India to see 242,000 millionaires by 2017: Credit Suisse

October 14, 2012
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New Delhi, October 14: India is expected to see a substantial jump in the number of millionaires in the next five years as the total tally for the super rich in the country is likely to touch 242,000 by 2017, a report says.

According to a Credit Suisse Research Institute's Global Wealth Report, the number of millionaires in the country in 2012 stands at 158,000, which is likely to swell to 242,000 by the year 2017, registering an increase of 53 per cent.

The report also highlighted the stark inequality in the country as almost everyone in India (95 per cent) has wealth below USD 10,000 (about Rs 5,30,000), while at the other end a very small proportion of the population (just 0.3 per cent) has a net worth over USD 100,000.

"While wealth has been rising strongly in India, and the ranks of the middle class and wealthy have been swelling, not everyone has shared in this growth and there is still a great deal of poverty," the report said.

According to Credit Suisse, India has 237,000 members of the top 1 per cent of global wealth holders. There are 1,500 UHNW individuals with wealth over USD 50 million and 700 with more than USD 100 million.

In the period under consideration from 2012 to 2017, the number of millionaires worldwide is expected to increase by about 18 million -- reaching 46 million in 2017 from 28 million in 2012.

Though the number of millionaires in emerging economies is still well below the level in the USA (16.9 million) and Europe (15.4 million), "it is expected to increase substantially in the next few years", the report said.

China could see its number double by 2017, raising the total to almost two million. A substantial increase in the number of millionaires in Brazil is also expected and it could add 270,000 millionaires by 2017, Credit Suisse said.

Others in the emerging market economies, which are likely to see a large addition in the number of millionaires include Mexico (a rise of 112,000) and Indonesia (103,000). Singapore is expected to add 93,000 millionaires, while India will see an addition of 84,000 millionaires.

Moreover, the number of millionaires in transition economies is predicted to rise substantially over the next five years, reaching more than 200,000 in Russia, 78,000 in Poland and 40,000 in the Czech Republic.


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News Network
March 23,2020

Thrissur, Mar 23: Kerala police on Monday has booked a Catholic priest for violating the Covid-19 advisory against conducting Holy Mass in which more than 100 people attended.

Fr. Pauly Padayatti, vicar of Nithya Sahaya Matha (Mother of Perpetual Help) church at Koodapuzha near Chalakudy in Thrissur district has been arrested by the police.

Despite the strict restrictions of the health department and the Kerala Catholic Bishops Council (KCBC) to temporality suspend church services involving laity in churches, the vicar conducted the Holy Mass on Monday.

The police have also registered case against the devotees for violating the guidelines by attending the service.

The top church leadership including Cardinal Mar George Alencherry repeatedly urged the laity not to go to churches for Holy Mass or other services.

The faithful have been asked to participate in the online streaming of Holy Mass by bishops and priests and pray from their homes.

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Agencies
February 23,2020

New Delhi, Feb 23: Hailing the role of first Prime Minister Jawaharlal Nehru in shaping India a modern nation state, former Prime Minister Manmohan Singh on Saturday hit out at the Narendra Modi-led Central government, saying "nationalism" and the slogan of 'Bharat Mata Ki Jai' are being misused to construct a militant and purely emotional idea of India.

Speaking at the launch of a book on Jawaharlal Nehru's works and speeches, Singh said: "I am extremely happy that this book makes an effort to revisit Pandit Nehru. He had led this country in its volatile, formative days when we adopted democratic way of life, accommodating divergent social and political views."

The former Prime Minister said that Nehru, who was very proud of Indian heritage, "assimilated it", and harmonised them into the needs of a "new modern" India.

"A great visionary, Nehruji laid the foundation for shaping India as a modern nation state," he said.

Highlighting the works of the first Prime Minister, Singh said: "If India is recognized in the comity of nations as a vibrant democracy and, if it is considered as one of the important world powers, it was Nehru, who should be recognised as its main architect."

He said Nehru was not only a statesman of high international standing, but a great historian and literary figure too.

"With an inimitable style, and a multi-linguist, Nehru laid the foundation of the universities, academies and cultural institutions of Modern India. But for Nehru's leadership, Independent India would not have become what it is today," he said.

Taking an apparent dig at the BJP government, he said: "But unfortunately, a section of people who either do not have the patience to read history or would like to be deliberately guided by their prejudices, try their best to picture Nehru in a false light.

"But I am sure, history has a capacity to reject fake and false insinuations and put everything in proper perspective," he said.

He said the book "Who is Bharat Mata" is such an attempt to set the narrative in the right direction.

Singh said that selecting appropriate pieces from Nehruji's works, the book justifies its title "Who is Bharat Mata?"

"As this book contains a timely collection of writings by and on Pandit Jawaharlal Nehru- the leader, who shaped India and the Icon whose legacy is the subject of intense and often angry reaction today.

The book also comprises reminiscences and assessments of Nehru by some of his contemporaries and near contemporaries-among them, including Mahatma Gandhi, Bhagat Singh, Sardar Patel, Maulana Azad, Aruna Asaf Ali, Sheikh Abdullah, Ramdhari Singh Dinkar, Ali Sardar Jafri, Baldev Singh, Martin Luther King Jr, Richard Attenborough, Lee Kuan Yew and Atal Bihari Vajpayee.

"It is a book of particular relevance at a time when nationalism and the slogan of ‘Bharat Mata Ki Jai' are being misused to construct a militant and purely emotional idea of India that excludes millions of residents and citizens," Singh said attacking the BJP government.

The two time Prime Minister further said that in the pages of the carefully complied anthology-which also carries illuminating introductions by the authors Nehru emerges as a "remarkable man of ideas and action", who had an instinctive understanding of India's civilisational spirit and as a visionary with clear commitment to the promotion of scientific temper, who despite the compulsions of politics, remained a true democrat.

"His legacy continues to be of immense significance-perhaps more today than at any other time in our history," he said.

He also warned that "Nehru makes a very significant and time relevant remark on the dangers of leaderships falling into a trap and getting removed far away from the common people whom they are supposed to serve".

"In an atmosphere, when emotions are deliberately get provoked and the gullible are misled by false propaganda, misusing communication technology, this book makes a refreshing break through," Singh added.

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News Network
July 9,2020

Ujjain, Jul 9: Kanpur encounter main accused Vikas Dubey has been arrested at a police station here on Thursday, as per sources in the Uttar Pradesh government.

"Vikas Dubey, the main accused in Kanpur encounter case, has been arrested at a police station in Ujjain," said UP government sources.

Dubey is the main accused in the encounter that took place in Kanpur last week, in which a group of assailants allegedly opened fire on a police team, which had gone to arrest him.

Eight police personnel were killed in the encounter.

Earlier today, Bahua Dubey and Prabhat Mishra, close aides of the main accused, were killed in separate encounters in Etawah and Kanpur respectively.

Whereas, Shyamu Bajpai, also an aide to Dubey, has been arrested by Chaubeypur police following an encounter. He carried a reward of Rs 25,000. Uttar Pradesh's Special Task Force (STF) had gunned down Vikas Dubey's close aide Amar Dubey in Hamirpur district, earlier on Wednesday.

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