GDP to grow more than 7.5% ; Gold scheme to launch in Nov: Economic Affairs Secretary

The country is likely to witness robust GDP growth of more than 7.5%, and a gold scheme, wherein households, trusts, temples and others will be able to earn interest on their idle gold, will be launched in November, said Economic Affairs Secretary Shaktikanta Das

Zee Media Bureau

New Delhi: Looking at the sound economic fundamentals, the country is likely to witness a robust GDP growth of more than 7.5% in 2015-16, the Economic Affairs Secretary Shaktikant Das said on Monday.

He also said that low international commodity prices present opportunity for government to continue reforms. The government will soon be launching gold monetisation scheme in the month of November, Das added.

The scheme announced in the Budget, was approved by the Cabinet in September. Union Finance Minister Arun Jaitley had stated that stocks of gold in India were estimated to be over 20,000 tonnes but mostly this gold was neither traded, nor monetised.

Gold monetisation scheme aims to fish out idle gold and raise around Rs 15,000 crore through the scheme. Households, trusts, temples will be able to earn interest on the gold kept in metal accounts.