November 29, 2023

Nilesh Shah is a part-time member of the Economic Advisory Council to the PM. (File)


India could have achieved Prime Minister Narendra Modi’s dream of a $5 trillion GDP target “long before” if not for the habit of importing gold, a member of his economic advisory team said on Monday.

Mutual fund industry veteran Nilesh Shah, a part-time member of the Economic Advisory Council to the PM (EACPM), said that in the last 21 years, Indians have spent around $500 billion on gold imports alone.

“We are working towards achieving the PM’s $5 trillion GDP target. But by avoiding this just one habit, we would have become a $5 trillion economy long before. We have probably lost one-third of India’s GDP by simply not following the right financial investment,” the MD and chief executive of Kotak Asset Management Company said.

Citing official data, Mr Shah said Indians have spent $375 billion on gold imports on a net basis in the last 21 years and added that we keep reading about Customs’ gold seizures on a regular basis, which makes it evident that smuggling is rampant.

Moreover, people come back with gold jewellery from destinations like Dubai and successfully walk out of the Green Channel at the port of landing, he noted.

“Instead of investing in gold, if that money was invested in our golden entrepreneurs like the Tatas, Ambanis, Birlas, Wadia and Adani, imagine what would have been our GDP? What would have been growth, what would have been our per capita GDP?” he said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Batman138 Bro138 Dolar138 Gas138 Gudang138 Hoki99 Ligaciputra Panen77 Zeus138 Kilat77 Planet88 Gaspol168 Sikat88 Rupiah138 Garuda138 Gacor77 Roma77 Sensa138 Panen138 Slot138 Gaco88 Elanggame Candy99 Cair77 Max7 Best188 Space77 Sky77 Luxury777 Maxwin138 Bosswin168 Cocol88 Slot5000 Babe138 Luxury138 Jet77 Bonanza138 Bos88 Aquaslot Taktik88 Lord88 Indobet Slot69 Paus138 Tiktok88 Panengg Bingo4d Stars77 77dragon Warung168 Receh88 Online138 Tambang88 Asia77 Klik4d Bdslot88 Gajah138 Bigwin138 Markas138 Yuk69 Emas168 Key4d Harta138  Gopek178 Imbaslot Imbajp Deluna4d Luxury333 Pentaslot Luxury111 Cair77 Gboslot Pandora188 Olxtoto Slotvip Eslot Kuy138 Imbagacor Bimabet