Gold as a Financial Inclusion Tool
India accounts for 10% of the total world gold stock and is the second largest market for gold after China. In 2015, India bought 663 tons of gold jewelry and continues to remain one of the world’s largest gold jewelry consuming countries. Indian investment in gold is motivated by several social, economic and cultural factors, although demand for gold is primarily driven by income and prices. Gold is often bought on special occasions such as weddings, festivals and other auspicious events. This study aims to get an in-depth understanding of how Indians also use gold as a financial instrument in the form of savings, loans and investments.
The study aims to understand "Gold" as a medium for financial inclusion with the objective of assessing three distinctive aspects of the Indian gold sector. They are summarized as follows:
- Consumer perception and behavior towards use of gold;
- Access and usage of gold-based products;
- Awareness regarding government-initiated gold schemes.
