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It may well emerge as one of the top think-tanks for fuelling the engine of the Indian economy.
The Indian Institute of Management-Ahmedabad (IIM-A) and the World Gold Council (WGC) on Wednesday announced the setting up of the India Gold Policy Centre, a first-of-its-kind initiative, to conduct cutting-edge research on all aspects of the country’s gold industry.
The objective of the Centre is to develop insights into how significant stocks of gold that India owns can be used to advance growth, employment, social inclusion and the economic wealth of the nation, said Ashish Nanda, Director, IIM-A.
$1-trillion stock India holds an estimated 22,000 tonnes of gold, valued at over $1 trillion. This asset can be used to enhance the nation’s prosperity by putting it to work for the economy, creating jobs, developing skills, generating exports and revenues.
“To develop gold’s potential, we need to understand its role in the economy through high quality data, insights and research,” said Somasundaram PR, Managing Director, India, WGC.
Practical applications Situated on the IIM-A campus, the Centre is being set up with a financial grant from WGC and will operate from next month.
The Centre aims to conduct research, having practical applications the industry and stakeholders can use, leading to the development of an effective gold ecosystem in the country.
It will provide innovative solutions and insights for the gold industry through research intended to study the growth and development of gold industry in India and globally. The move will help IIM-A enhance its research environment.
The B-school has, of late, been engaging with different organisations and industry bodies to support and encourage research at the institute.
WGC believes there is a need for rigorous research on how gold can benefit our economy and society, said Somasundaram.
“It is important that the Centre is established by a highly respected academic body, so we approached the IIM-A. This will be a world class centre of excellence, conducting cutting edge applied research on the Indian gold industry, providing analytics, data and pragmatic recommendations that can be used by all stakeholders.
“Our joint vision is that the Centre will be the foremost provider of insights into the way in which gold contributes to our economy and our society,” he added.
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