New Delhi: Gold is an ancient symbol of prosperity and what can be a better occasion that Dhanteras to talk about the obsession of Indian women with the yellow metal.
The Indian women wear on their bodies 11 per cent of the world’s total gold stocks, estimated to be around 2 lakh tons. They cumulatively own 21,000 ton of gold in ornaments.
This is more than the total gold reserves of five top nations: USA (8,000 tons), Germany (3,300 tons), Italy (2,450 tons), France (2,400 tons) and Russia (1,900 tons).
After women, temples are the biggest hoarders of the yellow metal in India. The temples together own some 2,500 tons of gold. Kerala’s Padmanabh Swamy temple alone has 1,300 tons, Tirupati Temple in Andhra Pradesh has 250-300 tons.
The Laxmi Temple at Vellore in Tamil Nadu has 1.5 tons of gold but it is not lying in vaults.
The pillars and roof of the temple are decorated with plates made of pure gold.
Next come banks and finance companies. They together hold 750 tons of gold. At the end of fiscal 2017-18, the Reserve Bank of India had 566.36 tons of gold in its chests. Mannapuram Finance had 40 tons, Muthoot Finance 116 tons and Muthoot Fin Corp, 39 tons.
Investment pattern in India
[box type=”info” align=”” class=”” width=””]
- Real estate: 84 %
- Gold: 11%
- Shares etc 05%[/box]