Prime Minister Narendra Modi on Thursday launched three gold related schemes — Gold Monetization Scheme, Sovereign Gold Bond Scheme and India Gold Coins — that could further strengthen and transform the Indian economy.

Besides reducing the physical demand for gold, the schemes could pave the way to better utilise the nearly 20,000 tonnes idle gold lying with households and conserve forex resources through reduced reliance on gold imports.

Speaking on the occasion, Modi said people should take advantage of this “golden opportunity” by making use of the schemes and help India march to a golden period.

Modi also said that India has no reason to be described as a poor country as it has 20,000 tonnes of gold. He said the gold available within the country should be put to productive use, and these schemes show us the way to achieve this goal.

The Prime Minister also noted that India has now surpassed China as the world’s largest gold consumer. So far this year, India has purchased 562 tonnes of yellow metal, against China’s 548 tonnes.

At the event, Modi launched a Web site on the schemes and distributed certificates of investments to six initial investors. He launched a national gold coin ahead of the festival season.

This is the first ever national gold coin minted in India with the national emblem of Ashok Chakra on one side and Mahatma Gandhi’s image engraved on the other side. Modi described the launch of the India Gold Coins, bearing the Ashok Chakra, as a matter of pride for the nation. He said people would no longer have to depend on foreign minted gold bullion or coins.

The Prime Minister spoke of the great bond of trust that the family goldsmith enjoys in India. He said that once the goldsmiths of India gain familiarity with the schemes, they could become the biggest agents of these schemes.

Modi said women will benefit the most from these schemes.

He said that gold has often been a source of women's empowerment in Indian society.

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