WGC ties up with IIM-A to set up Gold Policy Centre

World Gold Council (WGC) today said it has tied up with Indian Institute of Management, Ahmedabad (IIM-A) for setting up 'India Gold Policy Centre' to do research on gold industry.The Centre, to be situated within the IIM-A campus, is being set up with a financial grant from the WGC and will operate independently. The Centre will commence its operations next month.The objective of the Centre is to develop insights into how the significant stocks of gold that India owns can be used to advance growth, employment, social inclusion and the economic wealth of the nation, an official statement said. Commenting on the collaboration, WGC India Managing Director Somasundaram PR said an estimated 22,000 tonnes of gold is lying with Indian households. To put this gold into use, high quality data, insights and research is required to understand the role of gold in Indian economy."This will be a world-class centre of excellence, conducting cutting-edge applied research on gold industry, providing analytics, data and pragmatic recommendations that can be used by all stakeholders," he said. IIM-A Director Ashish Nanda said, "The research is intended to study the growth and development of gold industry in India and globally. I am thankful to WGC for supporting this initiative."The move will help IIM-A enhance its research environment. Likewise, the WGC also believes there is a need for rigorous research on how gold can benefit the economy and society as a whole, the statement added.