Ndia - the Golden Sparrow
INDIA - THE GOLDEN SPARROW
While talking of ancient Indian glory, History textbooks in Indian schools often refer to ancient India as a Golden Sparrow. India has traditionally been a storehouse of world's gold and it has always had defense systems and attitudes that can be best compared to that of a sparrow - defensive with strict policy of non-aggression. It is no wonder that India was invaded time and again with the intention of plunder. Yet, Indians refuse to learn from history. Even today India is a large golden sparrow - and that is not something that Indians can be proud of ; it should be a matter of concern for India as well as for the world.
As per statistics of World Gold Council, in 1998 India imported 614 Metric Tons of gold through official channels and almost 100 MT through unofficial channels. This amounts to a sum of about 6.75 billion US dollars or about 300 billion Indian Rupees. The combined production of gold from all the gold mines in the world was 2555 MT in 1998. Twenty Eight percent of the total world production was purchased by a country that has a balance of payments problem and can be often seen presenting its case for aid or loan or investment at some world forum or the other. India's expenditure on gold imports is - about twenty percent of its total imports ; about 145% of foreign investment in the country ; about 425% of Indian Central Government's expenditure on education ; about 63% of the country's defence budget. It is interesting to note that in 1998 the total net inflow on account of foreign aid, investment and loan into India was approximately equal to the outflow from India on account of gold imports. It is no exaggeration to say that in the unlikely event that India can completely stop its import of gold (official and unofficial imports), the country will need no aid or loan or investment from any foreign source.
In addition to economic considerations, there is another aspect of gold imports into India. Gold is never
While talking of ancient Indian glory, History textbooks in Indian schools often refer to ancient India as a Golden Sparrow. India has traditionally been a storehouse of world's gold and it has always had defense systems and attitudes that can be best compared to that of a sparrow - defensive with strict policy of non-aggression. It is no wonder that India was invaded time and again with the intention of plunder. Yet, Indians refuse to learn from history. Even today India is a large golden sparrow - and that is not something that Indians can be proud of ; it should be a matter of concern for India as well as for the world.
As per statistics of World Gold Council, in 1998 India imported 614 Metric Tons of gold through official channels and almost 100 MT through unofficial channels. This amounts to a sum of about 6.75 billion US dollars or about 300 billion Indian Rupees. The combined production of gold from all the gold mines in the world was 2555 MT in 1998. Twenty Eight percent of the total world production was purchased by a country that has a balance of payments problem and can be often seen presenting its case for aid or loan or investment at some world forum or the other. India's expenditure on gold imports is - about twenty percent of its total imports ; about 145% of foreign investment in the country ; about 425% of Indian Central Government's expenditure on education ; about 63% of the country's defence budget. It is interesting to note that in 1998 the total net inflow on account of foreign aid, investment and loan into India was approximately equal to the outflow from India on account of gold imports. It is no exaggeration to say that in the unlikely event that India can completely stop its import of gold (official and unofficial imports), the country will need no aid or loan or investment from any foreign source.
In addition to economic considerations, there is another aspect of gold imports into India. Gold is never