Thoughts and Reports
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Gold and Conservatism
Gold as Preservation, Not Creation of WealthKeeping wealth in gold is essentially an act of preservation, not production. Gold is a store of value — it does not generate new goods, services, technology, or productivity. It protects purchasing power across time, but it does not expand economic capacity.Economic growth, by contrast, requires productive assets —… Continue reading
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Sliding IT Stocks… The why of it
The recent slide in Indian IT stocks may partly reflect investor disappointment with the conservative capital allocation policies of major IT firms. Over the past few years, many companies chose to deploy surplus cash toward buybacks and dividends rather than aggressively investing in AI infrastructure, proprietary platforms, or large-scale capability building.While buybacks improve earnings per… Continue reading
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Future Money, Dedollarisation
Discipline Before Dominance: A Reflection on the Future of MoneyThe modern international monetary system rests upon confidence more than coin. The predominance of the United States dollar is not an accident of arithmetic; it is the outcome of accumulated trust—trust in institutions, in legal continuity, in market depth, and in geopolitical stability. A reserve currency… Continue reading
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Auction Framework for IPO Pricing
Expert-Anchored Auction Framework for IPO PricingIndia’s IPO framework, regulated by the Securities and Exchange Board of India (SEBI), ensures disclosure compliance but leaves valuation largely to issuers and merchant bankers. This can lead to aggressive pricing during bullish phases or selective underpricing benefiting limited participants.To strengthen capital market integrity and improve price discovery, the following… Continue reading
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Gold’s Saga
https://www.linkedin.com/posts/krishna-khandelwal-1207a443_economy-indiagrowthstory-gold-activity-7428325793497321472-HvBp?utm_source=share&utm_medium=member_android&rcm=ACoAAAkxiagBGDNbwvvNx1sAEbNr3K4ZgPLInDE Continue reading
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Gold, GDP, and the Maturing Indian Saver
Gold, GDP and the Maturing Indian Saver: A Two-Decade PerspectiveIndia’s relationship with gold is civilizational. Yet, when examined through macroeconomic data over the last two decades, an interesting transformation becomes visible — not in emotion, but in economic behaviour.A comparative review of 2004–2014 and 2015–2025 reveals that India’s gold consumption has evolved in a manner… Continue reading
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A Policy Note
Policy NoteProposal for a Gold-Backed Liquidity Window (GBLW)Mobilizing Idle Household Gold for Productive Capital FormationTo:Hon’ble Finance Minister, Government of IndiaPrime Minister’s Office1. Executive SummaryIndia holds an estimated 25,000+ tonnes of privately owned gold, representing one of the largest idle stores of wealth globally. While gold functions as a cultural and financial hedge for households, it… Continue reading
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Gold Based Banking
This is an intellectually powerful idea. Let me give it a structured policy shape — almost like a concept note.1. The Core ProblemIndia holds enormous idle gold stock (estimated 25,000+ tonnes) in households and temples.It earns no yieldIt remains outside the formal financial systemIt forces the country to import gold, straining CADThe Sovereign Gold Bond… Continue reading
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Gold…what it is and can do
Gold is, in its physical form, a commodity whose value arises from scarcity and demand. Once adopted as money, however, it assumes an economic function that transcends its material nature. As a unit of account and medium of exchange, gold becomes the universal equivalent through which diverse goods and services are rendered comparable. Its value… Continue reading
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Global Wealth and Asset Prices
.1. Wealth is a claim on future surplus, not a pile of objectsMost “wealth” in the world today—equities, bonds, real estate, even part of gold pricing—is a financial claim on future income, trade, and stability. When the global system believes that future surplus will be larger and smoothly shared, asset prices expand.Trump’s trade actions challenged… Continue reading
Panch Tattva Wisdom 