Mukesh Ambani tops Forbes India Rich List, adds $15.3 billion to last year's wealth

Agencies
October 5, 2017

New Delhi, Oct 5: Reliance Industries chief Mukesh Ambani on Thursday emerged as India's wealthiest for the 10th straight year as his net worth swelled to $38 billion (nearly Rs 2.5 lakh crore) while the wealth of 100 richest rose by 26 percent despite economic hiccups.

Wipro's Azim Premji was the distant second with a net worth of $19 billion, moving up two places from last year, while Sun Pharma's Dilip Shanghvi slipped from his earlier second place to the ninth now ($12.1 billion) on Forbes magazine's annual 'India Rich List 2017'.

Forbes said Prime Minister Narendra Modi's "economic experiments" barely affected India's billionaires while none gained more than oil-and-gas tycoon Mukesh Ambani, who cemented his decade-long hold on the top slot by adding a staggering $15.3 billion (67 percent) to his last year's wealth to become one of Asia's top five richest.

Anil Ambani, Mukesh's younger brother, was ranked much lower at 45th place with $3.15 billion. He was ranked 32nd in 2016 ($3.4 billion) and 29th a year before that.

Patanjali Ayurved's Acharya Balkrishna, known as a close associate of yoga guru Ramdev, made a big jump from 48th place last year to 19th now with a net worth of $6.55 billion (about Rs 43,000 crore).

"Despite India's economic hiccups, tycoons on the 2017 Forbes India Rich List saw their wealth soar as their combined fortunes rose 26 percent to $479 billion (over Rs 31 lakh crore)," the magazine said.

"India's turbo-charged economy sputtered in the quarter ended in June as it grew at a three-year low of 5.7 percent, due to the aftershocks of last November's demonetisation and uncertainties over the rollout of a nation-wide Goods and Services Tax. Despite this, the stock market scaled new heights and boosted the fortunes of the nation's 100 richest," it added.

In the case of Ambani, improved refining margins and his telecom unit Reliance Jio's thundering success in notching up 130 million subscribers since its 2016 launch pushed up shares of Reliance Industries.

The Hinduja brothers are at the third position with $18.4 billion while Lakshmi Mittal is now ranked fourth ($16.5 billion) and Pallonji Mistry fifth ($16 billion).

Forbes said the list was compiled using shareholding and financial information secured from the families and individuals, stock exchanges, analysts and regulatory agencies.

The ranking lists family fortunes, including those shared among extended families such as the Godrej and Bajaj families. Public fortunes were calculated based on stock prices and exchange rates as of September 15. Private companies were valued based on similar companies that are publicly traded.

More than four-fifths of those who kept their spot on the list from last year saw their wealth rise, with 27 listees adding $1 billion or more to their net worth.

The richest newcomer is cookies-and-airline tycoon Nusli Wadia at the 25th place with a net worth of $5.6 billion. Among the five other new entrants to the list are Dinesh Nandwana (88, $ 1.72 billion) of e-governance services firm Vakrangee; Vijay Shekhar Sharma (99, $1.47 billion) of fast-rising mobile wallet Paytm and Rana Kapoor (100, $1.46 billion) of Yes Bank.

Veteran investor Radhakishan Damani, boosted by the listing of his supermarket chain D-Mart in March, returned to the list at 12th place with a net worth of $9.3 billion. Other returnees are Future Group's Kishore Biyani (55th, $2.75 billion) and siblings Murli Dhar and Bimal Gyanchandani (75, $1.96 billion).

However, a dozen have turned poorer than a year ago, with half of them from the pharmaceutical sector, which has been plagued by challenges.

Pharmaceutical magnate Dilip Shanghvi is the biggest dollar loser on the list as his net worth fell by $4.8 billion, ending his three-year run as India's second-richest. The Gupta family (40, $3.45 billion), heirs of patriarch Desh Bandhu Gupta, who died in June, saw their fortune shrink as shares of their generics maker Lupin declined.

Brothers Shashi and Ravi Ruia suffered a drop as their Essar Steel faced bankruptcy proceedings under India's stricter new law, Forbes said.

The 100 wealthiest on this year's list are all billionaires. The minimum amount required to make the list was $1.46 billion, up from $1.25 billion last year.

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Agencies
June 30,2020

United Nations, Jun 30: India accounts for 45.8 million of the world's 142.6 million "missing females" over the past 50 years, a report by the United Nations said on Tuesday, noting that the country along with China form the majority of such women globally.

The State of World Population 2020 report released on Tuesday by the United Nations Population Fund (UNFPA), the world organisation's sexual and reproductive health agency, said that the number of missing women has more than doubled over the past 50 years - from 61 million in 1970 to a cumulative 142.6 million in 2020.

