'Impressive statistic': Anand Mahindra on Indian women's gold holdings and a 1962 memory
Indian women's gold holdings are estimated at around 24,000–25,000 tonnes, among the largest private holdings globally
- Oct 23, 2025,
- Updated Oct 23, 2025 6:01 PM IST
Mahindra Group Chairman Anand Mahindra on Thursday shared a personal childhood memory from the 1962 India–China war, recalling how citizens voluntarily donated their gold and jewellery to the National Defence Fund - a gesture he said reflected India's collective resilience and trust.
Mahindra's post came after a social media user pointed out that Indian women's gold holdings were estimated at around 24,000–25,000 tonnes, among the largest private holdings globally and larger than individual countries like the USA or Germany.
"Impressive statistic," Mahindra wrote on X, before sharing a childhood memory from the India–China war. "Back in 1962, during the war with China, the government created a National Defence Fund and appealed to citizens to donate gold and jewellery for the defence effort."
Mahindra said, citing historical data, that "gold worth thousands of crores in today's prices was collected for the fund" and that "Punjab alone, apparently donated 252 kg gold."
Recounting the moment as a seven-year-old, he wrote: "I clearly recall, as a seven-year-old, standing on the street in Mumbai (Bombay, at the time) with my mother when government trucks drove by, megaphones blaring appeals for citizens to donate their jewellery for the nation's defence. 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."
Reflecting on the experience, Mahindra wondered whether such large-scale voluntary generosity could still exist today. "Would voluntary acts of that scale, spirit and trust still happen in today's world?" he asked, adding that "a country's national resilience ultimately depends not just on policy tools, but on the collective will of its people."
Meanwhile, according to the Reserve Bank of India's latest bulletin, the central bank's gold reserves crossed 880 metric tonnes in the first half of 2025-26, with 0.2 metric tonnes added in the last week of September. The total value of the RBI's gold stood at USD 95 billion as of September 26, marking a steady rise in official accumulation amid global economic and geopolitical uncertainties.
In the six months to September, the RBI bought 0.6 metric tonnes of gold, compared with 54 metric tonnes added during 2024-25, the bulletin said. It also noted that central banks globally added 166 tonnes of gold to their reserves, keeping prices elevated as the metal touched new highs in September.
Mahindra Group Chairman Anand Mahindra on Thursday shared a personal childhood memory from the 1962 India–China war, recalling how citizens voluntarily donated their gold and jewellery to the National Defence Fund - a gesture he said reflected India's collective resilience and trust.
Mahindra's post came after a social media user pointed out that Indian women's gold holdings were estimated at around 24,000–25,000 tonnes, among the largest private holdings globally and larger than individual countries like the USA or Germany.
"Impressive statistic," Mahindra wrote on X, before sharing a childhood memory from the India–China war. "Back in 1962, during the war with China, the government created a National Defence Fund and appealed to citizens to donate gold and jewellery for the defence effort."
Mahindra said, citing historical data, that "gold worth thousands of crores in today's prices was collected for the fund" and that "Punjab alone, apparently donated 252 kg gold."
Recounting the moment as a seven-year-old, he wrote: "I clearly recall, as a seven-year-old, standing on the street in Mumbai (Bombay, at the time) with my mother when government trucks drove by, megaphones blaring appeals for citizens to donate their jewellery for the nation's defence. 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."
Reflecting on the experience, Mahindra wondered whether such large-scale voluntary generosity could still exist today. "Would voluntary acts of that scale, spirit and trust still happen in today's world?" he asked, adding that "a country's national resilience ultimately depends not just on policy tools, but on the collective will of its people."
Meanwhile, according to the Reserve Bank of India's latest bulletin, the central bank's gold reserves crossed 880 metric tonnes in the first half of 2025-26, with 0.2 metric tonnes added in the last week of September. The total value of the RBI's gold stood at USD 95 billion as of September 26, marking a steady rise in official accumulation amid global economic and geopolitical uncertainties.
In the six months to September, the RBI bought 0.6 metric tonnes of gold, compared with 54 metric tonnes added during 2024-25, the bulletin said. It also noted that central banks globally added 166 tonnes of gold to their reserves, keeping prices elevated as the metal touched new highs in September.