WGC ties up with IIM-A to set up research centre

The World Gold Council (WGC) has signed an agreement with Indian Institute of Management, Ahmedabad (IIM-A), to set up an India Gold Policy Centre (IGPC), to conduct research on all aspects of this sector. This is the first such initiative by the WGC.

Proposed to be situated within the IIM-A campus, the Centre is being set up with a financial grant from the WGC and will operate independently. It is to begin operating from next month.

The Centre aims to conduct research with a practical application, which the industry and all stakeholders can use. The idea is to develop insights into how the significant stocks of gold in India can be used to advance growth, jobs, social inclusion and wealth.

“The research is intended to study the growth and development of the gold industry in India and globally,” said Ashish Nanda, Director of IIM-A.  IIM-A has been engaging with different bodies to support and encourage research at the institute. WGC felt the need of rigorous research on how gold can benefit the Indian economy and society as a whole.

“It is estimated that India holds around 22,000 tonnes of gold valued at over $1 trillion. This historic asset can be used to enhance the nation’s prosperity by putting it to work for the economy, creating jobs, developing skills, generating exports and revenues. To develop gold’s potential, we need to understand its role in the economy, through high quality data, insights and research,” said Somasundaram P R, the India managing director of WGC.

“It is important that the Centre is established by a highly respected academic body. So, we approached the IIM-A to establish a dedicated and exclusive India Gold Policy Centre. This will be a world-class centre of excellence, conducting applied research on the Indian gold industry, providing analytics, data and pragmatic recommendations that can be used by all stakeholders. Our joint vision is that the Centre will be the foremost provider of insights into the way in which gold contributes to our economy and our society,” he added.