Of this global figure, India accounted for 45.8 million missing females as of 2020 and China accounted for 72.3 million.

Missing females are women missing from the population at given dates due to the cumulative effect of postnatal and prenatal sex selection in the past, the agency said.

Between 2013 and 2017, about 460,000 girls in India were missing' at birth each year. According to one analysis, gender-biased sex selection accounts for about two-thirds of the total missing girls, and post-birth female mortality accounts for about one-third, the report said.

Citing data by experts, it said that China and India together account for about 90-95 per cent of the estimated 1.2 million to 1.5 million missing female births annually worldwide due to gender-biased (prenatal) sex selection.

The two countries also account for the largest number of births each year, it said.

The report cites data by Alkema, Leontine and others, 2014 National, Regional, and Global Sex Ratios of Infant, Child, and under-5 Mortality and Identification of Countries with Outlying Ratios: A Systematic Assessment' from The Lancet Global Health.

According to their analysis, India has the highest rate of excess female deaths, 13.5 per 1,000 female births, which suggests that an estimated one in nine deaths of females below the age of 5 may be attributed to postnatal sex selection.

The report notes that governments have also taken action to address the root causes of sex selection. India and Vietnam have included campaigns that target gender stereotypes to change attitudes and open the door to new norms and behaviours.

They spotlight the importance of daughters and highlight how girls and women have changed society for the better. Campaigns that celebrate women's progress and achievements may resonate more where daughter-only families can be shown to be prospering, it said.

The report said that successful education-related interventions include the provision of cash transfers conditional on school attendance; or support to cover the costs of school fees, books, uniforms and supplies, taking note of successful cash-transfer initiatives such as Apni Beti Apna Dhan' in India.

It said that preference for a male child manifested in sex selection has led to dramatic, long-term shifts in the proportions of women and men in the populations of some countries.

This demographic imbalance will have an inevitable impact on marriage systems. In countries where marriage is nearly universal, many men may need to delay or forego marriage because they will be unable to find a spouse, the report said.

This so-called "marriage squeeze", where prospective grooms outnumber prospective brides, has already been observed in some countries and affects mostly young men from lower economic strata.

"At the same time, the marriage squeeze could result in more child marriages, the report said citing experts.

Some studies suggest that the marriage squeeze will peak in India in 2055. The proportion of men who are still single at the age of 50 is forecast to rise after 2050 in India to 10 per cent, it said.

The UN report said that every year, millions of girls globally are subjected to practices that harm them physically and emotionally, with the full knowledge and consent of their families, friends and communities.

At least 19 harmful practices, ranging from breast ironing to virginity testing, are considered human rights violations, according to the UNFPA report, which focuses on the three most prevalent ones: female genital mutilation, child marriage, and extreme bias against daughters in favour of sons.

Harmful practices against girls cause profound and lasting trauma, robbing them of their right to reach their full potential, says UNFPA Executive Director Dr. Natalia Kanem.

This year, an estimated 4.1 million girls will be subjected to female genital mutilation. Today, 33,000 girls under age 18 will be forced into marriages, usually to much older men and an extreme preference for sons over daughters in some countries has fuelled gender-biased sex selection or extreme neglect that leads to their death as children, resulting in the 140 million missing females.

The report said that ending child marriage and female genital mutilation worldwide is possible within 10 years by scaling up efforts to keep girls in school longer and teach them life skills and to engage men and boys in social change.

Investments totalling USD 3.4 billion a year through 2030 would end these two harmful practices and end the suffering of an estimated 84 million girls, it said.

A recent analysis revealed that if services and programmes remain shuttered for six months due to the COVID-19 pandemic, an additional 13 million girls may be forced into marriage and 2 million more girls may be subjected to female genital mutilation between now and 2030.

The pandemic both makes our job harder and more urgent as so many more girls are now at risk, Kanem said.

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Agencies
July 29,2020

Dubai, Jul 29: Muslim pilgrims on Wednesday begin the annual Haj, downsized this year as the Saudi hosts strive to prevent a coronavirus outbreak during the five-day pilgrimage.

The Haj, one of the five pillars of Islam and a must for able-bodied Muslims at least once in their lifetime, is usually one of the world's largest religious gatherings.

But this year only up to 10,000 people already residing in the Kingdom will participate in the ritual, a tiny fraction of the 2.5 million pilgrims from around the world that attended last year.

"There are no security-related concerns in this pilgrimage, but (downsizing) is to protect pilgrims from the danger of the pandemic," said Khalid bin Qarar Al Harbi, Saudi Arabia's director of public security.

