NEW DELHI: The State Bank of India (SBI) Research on Wednesday called for a comprehensive long-term policy on gold, highlighting the need to define gold’s role in the economy — whether as a commodity or as money — and how it is perceived by Indian consumers.
In a report authored by Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor at SBI, it was noted that India’s cultural affinity for gold, combined with its role as an investment asset and a hedge against inflation, makes it essential for the country to frame a clear, forward-looking gold policy.
“The time has now come to conceive a comprehensive policy on gold. It is important to define what is gold — a commodity or money — and how it is perceived by its ultimate consumer, ” Ghosh wrote in the report.
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