Gold bonds worth 7.77 tonnes of the metal.

"Goldman Sachs Research projects India will have the world's second-largest economy by 2075." "India has made more progress in innovation and technology than some may realize." "In India the demographic transition is happening more gradually and over a longer time period," which means "the dependency ratio, which is the non-working-age population that is dependent on the working-age population," "will be among the lowest among the large economies for the next 20 years or so." Of course, by 2075, most of those writing this report and most of those old enough to read it now, will be dead. "Around 415 million people exited poverty within a span of just 15 years between 2005 to 2021 in India, according to the latest Global Multi- dimensional Poverty Index (MPI)." TOI. "Notably, in India, the incidence of poverty fell from 55% (645 million) in 2005/2006 to 16% (230 million) in 2019/21." 415 million (41.5 crores) is more than the population of the US at 340 million. worldometer. Such a huge number of people exiting poverty means increased spending power and higher demand for everything from food to fuel. "Costs of food items ranging from chilly to staples including pulses and rice, consumed by crores of people, are singeing Indians, who in any case have been shelling out more than Rs 100 per liter of petrol in many parts of the country." ET. "India has traditionally been a savings rich economy, but the rising inflation has impacted both consumption and savings, with savings declining to a three decade low, said Utkarsh Sinha." "However, some records indicate that while the preference for saving through financial instruments has dropped, net savings in gold and silver has risen," he added. "Amid last month's stock market breakout, Indians purchased the largest quantity of sovereign gold bonds (SGBs) at 7.77 tonnes worth a whopping Rs 4,604 crore (Rs 46.04 billion) in the first series of this fiscal year, underscoring the preference for an asset that acts as a hedge against inflation and a safe-haven asset at times of global uncertainty." Mint. "The SGB scheme, run by the Reserve Bank of India (RBI) on behalf of the government, has seen an average subscription of 1.72 tonnes across 64 series in the seven years and seven months since its introduction as an alternative to physical gold in 2015." At the same time, the number of people signing up for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), a safety net for the rural poor, reached 30.4 million, the highest in three years. The Wire. "Food price spikes in India, typical at the onset of the monsoon, drove up headline inflation in June, corroborating the monetary policy committee's (MPC) view that the fight against inflation is far from over, the RBI said." Reuters. Food supply cannot be increased by raising interest rate, so the MPC will do nothing. "Fight against inflation" means it may not lower it. Hence, people buy gold. Trustworthy.