In a recent column for Mint, Niranjan Rajadhyaksha examines India’s growing appetite for gold and its implications for the country’s external balance. With gold now the third-largest component of India’s import bill, the piece explores how rising investment-driven demand—rather than traditional consumption or inflation hedging—is adding pressure to the rupee and current account deficit. Drawing on historical context, trade data, and recent trends in ETF and bullion demand, the article argues that long-term solutions lie not in restrictions, but in shifting consumer behaviour towards non-physical gold investment instruments. Read more here