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Wohi Dhanush Wohi Baan

"Manushya kadi balwaan nahi
Samaya sub se balwaan
Kaabe Arjuna lutiyo
Wahi dhanush wahi baan"

"Men (people or nations) are not dominant. Time is. A time will come when the invincible Arjun will be robbed by a common robber, despite the unbreakable Gandiva and the inexhaustible quiver."

A bankrupt India had to ship planeloads of its gold reserves to London to get emergency IMF loans in 1991, because of the economic policies followed by Nehru and Indira Gandhi. It was after this that India started opening up its economy. Although the process is not complete, look where it has brought us.

India recently purchased 200 tonnes of gold from the IMF at a record average price of $1045 per ounce, spending USD 6.7 billions of its forex reserves and sending gold to its highest ever price recorded in open markets.

4 comments:

Vinod_Sharma said...

Sagarone, this is great news. India is already the world's largest private gold consumer. Now it has become the tenth largest official gold holder, with 6% of its forex holdings held in gold.

PS. The tweet had exceeded the limit of 140 words; I have edited it suitably.

BK Chowla said...

Frankly,I am not aware as to what it has meant for the Indian economy.But,have we sent the msg to the likes of China and Pak??

Mahesh Kalaal said...

It sounded great when i read this news in hindu ....
But at the cost of how many lives, since the LPG(Liberalisation, Privatisation, Globalisation)1991 ?

Gopinath Mavinkurve said...

Yes, Sagarone, times have changed for the better in terms of global trade for India. India no longer needs to go to IMF for loans, in fact I believe India also lends to the IMF now! India also is losing its "developing country" status, which entitled it to the Generalised System of Preferences (GSP) benefits for developing country. Articles of Indian origin like Gem and Jewellery which enjoyed import duty benefits now have lost the benefit. We are coming of age!

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