India’s love affair with gold has reached new heights.
According to a study by HSBC Global, Indian households now possess more gold than the collective reserves of the world’s top 10 central banks.
Currently, Indian household gold reserves stand at 25,000 tonnes. This is much larger than gold holdings with the central banks of the United States (which leads with 8,133 tonnes), Germany (approximately 3,300 tonnes), Italy, France, Russia, China, Switzerland, India, Japan, and Turkey.
As of December 2024, Indias central bank, the Reserve Bank of India, held 876.18 tonnes in gold reserves.
Meanwhile, Indian consumers are rewriting other global narratives, too.
In 2024, Maruti Suzuki sold more cars in India than its parent company, Suzuki Motor, did across the rest of the world. Marutis sales in India topped 1.8 million vehicles, surpassing Suzukis global sales (excluding India) of just over 1.4 million.