As global tensions rise after the Iran conflict, gold has once again become a major topic of discussion in India. The government has increased import duties and tightened gold import rules to reduce pressure on foreign exchange reserves. India’s gold imports have reportedly touched USD 72 billion, raising concerns over the country’s growing spending on gold purchases. Amid this, experts say India already holds an enormous amount of gold, not just in official reserves but inside temples and households across the country.
India holds more gold than shown in official records
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India’s central bank currently holds around 880 tonnes of gold as official reserves. However, this is only the gold that is part of the formal financial system. According to estimates by the World Gold Council, Indian households and temples together possess more than 30,000 tonnes of gold. While, temples alone are believed to hold nearly 4,000 to 5,000 tonnes of gold, while Indian households are estimated to own over 25,000 tonnes. For comparison, the United States officially holds around 8,931 tonnes of gold reserves. This shows how massive India’s privately held gold wealth truly is. The challenge, however, is that most of this gold remains outside the formal economy and government records.
What research says?
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A research paper published in the Journal of Asian Studies, citing historian Burton Stein from the University of Minnesota, describes India’s temple economy as a major strength of the country. Temples are not only religious centers but also powerful economic institutions that influence trade, employment, donations, tourism, and social welfare.
Which temple holds how much gold?
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India is home to several temples that are believed to hold enormous quantities of gold and precious assets. Among them, the Padmanabhaswamy Temple is considered one of the richest, with reports estimating its gold reserves at around 1,300 tonnes. The Tirumala Venkateswara Temple is also known for its immense wealth and is believed to hold nearly 11,329 kilograms of gold. Meanwhile, the Shirdi Sai Baba Temple reportedly possesses around 380 kilograms of gold, while the Meenakshi Amman Temple is estimated to have close to 300 kilograms. The famous Jagannath Temple is also believed to hold around 150 kilograms of gold, reflecting the centuries-old tradition of devotees donating wealth and valuables to these revered religious sites.
What if temple’s gold enters in Indian economy
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In India, gold is deeply connected to faith, tradition, prosperity, and social status. Gold donated to temples is considered sacred and emotionally tied to religious beliefs. Because of this, transferring temple gold directly into government reserves is not a simple matter.
What experts say?
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Experts suggest that if temple trusts voluntarily invest a part of their gold under government-backed schemes, it could benefit both sides. The temples could continue earning returns through interest, while the gold would become part of the formal financial system.
