Situated within the campus of IIM-A, the centre is being set up with a financial grant from the WGC and will operate independently. The centre will commence its operations from December this year
In a first-of-its-kind initiative aimed at development of an effective gold ecosystem in India, the Indian Institute of Management, Ahmedabad (IIMA) and the World Gold Council (WGC) on Wednesday announced the setting up of an India Gold Policy Centre.
According to a release, the objective of the gold centre is to develop insights into how the significant stocks of gold that India owns can be used to advance growth, employment, social inclusion and the economic wealth of the nation. The centre aims to conduct research that has a practical application and that the industry and all stakeholders can use.
Situated within the campus of IIMA, the centre is being set up with a financial grant from the WGC and will operate independently. The centre will commence its operations from December this year.
“As part of the initiative taken by IIMA to connect more closely with practice, and in line with our vision to contribute and reach out to industry, the gold centre will provide innovative solutions and insights for the gold industry through cutting-edge research,” said IIMA director Ashish Nanda.
“The research is intended to study the growth and development of the gold industry in India and globally. I am thankful to the World Gold Council for supporting this initiative,” he added.
The move is expected to help IIMA enhance its research environment. The management school has recently been engaging with different organisations and industry bodies to support and encourage research at the institute.
On its part, the WGC also believes there is a need for rigorous research on how gold can benefit our economy and society as a whole.
Commenting on the collaboration, Somasundaram PR, managing director (India), World Gold Council, said, “It is estimated that India holds around 22,000 tonne of gold valued at over $1 trillion. This historic asset can be used to enhance the nation’s prosperity by putting it to work for the economy, creating jobs, developing skills, generating exports and revenues. To develop gold’s potential, we need to understand gold’s role in the Indian economy, through high quality data, insights and research.”
“It is important that the centre is established by a highly respected academic body, so we approached the IIMA to establish a dedicated and exclusive ‘India Gold Policy Centre’. This will be a world class centre of excellence, conducting cutting-edge applied research on the Indian gold industry, providing analytics, data and pragmatic recommendations that can be used by all stakeholders. Our joint vision is that the centre will be the foremost provider of insights into the way in which gold contributes to our economy and our society,” he added.