New Delhi, Nov 26 (IANS): An India Gold Policy Centre, aimed at conducting cutting-edge research on all aspects of the Indian gold industry, will be set up by the Indian Institute of Management, Ahmedabad (IIMA) and the World Gold Council (WGC), a statement said here Wednesday.

The objective of the centre is to develop insights into how the significant stocks of gold that India owns can be used to advance growth, employment, social inclusion and the economic wealth of the nation, it said.

The centre aims to conduct research that has a practical application and that the industry and all stakeholders can use, leading to the development of an effective gold ecosystem in the country, the statement said.

"As part of the initiative taken by IIMA to connect more closely with practice, and in line with our vision to contribute and reach out to industry, the gold centre will provide innovative solutions and insights for the gold industry through cutting-edge research," said IIMA director Ashish Nanda.

"It is estimated that India holds around 22,000 tonnes of gold valued at over a trillion US dollars. This historic asset can be used to enhance the nation's prosperity by putting it to work for the economy, creating jobs, developing skills, generating exports and revenues. To develop gold's potential, we need to understand gold's role in the Indian economy, through high quality data, insights and research," said WGC's managing director, India, Somasundaram P.R.