New Delhi: Around 3000 tonnes of gold is said to be amassed by the temples of India in the form of offerings from devotees and, the worth of other jewellery can be price less. Now, the government of Narendra Modi is planning to introduce a new deposit scheme for Temples from May and thus combat the Trade Imbalance faced by India. He wants the banks to pay good interest rates for the temples for their gold deposits.
The gold deposited by temples will be melted down and then offer it as a loan to Indian jewelers. With this, the imports might drastically come down by at least 30% and thus reduce the trade deficit. But the proposal’s acceptance by the authorities of count-less temples in India is a big key here. Adding to that, the government is also trying to convince the devotees who donated the gold in the name of God.
On the other hand, Indian families have around 17,000 tonnes of gold in their safety lockers or home vaults. If the government can convince the families and make them believe in financial institutions, it will be the biggest game-changer for Indian economy. Let’s see what happens in the coming months!