top of page

By:

Suhas B Naik-Satam

25 November 2025 at 2:24:38 pm

The Institution That Shaped Modern Indian Science

A journey from Mahendra Lal Sircar's vision to global scientific excellence. The year 2026 marks the sesquicentennial of the Indian Association for the Cultivation of Science (IACS), Kolkata, the oldest institution in India devoted exclusively to fundamental scientific research. Founded on 29 July 1876 by the visionary physician and educationist Dr Mahendra Lal Sircar, IACS emerged when India lacked institutions dedicated to experimental science. Convinced that scientific inquiry was...

The Institution That Shaped Modern Indian Science

A journey from Mahendra Lal Sircar's vision to global scientific excellence. The year 2026 marks the sesquicentennial of the Indian Association for the Cultivation of Science (IACS), Kolkata, the oldest institution in India devoted exclusively to fundamental scientific research. Founded on 29 July 1876 by the visionary physician and educationist Dr Mahendra Lal Sircar, IACS emerged when India lacked institutions dedicated to experimental science. Convinced that scientific inquiry was indispensable for national progress, Sircar established an institution to nurture original research by Indians while promoting scientific knowledge among the public. One hundred and fifty years later, IACS remains one of India's foremost research institutions, its history closely intertwined with the evolution of modern science in the country. The genesis of IACS reflected the intellectual ferment of the Bengal Renaissance. Trained in Western medicine yet deeply committed to India's intellectual emancipation, Sircar argued that science should be cultivated through experimentation and discovery rather than merely imported through textbooks. Inspired by institutions such as the Royal Institution of Great Britain, he envisioned a publicly supported national laboratory where Indians could pursue independent scientific research. At a time when such opportunities were scarce under colonial rule, IACS became the country's first permanent home for fundamental scientific investigation. During its early decades, the Association combined public lectures and scientific demonstrations with laboratory research, fostering an interdisciplinary culture spanning physics, chemistry and the natural sciences. Though modest in resources, it established an enduring tradition of curiosity-driven research. The defining chapter in IACS history began with the arrival of Chandrasekhara Venkata Raman in 1907. While serving in the Indian Finance Department, Raman spent his evenings and holidays conducting experiments at IACS on acoustics, optics and the scattering of light. On 28 February 1928, he and his collaborators announced the discovery of the inelastic scattering of light by molecules—the Raman Effect—creating a powerful spectroscopic technique that transformed the study of molecular structure. Today, Raman spectroscopy is indispensable across chemistry, materials science, biology, medicine, pharmaceuticals, environmental monitoring and planetary exploration. For this achievement, Raman received the 1930 Nobel Prize in Physics, becoming the first Asian to win a Nobel Prize in the sciences for work conducted entirely in India. His success demonstrated that world-class scientific research could emerge from Indian laboratories. Yet IACS's scientific legacy extends far beyond Raman. Kedareswar Banerjee advanced crystallographic research through pioneering X-ray crystallography, while Satyendra Nath Bose's association with IACS enriched the intellectual environment that fostered advances in quantum physics. Meghnad Saha's theory of thermal ionisation transformed astrophysics, and together Raman, Bose and Saha established Kolkata as one of Asia's leading scientific centres. The institution also made major contributions to chemistry through Jnan Chandra Ghosh, whose work in physical chemistry laid foundations for modern chemical research in India. Following Independence, IACS expanded into chemical sciences, materials science, biological sciences and theoretical physics, reflecting the increasingly interdisciplinary nature of scientific inquiry. Among its distinguished scientists was Asima Chatterjee, whose pioneering research on natural products chemistry and medicinal plant alkaloids transformed phytochemistry and contributed significantly to pharmaceutical science. Ajoy Ghatak further strengthened IACS's reputation through his work in fibre optics, waveguides and laser physics, while his textbooks educated generations of physicists and engineers. More recently, IACS researchers have advanced ultrafast spectroscopy, nanomaterials, renewable energy, molecular electronics, quantum materials and computational biology. Today, IACS functions as a deemed-to-be university under the Department of Science and Technology, Government of India. Its interdisciplinary research spans the chemical, physical and biological sciences, supported by advanced facilities in spectroscopy, microscopy, X-ray diffraction, electron microscopy, computational modelling and materials characterisation. Its doctoral and postdoctoral programmes continue to produce scientists who contribute to universities, research laboratories and industry worldwide. The institution's enduring strength lies in its commitment to curiosity-driven research. Unlike organisations established primarily for technological development or industrial applications, IACS has consistently recognised that transformative innovation begins with fundamental scientific understanding. This philosophy, articulated by Mahendra Lal Sircar nearly 150 years ago, remains especially relevant in an era defined by quantum technologies, artificial intelligence, sustainable energy and molecular medicine. The sesquicentennial of IACS celebrates not only a remarkable institution but also the evolution of Indian science. From its modest beginnings in colonial Calcutta to its emergence as an internationally respected research institution, IACS has nurtured Nobel laureates, pioneering physicists, eminent chemists and generations of young researchers who continue to expand the frontiers of knowledge. As IACS enters its second century and a half, it carries forward Mahendra Lal Sircar's vision that science should be pursued with intellectual freedom, experimental rigour and an unwavering commitment to the advancement of humanity. Its 150-year legacy remains a powerful reminder that the greatest scientific discoveries begin with curiosity and flourish in institutions dedicated to excellence. (The writer is the Chief Executive for National Centre for Science Communicators, Mumbai. Views personal.)

