Submitted by TheIndiaStreet on March 27, 2008 - 10:57pm.
By Priya Nigam
As a child, I was quite fascinated by the supposed habit of ostriches burying their heads in the sand, believing they were protected from any danger. (To my great disappointment, I later learnt that this was a myth!) Anyhow, it seems like I have been somewhat of an ostrich myself lately. Talks of the US slowdown turned to recessionary fears and I thought this would not really impact India’s growth momentum. Speculations of a global slowdown were also not enough to dampen my bullishness about India’s prospects. But, Mr. P Chidambaram’s latest comments shook me out of my euphoria.
The world can pretty much count
on India to buy GOLD even in the midst of a severe economic crisis even at the
cost of everything else! Such is the obsession for gold amongst Indians that
once again the country has emerged as the largest consumer of gold in the third
quarter for the fiscal year of 2008.This at a time when other countries are
saving like squirrels in winter. Not only that India has also registered a near
seventy percent increase in it’s demand for gold this time of year as compared
to last year. 
