Journal of Indian School of Political Economy

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Gold Exports from India 1931-1939:A Unique Episode in Indian Monetary History and the Controversy Around it


     

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During September 1931-September 1939, India exported gold in sizeable quantities for the first time in recorded history, a unique phenomenon, which has not recurred since. When England went off gold standard in September 1931, the sterling price of gold jumped suddenly and gold began to be exported from India to take advantage of this price rise. This was an unexpected development and when it continued over the next eight years, it evoked various reactions, The reactions of three Indian economists- Professors B.P. Adarkar, B.R. Shenoy and D.R. Gadgil- were conflicting. This controversy is expounded and briefly analysed here.
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  • Gold Exports from India 1931-1939:A Unique Episode in Indian Monetary History and the Controversy Around it

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Abstract


During September 1931-September 1939, India exported gold in sizeable quantities for the first time in recorded history, a unique phenomenon, which has not recurred since. When England went off gold standard in September 1931, the sterling price of gold jumped suddenly and gold began to be exported from India to take advantage of this price rise. This was an unexpected development and when it continued over the next eight years, it evoked various reactions, The reactions of three Indian economists- Professors B.P. Adarkar, B.R. Shenoy and D.R. Gadgil- were conflicting. This controversy is expounded and briefly analysed here.