New Delhi [India], May 27 (ANI): Kotak Mutual Fund Managing Director Nilesh Shah said that India needs to find ways to monetise the massive stock of household gold lying idle while simultaneously reducing regulatory and compliance burdens on entrepreneurs to achieve the goal of a developed nation.Speaking at a conference organised by the PHD Chamber of Commerce and Industry on geopolitical shocks and financial stability, Shah on Tuesday said India has spent enormous sums on gold imports over the last 25 years.'In the last 25 years of this century, we have imported 510 billion dollars of gold on official account,' Shah said, adding that the figure was net of jewellery exports.

Highlighting the scale of gold ownership in India, he said the exact quantity of gold held by Indians was unknown, but estimates suggest it could be around 25,000 tonnes.

'Gold is also smuggled. And if you come on a flight from Singapore or Middle East, other than you, every passenger in that flight looks like a relative of Bappi Lahiri loaded with jewellery,' he remarked humorously.Shah said India had invested more money in gold than the net foreign direct investment and foreign portfolio investment received by the country.

'We have spent more money investing in gold than what foreign direct investment we have received on a net basis,' he said.

Calling gold an 'emotional investment' for Indian households, Shah said policymakers must look at ways to monetise the metal without hurting sentimental attachment.

'What do we do to monetise or to financialise this gold lying in tichori?' he asked.According to Shah, gold financing has already emerged as a major business opportunity in the country. 'Today, gold loan financing is six lakh crore business. It's the fastest growing retail business in last one year,' he said.

Drawing parallels between India's entrepreneurial class and Abhimanyu from the Mahabharata, Shah said startups and entrepreneurs were transforming India despite structural hurdles.

He noted that while India's infrastructure had improved significantly, businesses still faced regulatory bottlenecks.

'The Englishmen left, but the thug-downs they left behind,' Shah said while criticising outdated laws and cumbersome compliance systems.He added that entrepreneurs needed stronger policy support to compete globally.

'We need to focus on supporting our entrepreneurs. We need to focus on supporting our businessmen so that they can compete with the best in the world,' Shah said.

Shah also cited the example of space startup Agnikul Cosmos to underline India's emerging innovation capabilities. He praised founder Srinath Ravichandran and said the company had built the world's largest 3D-printed rocket engine in India.'People like Srinath Ravichandran give me confidence that Viksit Bharat toh banke rahega,' Shah said.

He further noted that two Indian companies, including Agnikul Cosmos, were expected to attempt reusable rocket booster recovery technology in the coming months.

'All these things have been created in India within a limited budget, with all the Abhimanyu constraints,' Shah added. (ANI)