GOLD GROWTH IN INDIA

During the early 1950s, after gaining independence in 1947, India underwent a significant economic transition with a focus on industrialization and self-sufficiency. The government implemented various policies, including import restrictions, to strengthen the domestic economy and reduce dependence on foreign goods.
As a result, gold imports were controlled, and there were restrictions on private ownership of gold. These measures were aimed at conserving foreign exchange reserves and directing resources towards the country's industrial development. However, despite the regulations, gold remained a fundamental part of Indian culture and continued to be an essential asset for many households.
Gold has deep cultural and religious importance in India. It is associated with goddesses, festivals, and favourable occasions. In Hindu weddings and festivals, gifting and purchasing gold jewellery and ornaments have been a longstanding tradition.

Traditional gold purchases served as a form of investment and savings. In times of financial instability or emergencies, people could rely on their gold holdings for liquidity. Gifting gold during weddings, festivals, and other significant life events was and still is customary in many Indian communities. It is considered a gesture of goodwill, blessings, and financial security for the recipient.