Translate

Recent

Modi's Move To Bring Back Gold Restores Glory

By Kriti Kalra

The recent repatriation of 102 tonnes of gold from the Bank of England to India on Dhanteras represents a calculated and symbolic step by the Modi government towards reclaiming India’s financial autonomy, national pride, and sovereignty.

This move, marking yet another milestone in a continuing strategy, has brought back a total of 214 tonnes of gold to Indian soil since September 2022. It underscores a shift in policy that reaches beyond mere economics into the heart of India's identity and heritage.

Image for representational purpose only
India’s relationship with its gold reserves is deeply rooted in both pride and trauma. In the early 1990s, during one of the nation’s gravest financial crises, India had to pledge a significant portion of its gold holdings to secure a $405 million bailout from international banks—a desperate but necessary act to stabilise an economy on the brink of collapse. The image of India’s gold being shipped abroad was a stark reminder of the country's vulnerability in the face of financial duress.

Today, the Modi administration’s move to repatriate this gold is a visible demonstration of India’s financial resilience and self-reliance. By bringing back what once had to be relinquished, the government is not only safeguarding the nation's wealth but also reclaiming a narrative of strength. In practical terms, each tonne repatriated fortifies India's financial security; symbolically, it reinforces a message of indomitable spirit and economic independence.

Amid global uncertainties, this strategic maneuver by the Reserve Bank of India (RBI)—to transition a significant portion of its gold reserves from foreign custodians to secured facilities within India—reflects a concerted drive towards strengthening domestic holdings. 
This reclamation on Dhanteras, a festival epitomising prosperity, injects further meaning into the act, resonating with India’s cultural ethos and adding a dimension of reverence to the assets now securely within its borders.
In essence, the repatriation of gold is far more than a technical or fiscal operation; it’s a definitive assertion of Bharat’s rise on the world stage, a reclamation of pride, and a clarion call that India is prepared to stand its ground on its own terms. 

Through this decisive act, the Modi government is not merely safeguarding assets but restoring India’s historic glory and reaffirming its unwavering commitment to the principles of self-reliance, sovereignty, and resilience.

To receive regular updates and notifications, follow The Draft News: