Supporting PM Modi's call, IIFL Finance's Mayank Sharma believes recycling household gold is the fastest way to cut import bill
Mayank Sharma of IIFL Finance advocates for recycling household gold to reduce India's import dependence and current account deficit. He suggests that formalizing the circulation of private gold stocks aligns with government goals to stabilize the rupee.
Why it matters
Gold imports significantly impact India's foreign exchange reserves and trade balance, making domestic recycling a key economic policy focus.
Opinion Piece by Mayank Sharma, President and Head, Gold Loans, IIFL Finance: Supporting the Prime Minister's call through gold recycling, reuse and financialisation
MUMBAI, India , Sept. 21, 2026 /PRNewswire/ -- India's household gold stock, built over generations through weddings, inheritance and savings, holds the real answer to the country's import dependence on the metal, according to Mayank Sharma, President and Head, Gold Loans, IIFL Financ e , who said "circulation" rather than "abstinence" should be the guiding principle of the country's gold economy.
Mayank Sharma, President and Head, Gold Loans, IIFL Finance said that Prime Minister Narendra Modi's recent appeal to Indians to hold off on buying new gold for a year, framed as a measure to ease pressure on foreign exchange reserves, points to a more structural opportunity -- recycling and reusing the gold Indians already own rather than importing more.
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