IIM-A’s IGPC pitches ‘Gold Trust of India’, separate bullion ministry

Ahmedabad: The India Gold Policy Centre (IGPC), which is part of the Indian Institute of Management, Ahmedabad (IIMA), has proposed the setting up of a ‘Gold Trust of India’, and a dedicated ministry or a centralised entity for bullion and precious metals. The proposal was made at the ninth edition of the IGPC-IIM-A Annual Gold and Gold Markets Conference 2026.

IGPC argued that India must position itself as a global gold-pricing hub amid changing international trade dynamics.

The proposals emerged during the ninth IGPC-IIM-A Annual Gold and Gold Markets Conference 2026, organised by the India Gold Policy Centre (IGPC) at IIM-A in New Delhi earlier this week. The conference focused on technology-led reforms, governance frameworks and structural changes needed in India’s gold economy.

Presenting recommendations at the conference, Prof Sundaravalli Narayanaswami, chairperson of IGPC, said, “Household gold could be brought into the formal economy through a Gold Trust of India model, under which citizens could voluntarily register bullion donations through authorised channels and receive tax benefits similar to Section 80G exemptions. The collected bullion could then be re-circulated into the market or added to central bank reserves.”

“Consolidating bullion imports through a unified channel and recommending the establishment of either a separate ministry for bullion and precious metals or a dedicated entity tentatively named ‘Swarn Shakti’ to coordinate policymaking and business transactions is also important. The broader objective should be to make India the ‘gold capital of the world' and eventually a two-way gold price setter,” she explained.

Addressing the conference, Dr Hasmukh Adhia, former finance secretary and principal adviser to the Gujarat CM, stressed the importance of managing gold imports, accelerating financialisation of gold and strengthening India’s ability to influence global gold-pricing mechanisms. He also cautioned against reactionary policymaking in the sector.

Experts present at the conference also discussed a variety of subjects such as tokenisation of gold markets, digital trade systems, evolving consumer demand and policy bottlenecks affecting the bullion ecosystem. Industry representatives, jewellers, refiners, exchanges, banks and policy researchers participated in panel discussions and academic paper presentations over the two-day event.