Money & Banking
Indian consumers prefer government gold coins over regular ones: Study
Indians are well known for their obsession for gold jewellery, but now gold coins issued by the government have also caught their fancy over regular, unbranded coins, a joint study commissioned by MMTC and the World Gold Council said on Thursday.
 
The report titled 'India's gold investment evolution, Indian Gold Coin: An introduction to branded gold coins' highlighted consumer preferences mapped against a wide range of parameters like awareness, relevance, uniqueness, size and accessibility.
 
The report is based on a survey conducted by Nielsen India amongst 1,180 respondents from eight top-tier Indian cities -- Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad and Kochi.
 
The Indian Gold Coin is among the key initiatives of the gold monetisation programme launched by Prime Minister Narendra Modi on November 5, last year, and is the country's first sovereign gold coin.
 
The research found that there is a clear preference for an Indian Gold Coin over regular, unbranded coins. "The most appealing characteristics of the Indian Gold Coin are its guaranteed purity, its standard features, government backing and the Make in India imprimatur," the study said.
 
"Banks and branded jewellers are the preferred channels to purchase the coin. The most popular denominations are two, five and ten grams. Consumers are most likely to buy the coin during Diwali or as gifts for birthdays, marriages and other special occasions," it added.
 
"As distribution expands, the Indian Gold Coin will emerge as the preferred form of gold investment in India as well as for purchases during festivals and for gifting on special occasions. The Indian Gold Coin also fills a gap in the international basket of national gold coins," said Somasundaram PR, Managing Director, India, World Gold Council.
 
The Indian Gold Coin is currently available in denominations of five and 10 grams coins -- a 20-gram gold bar is also available. The coins have Ashoka Chakra engraved on one side and the face of Mahatma Gandhi on the other.
 
"We have successfully sold Indian Gold Coins to the tune of 185 kg since launch. The research echoes consumers' preference for the Indian Gold Coin as it is backed by the government and is a quality product," said Ved Prakash, CMD, MMTC.
 
"Apart from MMTC outlets, the Indian Gold Coin is currently available at four banks -- Indian Overseas Bank, Federal Bank, Vijaya Bank and Yes Bank. The total number of outlets is close to 200 and, in the near future, our focus is to strengthen distribution by signing up more banks and India Post to ensure it is available to consumers across the length and breadth of the nation," he added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Shrikant Dattatraya Sahasrabuddhe

7 months ago

It is none of govt. business to promote sale of gold coins.Previous govt. started the scheme so as to squander the foreign exchange on non essential gold import so as to weaken the rupee as well as the economy.(anti national elements in the govt.)

21 AAP MLAs get time till Oct 17 to respond to EC notice
The Election Commission of India (ECI) has given Delhi's 21 Aam Aadmi Party (AAP) legislators time till October 17 to explain why they should not be disqualified from the assembly after their appointment as Parliamentary Secretaries.
 
The 21 lawmakers have faced disqualification from the Delhi assembly for allegedly holding 'office of profit' as Parliamentary Secretaries.
 
In the notice issued on Monday, the ECI also told petitioner Prashant Patel to submit his rejoinder to the 21 AAP lawmakers' reply by October 21.
 
The AAP legislators had earlier written to the Election Commission requesting for more time to file their replies, following which the extension till October 17 has been given.
 
"It may be noted that if no reply is received by the aforesaid date, it will be presumed that you have nothing to say in this matter and the Commission will take appropriate action without any further reference to you," the notice said.
 
After coming to power in February 2015, Chief Minister Arvind Kejriwal's government appointed 21 party lawmakers as the Parliamentary Secretaries, saying this would facilitate smooth functioning of the government but would not cause any burden on the exchequer.
 
The Delhi High Court in September quashed the appointment of 21 Parliamentary Secretaries.
 
In June 2015, a major row was sparked off on the issue of 'Office of Profit' after President Pranab Mukherjee rejected the Delhi government's bill to exclude the post of Parliamentary Secretary from the 'Office of Profit' definition. 
 
