that temples’ gold can help their countrymen by improving economy if it is used as investment rather than ornaments to god.

It is going to be a herculean task for Mr.Modi and his team to make people buy this idea.

References – http://www.ndtv.com/india-news/in-new-scheme-rich-temples-may-open-gold-vaults-for-pm-modi-report-753890