What is/are the purpose/purposes of Government's 'Sovereign Gold Bond Scheme' and 'Gold Monetization Scheme'? 1. To bring the idle gold lying with Indian households into the economy 2. To promote FDI in the gold and jewellery sector 3. To reduce India's dependence on gold imports Select the correct answer using the code given below.

The Government's 'Sovereign Gold Bond Scheme' and 'Gold Monetization Scheme' were launched with specific economic objectives:

1. To bring the idle gold lying with Indian households into the economy: This statement is correct. Both schemes aim to mobilize the large stock of physical gold held by Indian households and institutions, channeling it into productive financial assets and reducing unproductive gold holdings. This helps in efficient resource allocation within the economy.

2. To promote FDI in the gold and jewellery sector: This statement is incorrect. These schemes are domestic policy instruments designed to manage gold demand and supply within India and do not directly aim to promote Foreign Direct Investment (FDI) specifically in the gold and jewellery sector. FDI in this sector would be governed by separate industrial policies.

3. To reduce India's dependence on gold imports: This statement is correct. By providing attractive alternatives to holding physical gold (like Sovereign Gold Bonds) and encouraging the monetization of existing domestic gold (Gold Monetization Scheme), these initiatives aim to reduce the demand for fresh gold imports. This, in turn, helps to lower the current account deficit and strengthen the balance of payments.

Therefore, statements 1 and 3 correctly describe the purposes of these schemes.