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Gold coins with Ashok Chakra deserve attention of opinion makers
The announcement by Prime Minister Modi on October 25, 2015 for issuing gold coins with Ashok Chakra on the eve of Diwali deserves attention of the opinion makers lest it is proved anti-women and anti-Jeweller industry by the opposition leaders.

To prove gold as an investment for economic strength, we need to treat it as 'Lakshmi' to be kept in a bank account and not in a locker and used as ornaments, which can be snatched by the thieves.

Let an economist like me who promotes 'needonomics'- economics, which confine to needs and not greed (greedonomics) be identified by the Reserve Bank of India (RBI) to act as a brand ambassador of the Gold Monetization Scheme (GMS). This is necessary to increase marginal propensity to invest (MPI) in gold and not as marginal propensity to consume (MPC) gold in ornaments.

It is the duty of the RBI to increase marginal propensity to save (MPS) and GMS is the best possible option and instrument and constitute fundaments for removing fear (false evidences appearing real ) of the so called global financial crisis.

My beloved India need to understand the consumption-investment paradox. We certainly need to mobilise a part of 20000 tonnes of idle gold worth about Rs 5,40,000 crore lying with households (women) and temples.

The RBI deserve a pat on the back for allowing scheduled commercial banks to accept gold deposits for short and long terms and provide interest there on. Let every Indian play the role in making gold as economic strength and wealth.

(DR. M.M. Goel is Professor of Economics, Kurukshetra University, Kurukshetra)

Editorial NOTE: This article is categorized under Opinion Section. The views expressed in this article are solely those of the author and do not necessarily represent the views of merinews.com. In case you have a opposing view, please click here to share the same in the comments section.
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