Investing in Gold—The Smart, Systematic Way

Indians love buying gold, but jewellery is tradition — not investment.

Gold has always held a special place in Indian households. From Dhanteras purchases to wedding jewellery, gold is deeply woven into our culture. However, beyond tradition, gold has also proven itself to be a powerful financial asset.


Today, India is among the world’s largest consumers of gold, with annual demand typically ranging between 700 and 800 tonnes. Indian households are estimated to hold over 25,000 tonnes of gold, making it one of the largest private gold reserves in the world.


However, while cultural buying continues, financial investment in gold requires a disciplined and systematic approach.


Gold by the Numbers: Why It Matters

Over the last 20 years, gold in India has delivered an approximate 10–12% annualised return, broadly in line with inflation-beating assets.


In 2003, gold was priced around ₹5,600 per 10 grams. In recent years, it has crossed ₹60,000 per 10 grams, showing substantial long-term appreciation.


During periods of market stress (such as the 2008 financial crisis and the 2020 pandemic), gold prices surged while equity markets corrected sharply.


These numbers highlight gold’s real strength and wealth protection during uncertainty.


Why Include Gold in Your Portfolio?

Gold plays a strategic role in financial planning:

•Acts as a hedge against inflation

•Provides stability during stock market volatility

•Diversifies overall investment risk

While gold does not generate dividends or interest income (except certain instruments), it reduces portfolio volatility when combined with equities and debt.


An Emotion, Not an Investment

Despite widespread belief, jewellery is not an efficient investment due to:

• 8–25% making charges

• Wastage charges

• Storage and safety concerns

• Lower resale value


On resale, investors often lose a significant portion of these charges. Jewellery should therefore be treated as consumption, not investment.


Smarter Ways to Invest in Gold

1. Sovereign Gold Bonds (SGBs) – These bonds are issued by the Reserve Bank of India on behalf of the Government of India. SGBs combine price appreciation with fixed returns.


Key advantages include 2.5 per cent fixed annual interest, no storage risk, capital gains tax exemption if held for 8 years and government-backed security.


Since its launch in 2015, lakhs of investors have participated in SGB schemes, making them one of the most tax-efficient gold investment avenues.


2. Gold ETFs – Gold ETFs are traded on exchanges such as the National Stock Exchange and Bombay Stock Exchange.


Benefits include high liquidity, no making charges, transparent pricing, and being held in Demat form.


Assets under management (AUM) in Indian Gold ETFs have grown significantly in recent years, especially during periods of market volatility, reflecting rising investor awareness.


3. Gold Mutual Funds – These funds invest in Gold ETFs and are ideal for investors without a Demat account. They allow monthly investment through SIP (Systematic Investment Plan), helping investors benefit from rupee cost averaging and disciplined investing.


Power of Systematic Investment

Instead of investing a lump sum during festive seasons or market rallies, allocating a fixed monthly amount ensures better cost averaging, reduced emotional decision-making and alignment with long-term financial goals.


Data consistently shows that disciplined investors tend to achieve more stable long-term returns compared to those who invest based on short-term market movements.

How Much Gold Is Enough?


Financial planners typically recommend allocating 5% to 15% of the total investment portfolio to gold.


Higher allocation may reduce overall portfolio growth, as gold does not generate active income like equities or business investments. Its role is protection, not aggressive growth.


Taxation Considerations

Tax treatment depends on the investment mode and holding period:

• SGBs offer a capital gains exemption if held till maturity.

• Gold ETFs and mutual funds are subject to capital gains tax as per prevailing laws.


Investors should review updated capital gains provisions before investing.

Gold should not be your primary wealth creation tool, but it should certainly be your financial safety cushion.


In a country like India, where gold is both emotional and economic, the right approach is balance. Move from impulsive buying to systematic investing. Allocate wisely, invest regularly, and let gold quietly strengthen your portfolio against uncertainty.


Tradition may inspire gold buying, but a disciplined strategy ensures financial security.

(The writer is a Chartered Accountant based in Thane. Views personal.)

Comments

bottom of page