Gold and glitter
The author argues that India should ban gold imports to protect its foreign exchange reserves, dismissing the metal's value as a social construct. The piece critiques the perceived necessity of precious metals and diamonds, labeling them as luxury items with effective marketing.
Why it matters
It challenges traditional economic behaviors and cultural attachments to gold in India, which significantly impacts the national trade deficit.
T he recent talk of avoiding ‘non-essential’ purchase of gold to conserve foreign exchange holdings offers food for thought. How on earth did a shiny metal ever manage to acquire ‘essential’ status? No medical condition indicates patients suffering from a lack of gold.
The author advocates for government intervention and a ban on consumer goods, reflecting a preference for state-managed economic policy.
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