PM Modi’s advisor dwells on how India could have become $5 trillion economy long ago

A member of Prime Minister Narendra Modi’s economic advisory team has hinted that India could have reached its GDP target “much earlier” if not for the habit of importing gold. Mutual fund industry veteran Nilesh Shah, part-time member of the Economic Advisory Council to the PM (EACPM), said Indians have spent around USD 500 billion on gold imports alone in the last 21 years.

“We are working towards achieving the PM’s USD 5 trillion GDP target. But by avoiding this one habit, we would have become a USD 5 trillion economy much earlier. We probably lost one third of the GDP of India by simply following the right. financial investment,” said the MD and chief executive of Kotak Asset Management Company.

How much did Indians spend on gold imports?

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

What else did PM’s economic advisor say?

In addition, people come back with gold jewelery from destinations like Dubai and successfully walk out of the Greenway at the port of disembarkation, 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 our GDP would be? ?” he said.

(With inputs from PTI)

ALSO READ: World Bank keeps India’s GDP growth forecast for 2023-24 at 6.3%

Latest Business News