33 billionaires and counting, Bengaluru witnesses fastest growth of super rich

Agencies
March 8, 2019

Bengaluru, Mar 8: As India's tech hub, Bengaluru has more billionaires and ultra-high net worth individuals (UHNWIs) than 5 years ago, said global property consultancy Knight Frank in its Wealth Report 2019 on Thursday.

"Bengaluru has 33 billionaires in 2018 as against 30 in 2017 and 26 in 2013, registering 10 per cent annual growth and 27 per cent over the last 5 years," said the London-based consultancy in the 13th edition of its annual wealth report.

Similarly, the number of UHNWIs grew 8 per cent to 98 in 2018 from 91 in 2017 and 72 in 2013, registering 36 per cent cumulative growth point average (CGPA).

The list of billionaires include Biocon chairperson Kiran Mazumdar Shaw, Wipro chairperson Azim Premji, Infosys' Narayana Murthy and Shibulal, Sachin Bansal and Binny Bansal, founders of Flipkart, Manipal group CEO Ranjan Pai and former Infosys CEO Nandan Nilekani among others.

Over the next 5 years, Bengaluru will have 40 billionaires and 137 UHNWIs, projecting 22 per cent increase among the former and 40 per cent CGPA among the latter.

"Bengaluru to witness fastest growth of the rich globally by 2023 when it will have 40 billionaires and 137 UHNWIs, projecting 22 per cent CGPA among the former and 40 per cent among the latter since 2018," said the report.

Though as a whole, India will also see 39 per cent growth of UHNWIs by 2023, Mumbai and Delhi are likely to see 38 per cent CGPA growth over the next 5 years.

"Bengaluru is the first amongst the top 5 'cities of the future' along with Hangzhou in China, Stockholm in Sweden, Cambridge in Britain and Boston in the US," said the report.

The report also identifies the world's top cities that support wealth creation, including innovation indicators, wealth forecasts and economic growth that improve a city's growth prospects, such as infrastructure.

"Bengaluru is the first amongst five eye-catching 'cities of the future' based on their economic potential. This growth, backed by its intrinsic potential arising from strong economic fundamentals, will attract investments both from domestic as well as institutional sources," said Knight Frank Chairman Shishir Baijal in a statement.

Termed 'Future Cities' of the world, these cities demonstrate characteristics that will propel wealth creation as well as future property investment.

"Bengaluru is home to global firms such as Infosys, Wipro and Flipkart and over 400 multinationals, including Microsoft, Hitachi and Samsung," said the report.

Bengaluru has made a commitment to create a knowledge economy by investing in education centres, including the Indian Institute of Management (IIM-B), the Indian Institute of Science (IISc) and the National Aerospace Laboratories (NAL). 

"The garden city's broad ecosystem of innovation offers multiple opportunities for growth, reflected in the rise of new age technology firms across sectors, including artificial intelligence, food technology, financial technology and robotics," said the report.

According to Knight Frank Research Head Nicholas Holt, despite a softening momentum in the region's economies, growth prospects in Asia remain favourable in the medium term. 

"While China's economy is expected to slow, emerging markets such as India and the Philippines will deliver some of the strongest growth over the coming years," said Holt.

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News Network
January 18,2020

Bengaluru, Jan 18: The searches by income-tax officials at the residence of south Indian actress Rashmika Mandanna at Virajpet in Kodagu district were concluded on Friday.

The searches, conducted since Thursday by sleuths from Bengaluru, were concluded on Friday morning, the family said.

Speaking to reporters outside the house, the actress's mother Suman said: "We all cooperated with the officials since Thursday. The officials asked some questions which we answered properly."

Rashmika, who was not at the residence when the I-T officials arrived, joined them on Thursday night, she added.

According to sources, IT officials from Bengaluru who arrived in three cars on Thursday verified documents pertaining to properties, bank accounts and investments.

Rashmika has acted in several Kannada and Telugu movies. Her recent film 'Sarileru Neekevvaru' opposite popular Telugu actor Mahesh Babu is in the theatres now.

