Anand Mahindra, Chairman of the Mahindra Group, recently shared a poignant childhood memory linked to the 1962 war with China, highlighting the significant gold holdings of Indian women. His reflection was sparked by a social media post that claimed Indian women collectively possess more gold than women in ten other countries combined.
The figures cited in the post listed India with 25,488 tonnes of gold, surpassing the United States (8,133 tonnes), Germany (3,351 tonnes), Italy (2,451 tonnes), France (2,437 tonnes), Russia (2,332 tonnes), China (2,279 tonnes), Switzerland (1,039 tonnes), Japan (845 tonnes), and the Netherlands (612 tonnes). While these figures remain unverified by some sources, they prompted Mahindra to recall a time when citizens willingly donated their gold for the nation's defense.
Mahindra recounted the nationwide appeal for gold and jewellery donations to the National Defence Fund during the 1962 war. He vividly remembered standing on a street in Bombay (now Mumbai) as a seven-year-old, watching government trucks drive by with megaphones urging citizens to contribute their valuables. "I can still picture her quietly gathering some of her gold bangles and necklaces, placing them in a cloth thaila, and handing them to the volunteers on the truck," Mahindra shared, recalling his mother's contribution.
He noted that, according to online sources, the gold collected was worth thousands of crores in today's value, with Punjab alone reportedly contributing around 252 kg of gold. Mahindra's post on X (formerly Twitter) has sparked discussions about whether such widespread patriotism and trust would be possible in today's world. He concluded his reflection by stating that a nation's resilience depends not only on policy tools but also on the collective will of its people.
This comes at a time when the Reserve Bank of India (RBI) is also increasing its gold reserves. As of September 26, the total value of the RBI's gold stood at USD 95 billion. In the six months leading up to September, the RBI purchased 0.6 metric tons of gold, in comparison to the 54 metric tons acquired during 2024-25. Central banks across the globe have added 166 tonnes of gold to their reserves, contributing to the metal reaching new price highs in September.
