SUBSCRIBERS

Modi plans to wean India off gold

But government plan to reduce trade deficit by recirculating gold lying in temple vaults and homes faces many challenges

Published Tue, Jun 9, 2015 · 09:50 PM

India

Mumbai

THE prospect of his gold offering to the Hindu deity Lord Venkateswara being melted down to help India shrink its trade deficit strikes Balbir Singh Uppal as sacrilegious. To some bankers, it's just tone deaf.

"The gold is considered to be god's property, and no one else has a right over it," said Mr Uppal, 60, founder of rice and wheat miller Lakshmi Energy & Foods.

To give thanks for the birth of …