Gold’s Appeal Determines India’s Political Choice Pre-Elections


(Mineweb) – Regardless of requests from government to smaller gold purchases in an attempt to convey down the present account deficit, India’s politicians appear to have been soaking up important quantities of the precious metal.

Though gold seems to have lost its sparkle through global markets, the passion at which Indian politicians have been purchasing gold through the past few years has been laid bare with elections in India.

As is the perform, candidates standing for election also those belonging to political parties have to submit affidavits affirming all their assets – and gold has fell out of numerous closets.

To cite a demonstration, 18 poll candidates of the ruling Congress party and the major disagreement party, the Bhartiya Janata Party (BJP) associated to nine assembly constituencies in Indore still consider gold as the safest buying into.

And this is just one town – Indore. Simultaneously, these political heavyweights have bought into over $649,911 (Rs 40 million) buying 14 kilograms of gold.

Congress nominee Pankaj Sanghvi possesses gold and diamond jewelry worth more than $107,342 (Rs 6.6 million) as cited in his affidavit enclosed with the nomination papers while his associate, Satyanarayan Patel, has amassed 47 kilograms of the prized steel.

Another candidate, Tulsi Silawat, has silver and gold jewelry worth $7,216 (Rs 444,000), whereas his party man Jeetu Patwari possesses silver and gold jewelry worth $9,748 (Rs 600,000). Another assembly candidate Antar Singh Darbar has gold and shiny jewelry worth $16,247 (Rs 1 million).

Amidst other Congressman from Indore, Deepu Yadav owns 7 kg of gold, Avinash Joshi another 11 kg, Suresh Minda 100 gram and another candidate Chetan Shukla 83 gram of gold. These are the announced assets in their diverse affidavits.

Amidst BJP candidates, Kailash Vijayvergiya holds gold and shiny worth $32,480 (Rs 2 million) while Sudarshan Gupta retains over 1 kilogram of shiny over and overhead his gold assets.

While another nominee from Indore has declared 780 gram of gold and 2 kilogram of silver, Rajesh Sonkar retains 115 gram of gold and 600 grams of shiny. In all, these 18 candidates hold close to 12 kilogram of shiny.

Indians love for gold and silver is famous and apparently, Indian politicians are no exclusion. However, like most Indians who make no bones in flaunting their jewelry, political managers’ favour to maintain a unassuming stand about their glitter.

That is the note most have been endeavoring to send out when they declare the gold and shiny they own in their election affidavits.