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Modi Plan to Unlock India’s Gold Gets New Focus With Trade Gap Near Record

Government’s push to get Indians to deposit their idle wealth in banks is even more important now as the nation’s trade gap hovers near a record high.

A worker places personal jewelry into a furnace to convert it into a gold bar at a verification center in India.

A worker places personal jewelry into a furnace to convert it into a gold bar at a verification center in India.

Photographer: Anindito Mukherjee/Bloomberg
Updated on

India’s wide trade deficit is highlighting a curious government plan to rein in the gap: Getting people to hand over their private stashes of gold jewelry.

Prime Minister Narendra Modi and his government have been trying to convince gold-obsessed citizens — who collectively own the biggest private holding of bullion in the world — to deposit their treasures with banks and earn interest.