Speaking at a JioBlacrock event, Ambani pointed out that India imported around $60 billion worth of gold and another $10–15 billion of silver last year. Most of this, he said, is not used productively but held largely as a form of savings. While gold and silver offer comfort and a hedge in uncertain times, they do little to directly participate in the country’s economic growth.
“If we can convince Indian savers to invest in capital markets, these returns will likely compound,” Ambani said, making a clear case for shifting household savings away from idle assets and into investments that grow with businesses and the economy.
His comments come at a time when gold and silver prices have surged sharply after a steep sell-off, reviving interest among investors. The recent rebound has reinforced the long-standing Indian preference for precious metals as a store of value, especially during periods of volatility. Yet, Ambani argues that while bullion may protect value, it does not create new value in the way productive investments do.
India has traditionally been one of the world’s largest consumers of gold, with households viewing it as a symbol of security, cultural wealth and financial stability. Over decades, this has resulted in massive imports that add to the current account burden but remain locked outside the formal financial system. Silver, too, has increasingly found favour as both an investment and savings asset in recent years.
Ambani contrasted this with capital markets, where money is deployed into companies, infrastructure and innovation. As businesses grow, generate profits and expand, investors benefit through compounding returns over time. According to him, this is where India’s next phase of wealth creation lies, especially as the country enters what many global leaders have described as a multi-decade growth cycle.
Also read: ‘Idle money in bank accounts doesn’t compound’: Mukesh Ambani on why Indians should invest in stock marketHe also touched upon the broader opportunity in financial services, referring to JioBlackRock, the joint venture between Reliance and the world’s largest asset manager. Ambani said that while “disruption may be fashionable,” the real focus is on the vast, untapped opportunity in India’s investment landscape.
The aim, he indicated, is not to upend the system overnight but to make investing simpler, safer and more accessible for millions of Indians.
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