The Delhi government sought through the bill an amendment to the Delhi Members of Legislative Assembly (Removal of Disqualification) Act, 1997, so as to exclude the post of Parliamentary Secretary from the definition of 'Office of Profit'.
 
The AAP has maintained that none of the Parliamentary Secretaries was given "pecuniary benefits" and the appointment of the party legislators as Parliamentary Secretaries did not amount to creation of a "public office".
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Why Indian universities score dismally low in global rankings
Indian educational institutions have again had a poor run in global ratings with none, including the prestigious IITs, making it to the top 100 of the QS World University Rankings. And experts are now rooting for a complete overhaul of the education system in a country that is home to nearly one-fifth of the world's population.
 
Only two institutions could make it to the top 200 universities of the QS Rankings -- the Indian Institute of Science (IISC) in Bengaluru at 152, and the Indian Institute of Technology (IIT)-Delhi at 185. While there were four more IITs ranked among the 400 top universities, the other jewel in the crown of India's higher education system, the University of Delhi, didn't figure even among the top 500.
 
Experts attribute several reasons for such poor showing, from lack of competent teachers to shortage of funds. But for some, the reasons do not solely concern the quality of the institutions per se.
 
"Two of the factors on which educational institutes are ranked are the number of foreign faculty and foreign students. We score zero on these two," Ramgopal Rao, Director, IIT-Delhi, told IANS.
 
He said ranking agencies were of the view that "if you are globally-reputed then why don't students and teachers flock to your places? And then you get marked down on the criterion of 'perception' as well".
 
Rao said enrolling international students at the cost of domestic students was always a concern.
 
"But owing to the rankings pressure, from this year we are starting a special fee structure for foreign students, and JEE (Joint Entrance Exam) will be conducted in five different countries from next year. We are looking forward to hiring foreign faculty on contract basis as well, but the question remains who will stay on at our salary standards," asked IIT-Delhi Director.
 
Jamia Milia Islamia Vice Chancellor Talat Ahmed also underlined the same points even as he discredited the world university ranking system as prone to rigging and unsuitable for Indian educational institutes.
 
"The criteria laid down by them (ranking agencies) are favourable to Western universities. America hunts its faculty from around the world, and scoops away the most brilliant of minds. Moreover, good students who don't get accommodated here leave for Western countries. Both these work in their favour," Ahmed told IANS.
 
"We have ended up creating a few 'islands of excellence' in the country. That's all. But we are trying to change that. National Institutional Rankings Framework (NIRF) is a step in that direction," he said, referring to the internal assessment methodology of the Ministry of Human Resource Development adopted last year.
 
However, the assessment system is not in itself a panacea for all ills.
 
As C. Raj kumar, Vice Chancellor, O.P. Jindal Global University, said, global rankings cannot be ignored because "that will only reinforce our inability to focus on improving the quality of our higher education institutions.
 
"The last decade has witnessed enormous progress in universities across Asia such as China, Hong Kong, Singapore, South Korea, Taipei and, of course, Japan. Unfortunately, India has not seen this improvement."
 
Raj Kumar also emphasised on the need to make our universities "completely autonomous and independent", and make provision for at least 10 per cent of foreign teachers and students.
 
He welcomed the government's recent proposal of empowering 10 public and 10 private universities and making them world class.
 
Raj Kumar also suggested creating Special Education Zones (SEZ)-- on the lines of Special Economic Zones -- for building world-class universities in India.
 
But several shortcomings of the Indian higher education system are not merely infrastructural but attitudinal as well, said Yugank Goyal, Associate Professor of Economics at O.P. Jindal Global University.
 
He said he had found Indian students reluctant to be academicians "because the job of teaching is not financially rewarding (and) the most talented pool of individuals gets scared away from this profession".
 
"As a result, we have to create an army of ad-hoc teachers in colleges. We are not sincere about education in India."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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