Mumbai, November 20 (Language) Nilesh Shah, a temporary member of the Prime Minister’s Economic Advisory Council (PM-EAC), said on Monday that if the habit of importing gold was not there, India would have achieved the target of Gross Domestic Product (GDP) of $ 5,000 billion. Would have been achieved long ago.
Shah, a veteran of the mutual fund industry, said Indians have spent nearly $500 billion on gold imports alone in the last 21 years.
Shah said, “We are working towards achieving the Prime Minister’s target of $5 trillion gross domestic product (GDP). But by staying away from just one habit, we would have become a 5 trillion dollar economy long ago. We have probably lost one-third of India’s GDP by not making the right financial investments.”
Citing official data, Shah, managing director and chief executive officer of Kotak Asset Management Company, said Indians have spent $375 billion on gold imports on a net basis in the last 21 years. Along with this, news of gold smuggling also comes regularly.
He said, “If that money had been invested in entrepreneurs like Tata, Ambani, Birla, Wadia and Adani instead of gold, then imagine what our GDP would have been? What would have been the growth, what would have been our per capita GDP?
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