BlackRock's CEO, alongside Asia's wealthiest individual, has publicly expressed a bearish view on gold, stating that India is entering a two-decade period of explosive growth. They cautioned that any hesitation in capital markets could mean missing out on opportunities to double one's wealth.

Indian billionaire Mukesh Ambani and BlackRock CEO Larry Fink are encouraging Indian citizens to invest their money in the domestic stock market rather than traditional gold holdings.

Although India is one of the world's largest consumers of gold, the country is undergoing a transformation in how savings are managed financially. In the 2025 fiscal year, a significant portion of Indian household assets—close to 59%—remained concentrated in gold and real estate.

During a conversation with Fink on Wednesday, Ambani noted that a large share of domestic savings held in gold and silver is "unproductive." He added that funds invested in the stock market benefit from the power of compounding.

Reliance Industries, India's largest conglomerate, partnered with BlackRock, the world's biggest asset manager, to launch a mutual fund in India last year. Jio BlackRock Asset Management introduced its first equity fund in August, and by the end of December, its equity assets under management had reached 31.98 billion rupees (approximately $353 million).

Despite recent volatility in gold prices and lackluster performance in Indian equities—the Nifty 50 index has declined nearly 2% year-to-date—both leaders stand by their recommendation. According to projections from Bain & Company, India's mutual fund industry, driven largely by retail investors, is expected to grow from 45 trillion rupees in the 2025 fiscal year to 300 trillion rupees (around $3.3 trillion) by 2035.

Fink stated during the event that the next 20 to 25 years will be "India's era." He emphasized that Indians need to invest in the nation's growth through capital markets. The International Monetary Fund forecasts that India will maintain its position as the world's fastest-growing major economy, with an expected growth rate of 6.4% in 2026. This significantly outpaces the global projected growth of 3.3% and exceeds the growth rates of major economies such as Germany, the United Kingdom, and Japan.

Fink also shared insights from BlackRock's experience in the United States, suggesting that those who invested in U.S. growth have fared "much better" than those who kept their money solely in bank accounts. In an interview with The Economic Times, he further predicted that Indian equities could double, triple, or even quadruple over the next two decades, while he does not expect gold to deliver similar returns.

Although foreign investors have been net sellers of Indian stocks for over a year, increased participation from domestic investors has helped keep market returns positive. Data from the Association of Mutual Funds in India show that investments through systematic investment plans have tripled since 2021, reaching 2.89 trillion rupees (about $31.9 billion) in the 2025 fiscal year.

Over the past year, the MSCI India Index returned 2.61% in U.S. dollar terms, considerably lower than the 43.67% return of the MSCI Emerging Markets Index. However, over the past five years, the Indian index has delivered nearly twice the returns of the broader emerging markets index.