With the Forbes' richest people list out and 4 Indians featuring in it, it has been calculated that a mere 10 per cent of their net worth can erase our national deficit
India's reserves have been skyrocketing, reaching $ 260 billion as of end October 2007. This makes India the fifth largest holder of reserves in the world. Without the sustained appreciation of the rupee, the buildup of reserves would have been even larger.
"India is a welfare state and, therefore, we cannot allow either extreme poverty or inequality," he said.
The world seems to have caught severe pneumonia, or worse, as China had flu.
The Budget kept away from mood dampeners such as an increase in taxes (capital gain taxes) and even the much-feared introduction of Covid cess and wealth taxes, says Nimesh Kampani, chairman, JM Financial.
Delhi boy Tejaswin Shankar produced a record-shattering performance as Indians struck two gold and a silver medal to launch their Commonwealth Youth Games campaign on a rousing note in Apia, Samoa, on Monday.
As we celebrate Dr Babasaheb Ambedkar's birthday on April 14, Subhash K Jha picks 5 fine films based on inequality and the caste system.
World number one Vijender Singh (75kg) fought through a bleeding nose to clinch his first international gold medal in two years as Indian pugilists made a clean sweep in the finals to win the overall team title at the fifth Commonwealth Boxing Championships in New Delhi.
While there is little doubt that the emerging economies present the best chances for economic growth, not all countries will prosper at the same rate, says the Wealth Report 2012 by Knight Frank & Citi Private Bank.
'Second-class citizenship would have been meaningless to a Hindu in the Mughal empire.'
'We will likely be buffeted by tailwinds from the global economy, geopolitical shifts and robust domestic demand.'
Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as an independent director in a precursor to a $15 billion deal. Reliance chairman and Asia's richest man Mukesh Ambani, who had two years back disclosed the talks to sell a 20 per cent stake in the company's oil-to-chemical unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company's annual meeting of shareholders. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said. On the sale of a 20 per cent stake in the O2C business, he said the deal is likely to conclude this year.
A 29-member Indian squad on Monday left for Malaysia to take part in the Commonwealth Senior and Junior Weightlifting Championships in the backdrop of a series of dope flunks which left the national federation with the prospect of being banned internationally.
The deluge of offerings in the primary market, a muted results season and increasing talks of a Fed taper may quicken the pace of overseas investors selling Indian equities in the near term. The next few weeks may see a dozen companies tap the market for initial public offerings and raise about Rs 30,000 crore. These include the likes of Zomato, Glenmark Life Sciences, Utkarsh Small Finance Bank and Seven Islands Shipping.
'The word equity means so much more to the dynamic world India today is in than the word 'socialism'.'
The report however noted that the migration of super rich from China and India is not a "concern".
Negotiators from nearly 200 countries have accepted a new climate agreement after the COP26 summit in Glasgow concluded its extra time plenary on Saturday with a deal, which recognises India's intervention for the world to 'phase down' rather than "phase out" fossil fuels.
Despite the current bout of volatility, debt-oriented hybrid funds remain well suited for risk-averse investors.
It's time for colours, lights and celebrations - Diwali is here! In these photos, see celebrations from Gujarat to London to Colombo.
India has the lowest labour force participation rate in South Asia and one of the lowest in the world, points out Aakar Patel.
The pre-Budget Survey said for wealth to be distributed, it first has to be created and called for looking at wealth creators with respect. The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions.
Human memory about policy issues is short. That alone can explain why many are deliriously happy with his latest slogans and ignore seven years of poor 'doing business' climate, taxtortion, extortionate oil prices, and high dependence on babus and the big State that has kept the enterprise system stifled, observes Debashis Basu.
Illustration: Uttam Ghosh/Rediff.com After a brief respite at the year's start, FPIs have dumped shares worth more than $5.7 billion (Rs 42,596 crore), taking the cumulative net outflows since October to $10.5 billion (Rs 78,466 crore), and adding to the volatility on the bourses. The figure would have been a lot worse had it not been for net purchases to the tune of $5.7 billion in the primary market from October to date.
Billionaire Mukesh Ambani on Wednesday pitched for using the USO Fund to subsidise smartphones for select groups to help penetrate the digital revolution and said India should make the rollout of 5G or the fifth-generation technology standard for broadband cellular networks a national priority. As much as 5 per cent of the licence fee paid by telecom operators goes to the Universal Service Obligation (USO) Fund, which was set up in April 2002 for achieving universal service objectives by providing access to telephone services in rural and remote areas and creation of infrastructure for mobile services and broadband in these areas. However, according to the CAG, less than half of the funds so collected are transferred for the said purpose.
Premji is ranked 13th on Forbes' first ever list of '100 Richest People In Tech', followed by Nadar on the 14th spot.
'If you sit collar turned up and tell yourself, you are great, you will never evolve as an actor.'
The size of the Indian financial services market could touch around $340 billion in the next few years.
Billionaire Mukesh Ambani on Monday pressed for bridging the digital divide "both among nations and within nations", saying connectivity and communications have become the fundamental rights of every person. Also, there is a need to bring back the economies around the globe. Speaking at the Qatar Economic Forum, he said it is difficult to imagine what India would have been without the 4G telecom network during the pandemic. "The digital divide must be bridged, both among nations and within nations.
Domestic pharma major Panacea Biotec in collaboration with Russian sovereign wealth fund Russian Direct Investment Fund (RDIF) has begun the production of 'Sputnik V' COVID-19 vaccine in India, according to a joint statement issued.
In a stunning turn of events, five-time World champion and Olympic bronze-medallist M C Mary Kom was left out of the three-member Indian women's boxing squad for the Commonwealth Games, in Glasgow, from July 23 to August 3.
'Azim Premji has given away about one-and-a-half lakh crore rupees of his wealth.' 'Most of us will not even know what that sum actually means.' 'To put it into context, it can fund India's health budget and education budget,' points out Aakar Patel.
European soccer's governing body UEFA on Monday said clubs and players joining the proposed breakaway Super League could be banned from all of its competitions and the World Cup as it condemned a "disgraceful and self-serving proposal".
Support from the committee gives Xi an indefinite extension on the reins of power, which will surely result in hawkish and insular policies. It does not bode well for relations with the USA, or with anyone else who does not bow the knee to Beijing, for that matter.
'There is a vision in the Budget, and the vision is to take India from a largely agrarian, rural economy into a fast-track digitalised economy.'
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
India's widening current account deficit (CAD), driven by the massive spike in commodity prices led by crude oil, is set to put pressure on the fragile recovery, warns a brokerage report that has revised upwards its CAD forecast to $45 billion or 1.4 per cent of GDP by March. According to a report by British brokerage Barclays, the worries arise from the fact that the trade deficit has been jumping continuously since July. From an average monthly trade deficit of $12 billion till June, it has jumped to $16.8 billion in July-October, with September showing the highest-ever trade deficit on record at $22.6 billion, the report said.
Understanding how money works is the first step toward making your money work for you, says Harshad Chetanwala, co-founder MyWealthGrowth.
Other countries need not be worried by Trump putting America first, says B S Raghavan. 'That is what the imperative duty is of everyone heading his country's government: To put his own country first, and make it great.' 'That is what Narendra Modi, Xi Jinping, Theresa May, Angela Merkel, Shinzo Abe and all the democratically elected heads of governments, with the interest of their people at heart, are doing.'
'The big power struggle in faraway Europe erupted at a most critical juncture when India has been increasingly sceptical about American policies and statesmanship,' argues Ambassador M K Bhadrakumar.
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