MUMBAI: Indians needs to bring change in social and cultural attitudes towards gold to lower its demand, said Reserve Bank deputy governor KC Chakrabarty. It will help in relaxing the present account situation.
Chakrabarty said, “90% of the gold demand is jewellery or to offer to God. Both have to stop. Wearing gold as an ornament was a culture when you were a rich society, when you were contributing to 30% of the GDP of the world. Today, we have become a poor country, we need to change our culture.”
The culture of wearing gold is an old idea of pre-historic times when India has been a rich society of abundance. He also said that the chartered accountants in India need to popularise the non-productivity of investment in gold.