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Understanding the government's attempt to transform attitudes towards a critical resource: Gold monetization in India

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  • Narayanan, Priya
  • Gopalakrishnan, Balagopal
  • Sahay, Arvind

Abstract

We examine the Indian government's attempts to transform consumer attitudes towards a critical mineral asset in order to bring a part of 25,000 tonnes of privately held gold back into economic circulation through the Gold Monetization Policy of 2015. Using a multi-method approach, we explain how the policy potentially reduced consumer access to an important resource through a flawed attempt at changing deeply entrenched habits, combined with a set of network issues in policy implementation. A nation-wide survey of 1200 households validated observations on gold consumption. Expenditure data from national household survey highlighted the aggravating role of customs such as dowry. 14 interviews with banks and refiners clarified that banks would promote gold monetization when accompanied by additional process control and effective risk mitigation. We conclude that implementation of a minerals policy involving end consumers and a set of other stakeholders requires deep understanding of consumer attitudes and tailoring of the policy towards stakeholder incentives.

Suggested Citation

  • Narayanan, Priya & Gopalakrishnan, Balagopal & Sahay, Arvind, 2020. "Understanding the government's attempt to transform attitudes towards a critical resource: Gold monetization in India," Resources Policy, Elsevier, vol. 66(C).
    • Handle: RePEc:eee:jrpoli:v:66:y:2020:i:c:s0301420719305501
    DOI: 10.1016/j.resourpol.2020.101600
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    References listed on IDEAS

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    1. Azam, Mehtabul & Kingdon, Geeta Gandhi, 2013. "Are Girls the Fairer Sex in India? Revisiting Intra-Household Allocation of Education Expenditure," World Development, Elsevier, vol. 42(C), pages 143-164.
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    3. Sterman, John., 1994. "Learning in and about complex systems," Working papers 3660-94., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    4. Agarwalla, Sobhesh Kumar & Barua, Samir K. & Jacob, Joshy & Varma, Jayanth R., 2015. "Financial Literacy among Working Young in Urban India," World Development, Elsevier, vol. 67(C), pages 101-109.
    5. Mukherjee, Paramita & Mukherjee, Vivekananda & Das, Debasmita, 2017. "Estimating elasticity of import demand for gold in India," Resources Policy, Elsevier, vol. 51(C), pages 183-193.
    6. Srinivasan, Sharada, 2005. "Daughters or dowries? The changing nature of dowry practices in south India," World Development, Elsevier, vol. 33(4), pages 593-615, April.
    7. Amitava Saha, 2013. "An Assessment of Gender Discrimination in Household Expenditure on Education in India," Oxford Development Studies, Taylor & Francis Journals, vol. 41(2), pages 220-238, June.
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    Cited by:

    1. Seetha Menon, 2023. "The effect of domestic violence on cardiovascular risk," Review of Economics of the Household, Springer, vol. 21(2), pages 371-395, June.
    2. Mukherjee, Paramita & Mukherjee, Vivekananda, 2020. "Assessing the scope of gold refineries in India: Evidence from survey data," Resources Policy, Elsevier, vol. 69(C).

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    More about this item

    Keywords

    Policy; Policy implementation; Mineral resource; Gold; Gold monetization;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • M5 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics
    • H8 - Public Economics - - Miscellaneous Issues
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis

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