The government’s plan to wean Indians off the yellow metal has left it nursing a hefty liability. It’s the taxpayers who are on the hook for paying that money to bondholders
Back in 2015, the finance ministry had a clever idea: Why not borrow cheaply by promising returns linked to bling? In the process, the officials would wean the country off a costly addiction. Indians would be able to satiate their world-beating appetite for gold by punting on something even more glittering.