Former Maharashtra Chief Minister and senior Congress leader Prithviraj Chavan on Wednesday advised the central government to utilise the gold of worth $1 trillion with several religious trusts to tide over the coronavirus crisis in the country.
Chavan further said that the gold lying with the religious trusts should be “appropriated” by the Indian government to finance the rebuilding of the economy post-COVID-19 pandemic.
“Government must immediately appropriate all the gold lying with all the Religious Trusts in the country, worth at least $1 trillion, according to the World Gold Council. The gold can be borrowed through gold bonds at a low-interest rate. This is an emergency,” Prithviraj Chavan tweeted.
#Stimulus.@PMOindia Govt. must immediately appropriate all the gold lying with all the Religious Trusts in the country, worth at least $1 trillion, according to the #WorldGoldCouncil. The gold can be borrowed through gold bonds at a low interest rate. This is an emergency.PC
— Prithviraj Chavan (@prithvrj) May 13, 2020
The gold lying with the religious trusts, cutting across religious lines, in the country is worth ₹76 lakh crore or $1 trillion which can be borrowed from these trusts at a nominal interest rate and the money can be spent on lower middle and poor class to increase their spending capacity, Chavan said.
“The gold with religious trusts is our own money and the current economic crisis amid the coronavirus outbreak is serious. This is an emergency,” Chavan said.
Meanwhile, Prime Minister Narendra Modi on Tuesday announced a special economic package of ₹20 lakh crore as the nation combats the spread of the coronavirus outbreak while stating that this package will make India self-reliant.
“This economic package is for the farmer and labourer of the country who are working day and night for the countrymen in every situation and in every season. This economic package is for the middle class of our country which pays taxes honestly and contributes to the development of the country,” Narendra Modi said while adding that the economic package was for small-scale industries and the MSME sectors.
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