Yes, indeed this maddening obsession is one of the reasons India remains as a poor nation. It is difficult to understand this for most people. How can you consider some one possessing half the gold of the world poor ?
But remember ! Gold is not going to get you food, water, education, health or jobs !
Gold ornaments are not going to make any women look attractive also. Those wearing those just as the brides of south India, in reality look ugly ! ( Excuse me for using that word so blatantly !)
Anything in excess is going to burst after some time. Those who madly spend their money to buy and hoard gold should remember that.
Another facet of Indian economy is the illogical pricing of land. This tendency gained momentum in the recent past.
Land is not yet a scarce natural resource in India. Vast tracks of land are lying vacant without any useful economic activities.
Some people are using land as a unit of hoardable wealth just like gold. This tendency has made all other necessities of life such as housing, education, hospital care, roads and other infrastructure becoming unaffordable and with negative returns on investment.
When India became an independent republic, the visionary leaders had maintained some controls on gold and land. Gold controls and land ceiling acts and regulations were part of that visionary thinking.
As of now, it seems that the Indian leadership has purposefully decided to be vision less with regard to gold and land, the two detrimental forces of economic development !
Detrimental when dealt without vision !
Give a thought to this, dear ladies and leaders !