Currently the gold stock in India is estimated at 18,000 tonnes, valued at around $900 billion and gold held by RBI amounts to 570 tonnes, constituting 9.5 per cent of forex reserves. The lethal attraction is that the yellow metal is ever on a climb for the 19th straight year.
Lying in bank lockers of individuals, it forecloses opportunity for leverage for both the holder and economy. We must recognise that Gold Securities assisted by a deep and liquid paper gold market would have the collateral benefits of providing a wider array of investment opportunities for retail investors.
Gold cannot compete with the dollar or bond market as its corpus is far too small to accommodate the capital moving out of stressed economies. But gold will be a safe haven for every class of investor.
R Narayanan
Navi Mumbai
Papal legacy
The death of Pope Francis marks a sombre moment not only for the Catholic world but for all humanity. Since becoming Pope in 2013, he led a papacy defined by reform and an unwavering commitment to justice besides prioritizing humanitarian concerns and speaking out against poverty.
It was through his humility that he won hearts and minds among people of all nationalities and faiths. He will be mostly remembered for his powerful stance against the genocide in Gaza which he condemned in clear, moral terms, unflinching in his criticism of not only Israel but also the Western leaders complicit in the suffering.
He reminded the world that love, mercy and courage are the truest expressions of faith. Unfortunately, he could not visit India after having warmly accepted PM’s Modi’s invitation.
Gregory Fernandes
Mumbai
Zoho’s good work
The news ‘Zoho Schools of Learning expands with two more campuses in southern Tamil Nadu’, (April 22), is welcome. Education is increasingly being accessed only by the rich, leaving the less privileged behind.
It heartwarming to see Zoho absorbing many of the school’s students as employees and empowering their families in the process.
Other industrial groups must get inspired by Zoho’s work and skill students to help them venture into entrepreneurship.
That sure will help India reach its rightful slot as a nation and help nurture local talent.
Jose Abraham
Kottayam (Kerala)
IT pain
Apropos the Editorial ‘IT’s at Crossroads’, the numbers of India’s top IT companies for the past few quarters have been none too impressive.
With Trump’s tantrums, the next quarters could be worse.
The US has been the primary consumer of Indian IT services. India has functioned more like a back door office for US companies, because is was cost effective for them.
A downturn in US business, therefore meant a loss of business in India too.
Indian companies need to show some innovation in developing newer technological solutions and cash in on them.
Anthony Henriques
Mumbai