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News Network
February 29,2020

Bengaluru, Feb 29: A Lingayat seer on Friday threatened to get 10 BJP MLAs to quit if Karnataka Chief Minister BS Yediyurappa does not make MLA Dattatreya Patil Revoor a minister soon.

"If Yediyurappa does not make BJP's Gulbarga South MLA Dattatreya Patil Revoor a minister, I will get 10 ruling party legislators resign and reduce the government to a minority, forcing the Chief Minister to resign," said Srishaila Saranga mutt seer Deshikendra Swami at a meeting in Kalaburagi on Friday.

Addressing a gathering of the Lingayat community, to which Revoor belongs, the seer said although he wanted Yediyurappa to complete the remaining 3-year term in office and the BJP to return to power after the next elections, it would be difficult for Yediyurappa to continue if Revoor is not made a minister.

"Yediyurappa will be in office for the next three years if he makes Revoor minister. If not, I will ask him (latter) also to resign, as does not need to be in politics anymore because he has a house, many acres of agricultural land and is very rich," the seer told the gathering in Kannada.

In his nomination to contest in the May 2018 assembly elections, Revoor (37) declared in an affidavit Rs 17-crore assets, including immovable properties.

Wishing Yediyurappa to remain in office for the next three years and return as Chief Minister, the seer said if Yediyurappa is forced to quit, then the Lingayat community would not get an opportunity to have its leader as Chief Minister again for at least 30 years.

Yediyurappa, whose constituency is Shikaripura in Shivamogga district, is considered the tallest Lingayat leader of the politically powerful community, which accounts for 18% of the 6.5-crore state's population.

Though a dozen BJP legislators won from the erstwhile Hyderabad-Karnataka region in the May 2018 Assembly elections, only Prabhu Chauhan from the adjacent Bidar district was made minister for animal husbandry.

The Saranga mutt seer’s threat comes a month after Veerashaiva Lingayat Panchamasali seer Swami Vachananda, dared Yediyurappa to make 3 of the community legislators ministers ahead of the second cabinet expansion on February 6.

At a Lingayat gathering in the state's Davengere district on January 15, Vachananda told Yediyurappa to make party's Bilgi legislator Murgesh Nirani Minister, failing which the community would withdraw its support to the ruling party.

Hiryur is about 300km northwest of the southern state's capital Bengaluru.

Ticking off the young seer, a defiant Yediyurappa, however, threatened to walk out of the meeting if he was blackmailed for making Lingayat MLAs ministers.

"You cannot threaten me saying your sub-sect (Veera Shaiva) community would not support the BJP in the next assembly or Lok Saba elections, due in 2023 and 2024," retorted Yediyurappa, reasserting his status as the community's strongman in the state.

In the second cabinet expansion, only 10 newly elected legislators who defected from the Congress and the Janata Dal-Secular (JD-S) were made ministers, leaving 6 posts vacant in the 34-member ministry.

In the first cabinet expansion on August 20, 2019, 17 party legislators were made ministers. Nirani and others, who were present on the dais, pacified Yediyurappa to take his seat and requested the seer to avoid making political speech on such occasions.

"The chief minister threatened to resign than succumb to pressures from religious or community followers," a party official told media.

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Agencies
July 3,2020

New Delhi, Jul 3: The aviation regulator DGCA said on Friday it was extending the suspension of scheduled international passenger flights in the country till July 31 but added that some international scheduled services on selected routes may be permitted on a case to case basis.

Scheduled international passenger flights were suspended in India on March 23 due to the coronavirus pandemic.

Modifying its June 26 circular that stated that scheduled international passenger flights will remain suspended till July 15, 2020, the regulator stated on Friday it has decided to extend the deadline to July 31, 2020.

However, international scheduled flights may be allowed on selected routes by the competent authority on a case to case basis,” said the circular by the Directorate General of Civil Aviation (DGCA).

Air India and other private domestic airlines have been operating unscheduled international repatriation flights under the Vande Bharat Mission, which was started on May 6 by the Central government.

India resumed scheduled domestic passenger flights on May 25, after a gap of two months.

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