New Delhi, April 20 -- For generations, Indian policymakers have viewed gold imports as a chronic vulnerability-a drain on foreign exchange and a primitive savings habit.

What appeared to be a liability may, in fact, represent the largest single act of household wealth creation in independent India's history.

Between 2011 and 2025, India imported approximately 12,670 tonnes of gold at a cumulative cost of roughly $609 billion. At the current spot price of $4,677 per ounce (as of 4 April 2026), that gold is now worth approximately $1.905 trillion.

The $1.3 trillion appreciation alone exceeds India's entire stock of foreign exchange reserves. No other asset class, government scheme, or financial product has generated comparable wealth fo...