Nilesh Shah, a part-time member of the Prime Minister’s Economic Advisory Council (EACPM), has stated that India could have achieved Prime Minister Narendra Modi’s $5 trillion GDP target much earlier if it were not for the habit of importing gold. He said that in the last 21 years, Indians have spent about $500 billion on gold imports alone, according to official figures cited by him.

Mr. Shah noted that people are returning with gold jewelry from destinations like Dubai and successfully exiting the Green Channel at the port of call. This rampant gold smuggling is evidenced by regular seizures of gold by customs. According to Mr. Shah, if the money traditionally invested in gold had been invested in Indian entrepreneurs like Tatas, Ambanis, Birlas, Wadia and Adani, the country’s GDP, growth and GDP per capita could have been significantly higher.

The mutual fund industry veteran also mentioned that the nation is working to achieve the Prime Minister’s target of $5 trillion GDP. However, he believes that if the habit of importing gold had not prevailed, we would have become a $5 trillion economy much sooner. In his opinion, investing in Indian entrepreneurs would have resulted in a more sustainable economic growth for the country.

By Editor

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