Investing in gold is the first option most people make...?
The majority of people in india choose to invest in gold first when making financial decisions. We have heard the family elders tell us since we were little that buying gold will ensure the safety of our money. In addition, should the necessity arise, you might apply for a loan. But according to a member of PM Modi's Economic Advisory Council, the largest barrier to realizing PM Modi's objective is Indians' obsession with gold.
India would have attained the GDP target "much earlier" if the people of the nation had not developed the habit of importing gold, according to Nilesh Shah, a temporary member of the Prime Minister's Economic Advisory Council (PM-EAC), who made this assertion last Monday, november 20. "India would have lost 5,000 billion dollars (5 trillion dollars)." According to Shah, a seasoned mutual fund professional, indians have spent over $500 billion on gold imports alone over the past 21 years.
Shah goes on to remark, "We are striving to meet prime minister Narendra Modi's goal of a GDP of 5,000 billion dollars, but we already achieved that goal a long time ago by kicking out a single habit." Possibly had been. We most likely lost a third of India's GDP as a result of our poor financial decisions.
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