The National Stock Exchange (NSE) has introduced the Electronic Gold Receipts (EGR) platform, which aims to reduce India's reliance on gold imports and create a unified domestic gold market. NSE Chief Business Development Officer Sriram Krishnan clarified that the launch, which occurred on May 4, was planned months prior and is not connected to Prime Minister Narendra Modi's recent appeal for citizens to delay gold purchases for a year. The EGR initiative intends to dematerialize gold and bring idle gold into the financial system, potentially converting 100-200 tonnes of gold in its first year. This could lead to a significant reduction in annual imports, which currently stand at about 700 tonnes. Market response has been positive, and investors can expect to see EGRs on brokerage platforms within the next two to three months as the necessary infrastructure is established. This initiative aligns with broader efforts to decrease gold imports and could trigger a change in consumer behavior regarding gold purchases.