India's idle gold can transform economy: IBJA Chief backs Shanghai-inspired EGR model

India holds an estimated 30,000-35,000 tonnes of privately owned gold, much of it lying idle, according to IBJA National President Prithviraj Kothari. Speaking at the NSE-Augmont event in Mumbai, he said Electronic Gold Receipts (EGR) could unlock this dormant wealth, improve liquidity, strengthen the formal gold market, support financing and reduce dependence on fresh gold imports. He also highlighted India's efforts to build a transparent, globally competitive bullion ecosystem through EGR and the India International Bullion Exchange (IIBX).