Pilgrims will be required to wear masks and observe social distancing during a series of religious rites that are completed over five days in the holy city of Makkah and its surroundings in western Saudi Arabia.

Those selected to take part in the Haj were subject to temperature checks and placed in quarantine as they began trickling into Makkah at the weekend.

State media showed health workers sanitising their luggage, and some pilgrims reported being given electronic wristbands to allow authorities to monitor their whereabouts.

Workers, clutching brooms and disinfectant, were seen cleaning the area around the Kaaba, the structure at the centre of the Grand Mosque draped in gold-embroidered cloth towards which Muslims around the world pray.

Haj authorities have cordoned off the Holy Kaaba this year, saying pilgrims will not be allowed to touch it, to limit the chances of infection.

They also reported setting up multiple health facilities, mobile clinics and ambulances to cater to the pilgrims.

Saudi authorities said only around 1,000 pilgrims residing in the Kingdom would be permitted for the Haj. Some 70 per cent of the pilgrims are foreigners residing in the Kingdom, while the rest will be Saudi citizens, authorities said.

All worshippers were required to be tested for coronavirus before arriving in the holy city of Makkah and will also have to quarantine after the pilgrimage as the number of cases in the Kingdom nears 270,000.

They were given elaborate amenity kits that include sterilised pebbles for a stoning ritual, disinfectants, masks, a prayer rug and the Ihram, a seamless white garment worn by pilgrims, according to a Haj ministry programme document.

"I did not expect, among millions of Muslims, to be blessed with approval," Emirati pilgrim Abdullah Al Kathiri said in a video released by the Saudi media ministry.

"It is an indescribable feeling... especially since it is my first pilgrimage."

The Haj ministry said non-Saudi residents of the Kingdom from around 160 countries competed in the online selection process but it did not say how many people applied.

Despite the pandemic, many pilgrims consider it safer to participate in this year's ritual without the usual colossal crowds cramming into tiny religious sites, which make it a logistical nightmare and a health hazard.

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News Network
February 12,2020

Washington, Feb 12: US President Donald Trump said on Tuesday he would sign a trade deal with Prime Minister Narendra Modi if 'it was the right one'.

The two countries have been trying to reach a limited trade pact with lower tariffs, but talks have run into problems over issues with data privacy and e-commerce controls.

Trump further said that he is looking forward to his visit to India later this month where millions of people would welcome him. "He (Modi) is a great gentleman and I look forward to going to India. So, we'll be going at the end of the month," Trump told reporters in his Oval Office, a day after the White House announced dates of his anticipated India trip.

Responding to a question, the president indicated that he is willing to sign a trade deal with India if it is the right one. "They (Indians) want to do something and we'll see... if we can make the right deal, (we) will do it," said Trump, a fortnight ahead of his visit to the country as the 45th US president.

India's new Ambassador to the US, Taranjit Singh Sandhu told PTI that Trump's forthcoming visit is a "reflection of the strong personal rapport" between Trump and Modi. "It also demonstrates their strong desire to take the relationship to new heights," said Sandhu, who had presented his credentials to Trump in Oval Office last week.

Over the last three years, Trump and Modi have developed a personal friendship and in 2019, the duo met four times including their joint address before a strong 50,000 crowd of Indian Americans in Houston.

This year, they have spoken over the phone on two occasions, including the one over the weekend. "Just spoke with Prime Minister Modi," Trump told reporters on Tuesday in response to a question on his India visit.

Excited to travel to India later this month, said Trump referring to his conversation with Modi during which the prime minister apparently told him about the hundreds and thousands of Indians who would be there to welcome him in Ahmedabad.

Trump jokingly told reporters that now he will "not feel good" about the size of the crowd that he addresses in the US which is usually between 40,000 to 50,000. "He (Modi) said we will have millions and millions of people. My only problem is that last night we probably had 40 or 50,000 people... I'm not going to feel so good... There will be five to seven million people just from the airport to the new stadium (in Ahmedabad)," Trump said.

"And you know (it) is the largest stadium in the world. He's (Modi) building it now. It's almost complete and it's the largest in the world," Trump said. The two leaders are expected to joint address a massive public rally at the newly build Motera Stadium in Ahmedabad.

Being built at an estimated cost of USD 100 million, the Motera Stadium with a seating capacity of 100,000 spectators will be the world's largest cricket stadium overtaking the Melbourne Cricket Ground in Australia.

Comments

Ahmed Ali
 - 
Wednesday, 12 Feb 2020

Waste of money and time.....!!!

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