India imports more gold than it needs to, and Feroze Azeez, Joint CEO at Anand Rathi Wealth, believes the fix lies not in policy but in people's lockers.
In a pointed intervention, Azeez has urged Indian households to sell just 2–4% of their idle gold, framing it as an act of financial patriotism rather than sacrifice. His argument is backed by specific numbers, and they make for uncomfortable reading for gold lovers.
India's gold problem in numbers
Indian households collectively hold upward of $4 trillion worth of gold, roughly ₹4 crore sitting largely idle. At the same time, India's annual gold imports have climbed steeply: from $35 billion a few years ago to $75 billion today, putting significant pressure on the current account deficit and the rupee.
To put that in context, FII outflows, which dominated financial headlines through FY26, totalled around ₹1,68,000 crore (approximately $17–18 billion) for the full year. India's gold import bill was more than four times that figure. "FII flow has got so much national attention," Azeez noted, "but gold imports dwarf it."
The 100-gram ask
Azeez ran the numbers at his own firm's scale to show the idea is workable. Anand Rathi Wealth manages relationships with approximately 13,800 families. If each sold just 100 grams of gold, worth roughly ₹15–16 lakh at current prices, the total would amount to ₹2,500–3,000 crore in gold returning to circulation.
Multiply that across India's broader base of affluent households and the impact scales fast. Even bringing gold imports down by $40 billion, roughly half the current run rate, would have a material effect on the trade deficit and currency stability.
When gold held in household vaults is sold, it re-enters circulation for jewellery and industrial use, directly reducing the need for fresh imports.
This is profit booking, not sacrifice
Azeez is careful to stress that this is not a donation drive. Gold prices are near historic peaks, and have pulled back 5–7% since Prime Minister Modi flagged concerns about import levels. Selling now, he argues, is simply smart portfolio management.
"Equity mein profit booking karni chahiye, gold mein bhi rally hui hai," he said. Book profits in the name of the country on 3–4% of your holding.
The long-term return case for gold also underwhelms on closer inspection. On a rolling 10-year basis, gold has delivered approximately 8.5% returns in rupee terms, a figure that several other instruments, including Sukanya Samriddhi Yojana at 8.25% post-tax, can match or better.
The bigger ask: Remove capital gains tax temporarily
Azeez is also building toward a policy demand. The campaign asks participants to submit evidence of their gold sales, with the goal of creating enough momentum to petition the government for a temporary waiver on capital gains tax on gold transactions, making it even easier for households to act.
His core message: before asking the government to fix the deficit, show you are willing to do your part first.
