7,000 super-rich Indians shifted base in 2017

Agencies
February 5, 2018

New Delhi, Feb 5: India witnessed the second largest outflow of millionaires with 7,000 high net worth individuals changing their domicile during 2017, according to a report.

In 2016, the figure stood at 6,000, while in 2015 as many as 4,000 millionaires shifted base, the report by New World Wealth stated.

China tops the global list with 10,000 super-rich Chinese changing their domicile in 2017.

Other countries that witnessed large high net worth individual (HNI) outflows include Turkey (6,000), United Kingdom (4,000), France (4,000) and Russian Federation (3,000).

As per the migration trends, Indian HNIs moved to the US, the UAE, Canada, Australia and New Zealand, while Chinese HNIs moved to the US, Canada and Australia.

The report, however, noted that the outflows of HNIs from India and China are not "concerning" as these countries are producing far more new HNIs than they are losing.

"Also, once the standard of living in these countries improves, we expect several wealthy people to move back," it added.

On the other hand, Australia was the top country for HNI inflows in 2017 with 10,000 ultra-rich people shifting base to this country, beating out its main rival the US for the third year running.

Over the past 10 years, total wealth held in Australia has risen by 83% compared to 20% growth in the US.

As a result, the average Australian is now significantly wealthier than the average US citizen, which was not the case 10 years ago.

The US was the second most popular destination for migrating HNIs in 2017 at 9,000, followed by Canada (5,000) and United Arab Emirates (5,000).

As per the report, India has been ranked sixth in the list of wealthiest countries with a total wealth of $ 8,230 billion.

India is home to 3,30,400 HNIs (individuals with $ 1 million or more in net assets). Globally, India was ranked 9th in this aspect.

The country has 20,730 multi-millionaires, 7th largest in the world. And in terms of resident billionaires, India with 119 such individuals was named among the top three countries, after the US and China.

Global wealth migration is accelerating and around 95,000 millionaires (HNIs) migrated in 2017, compared to 82,000 in 2016 and 64,000 in 2015.

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News Network
January 8,2020

Meerut, Jan 8: Hangman Pawan Jallad, who officials say is being considered to carry out the execution of the four Nirbhaya gangrape case convicts, on Tuesday said he is ready for the job which will send out a strong message in the society.

He said executing those who were involved in the horrific crime will bring "great relief" to him, Nirbhaya's parents and everybody else.

Earlier in the day, a Delhi court issued death warrants against all the four convicts in the Nirbhaya gangrape-murder case and ordered that they are hanged on January 22 at 7 am in Tihar jail.

The death warrant, also known as a black warrant, addressed to the office of the Tihar jail chief, was issued by Additional Sessions Judge Satish Kumar Arora against Mukesh (32), Pawan Gupta (25), Vinay Sharma (26) and Akshay Kumar Singh (31).

"I do not have any information regarding the execution, nobody has spoken to me yet. If anyone approaches me, I am ready to do the job. Earlier, I was asked to be ready for the execution on December 16," Pawan Jallad told reporters here.

"Those who were involved in this brutal incident must be hanged, which will send out a strong message in the society," he said.

"Hanging the Nirbhaya gangrape case convicts will certainly bring great relief to me, her parents and everybody else," he added.

Nirbhaya, a 23-year-old paramedic student, was gang-raped and brutalised on the intervening night of December 16-17, 2012, inside a moving bus in south Delhi by the four men, along with two others, before being dumped on the road.

She died on December 29, 2012, at Mount Elizabeth Hospital in Singapore.

Of the six persons convicted, one allegedly committed suicide in jail and another, a juvenile, was released from a reformation home after serving a three-year term.

When contacted, Jail Superintendent of Meerut prison V P Pandey said he has not yet received any letter from Tihar authorities.

"Last month, we had received a letter asking us to keep Pawan Jallad ready but there is no fresh communication. The Delhi court warrants were issued this evening, maybe we will get the letter for sending him by tomorrow (Wednesday)," he said.

The gangrape of 23-year-old, who came to be known as 'Nirbhaya', the fearless one, sparked outrage across the country. Repulsed, people took to the streets across the country, demanding justice for her and better safety measures for women.

The case led to toughening of India's rape laws.

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News Network
January 13,2020

New Delhi, Jan 13: Walmart, the world’s largest retailer, has fired around 50 of its India executives as part of its restructuring in the country, three sources with direct knowledge said.

The move underscores the struggles Walmart has faced in expanding its wholesale business in India. The Bentonville, Arkansas based company currently operates 28 wholesale stores where it sells goods to small shopkeepers, and not to retail consumers.

The firings mostly affected executives in the company’s real estate division because the growth in the wholesale model has not been that robust, two of the sources said.

“It’s happening because focus is shifting to e-commerce rather than physical (stores),” said one source, who declined to be identified as the decision is not public.

Walmart did not respond to a request for comment.

Walmart has placed bold bets on India’s e-commerce sector. In 2018, it paid $16 billion to acquire a majority stake in India’s online marketplace Flipkart, in its biggest global acquisition.

The second source added that while Walmart could slow down the pace of opening new wholesale stores, the focus will increasingly be on boosting sales through business-to-business and retail e-commerce.

Some of the executives were sacked last week and more could be let go on Monday, two sources said.

In a statement to India’s Economic Times newspaper, which first reported the news, Walmart said it was always looking for ways to operate more effectively and that “this requires us to review our corporate structure to ensure that we are organized in the right way to best meet the needs of our members.”

Walmart has around 600 staff in its India head office out of a total of around 5,300 nationally, one of the sources said.

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Agencies
August 4,2020

Ayodhya, Aug 4: Ramarchan puja begins at Ram Janmabhoomi site ahead of the foundation laying ceremony of Ram Temple in Ayodhya.
Ramarchan Puja is a prayer to invite all major gods and goddesses ahead of Lord Ram's arrival.

Mahesh Bhagchandka, one of the trustees of Ashok Singhal foundation as Yajman in the puja said, "This is being conducted at the temporary seat of Ramlalla. The pooja will be conducted in four phases."

Speaking about the third and fourth phases, he said: "In the third phase, Dashrath, father of Lord Ram with his wives will be worshipped and then all three brothers of Lord Ram - Laxman, Bharat and Shatrughan with their wives. Lord Hanuman ji will too be worshipped. Whereas in the fourth phase, Lord Ram will be worshipped."
Meanwhile, security has been heightened in Ayodhya ahead of the foundation laying ceremony.

Temples across the city is decorated with lights, diyas and flowers ahead of the grand event. Patna's Mahavir Mandir Trust is preparing over 1.25 lakh 'Raghupati Laddoos' for the occasion. Thes laddoos will be distributed as 'prasad' to devotees.

Uttar Pradesh Chief Minister Yogi Adityanath on Monday offered prayers at the Hanuman Garhi temple during his visit to Ayodhya to take stock of the preparations for the 'bhoomi pujan'.
He along with officials also visited 'Ram ki Paudi' to inspect the arrangements ahead of the foundation stone laying ceremony.

Prime Minister Narendra Modi is scheduled to lay the foundation stone of the Ram Temple in Ayodhya on August 5. 

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