In other words, it would not be proper to make any judgement about the desirability or productive nature of gold consumption to weave the policy around such a value loaded judgement. It would be appropriate to assess the Indian reality and the implications of large preference for holding gold and take appropriate policy measures.
We are more concerned about the historical consequences over the long term than we are about the shortterm impacts. But we’ve heard two different interpretations. The first is that this ultimately affects quite small amounts of the transatlantic trade between Europe and the United States.