4,000 millionaires left India in 2015'

[email protected] (CD Network)
March 30, 2016

New Delhi, Mar 30: India has seen the fourth biggest outflow of high net worth individuals globally in 2015 with shifting of 4,000 millionaires overseas, says a report.

lifeAccording to a report by New World Wealth, some 4,000 uber-rich Indians have changed their domicile in 2015, while France saw the maximum outflow of millionaires with as many as 10,000 super rich leaving the country.

The report however noted that the migration of super rich from China and India is not a "concern".

"The outflows from India and China are not particularly concerning as these countries are still producing far more new millionaires than they are losing," the report said and added that "once the standard of living in these countries improves, we expect several wealthy people to move back".

In terms of countries ranked by millionaires outflow, France was followed by China in the second place with 9,000 millionaires leaving the country while for Italy, at third position, the figure stood at 6,000.

On France, the report said, the country is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas.

"We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate," the report said.

It further noted that other European countries where religious tensions are starting to emerge such as Belgium, Germany, Sweden and the UK will also be negatively affected in the near future.

Other countries that saw significant millionaire outflows include Greece (3,000), while Russian Federation, Spain and Brazil saw 2,000 such outflows each.

In terms of millionaire inflows, Australia topped the chart as it saw as many as 8,000 uber rich people shifting base there, followed by the US(7,000) and Canada (5,000) in the second and third place respectively.

Millionaires, otherwise known as 'high net worth individuals' or 'HNWIs' refer to individuals with net assets of USD 1 million or more excluding their primary residences.

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Wednesday, 30 Mar 2016

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May 5,2020

Dubai, May 5: Tickets on repatriation flights from UAE to India, which start on May 7, could be costlier than regular airfare, and adding to the financial woes of those flying back. Nearly 200,000 Indians in the UAE have registered on the website seeking to return home.

“A one-way repatriation ticket to Delhi will cost approximately Dh1,400-Dh1,650 - this would earlier have cost between Dh600-Dh700 [during these months],” said Jamal Abdulnazar, CEO of Cozmo Travel. “A one-way repatriation flight ticket to Kerala would cost approximately Dh1,900-Dh2,300.”

This can be quite a burden, as a majority of those taking these flights have either lost their jobs or are sending back their families because of uncertainty on the work front. To now have to pay airfare that is nearly on par with those during peak summer months is quite a blow.

Sources said that officials in Indian diplomatic missions have already initiated calls to some expats, telling them about likely ticket fares and enquiring about their willingness to travel.

Although many believed repatriation would be government-sponsored, Indian authorities have clarified that customers would have to pay for the tickets themselves. Those who thought they were entitled to free repatriation might back out of travel plans for now.

Fact of life

But aviation and travel industry sources say higher rates cannot be escaped since social distancing norms have to be strictly enforced at all times. That would limit the number of passengers on each of these flights.

“One airline can carry only limited passengers - therefore, multiple airlines are likely to get the approval to operate repatriation flights,” said Abdulnazar. “Also, airports will have to maintain safe distance for passengers to queue up at immigration and security counters.

“Therefore, it is recommended that multiple carriers fly into multiple Indian airports for repatriation to be expedited.”

The Indian authorities, so far, have not taken the easy decision to get its private domestic airlines into the rescue act. Gulf News tried speaking to the leading players, but they declined to provide any official statements. So far, only Air India, the national airline, has been commissioned to operate the flights.

Air India finds itself in the driver's seat when it comes to operating India's repatriation flights. To date, there is no confirmation India's private airlines will be allowed to join in.

UAE carriers ready to help out

UAE’s Emirates airline, Etihad, flydubai and Air Arabia are likely to also operate repatriation flights to India after Air India implements the first phase of services.

“We are fully supporting governments and authorities across the flydubai network with their repatriation efforts, helping them to make arrangements for their citizens to return home,” said a flydubai spokesperson.

“We will announce repatriation flights as and when they are confirmed, recognising this is an evolving situation whilst the flight restrictions remain in place.”

An AirArabia spokesperson said the airline is ready to operate repatriation flights when the government tells them to.

Travel agencies likely to benefit

Apart from operating non-scheduled commercial flights, the Indian government is also deploying naval ships to bring expat Indians back. Sources claim the ships are to ferry passengers who cannot afford the repatriation airfares.

Even then, considering the sheer numbers who will want to get on the flights, travel agencies are likely to see a surge in bookings since airline websites alone may not cope with the demand set off in such a short span.

Learn from Gulf governments

In instances when they carried out their own repatriation flights, some GCC governments paid the ticket fares to fly in their citizens. Those citizens who did not have the ready funds could approach their diplomatic mission and aid would be given on a case-to-case basis.

Should Indians wait for normal services to resume?

Industry sources say that those Indians wanting to fly back and cannot afford the repatriation flights should wait for full services to resume once the COVID-19 pandemic settles.

But can those who lost their jobs or seen steep salary cuts stay on without adding to their costs? And is there any guarantee that when flight services resume, ticket rates would be lower than on the repatriation trips.

As such, normal travel is expected to pick up only after the repatriation exercise to several countries is completed. UAE-based travel agencies are not seeing any bookings for summer, which is traditionally the peak holiday season.

“Majority want to stay put unless full confidence is restored,” said Abdulnazar. “I expect full normalcy to be restored not until March 2021.

“People have also taken a hit to their income. Without disposable income, you will curtail your travel.”

What constitutes normalcy?

Airfares are expected to remain high, given the need to keep the middle seats empty to practise safe distance onboard.

“We expect holiday travel to resume by October or November - but, the travel sentiment will not go back to pre-COVID-19 levels anytime soon,” said Manvendra Roy, Vice-President – Commercial at holidayme, an online travel agency. “The need to keep the middle seat vacant will add 30-40 per cent pricing pressure per seat from an airline perspective.

“This will make holidays more expensive.”

As for business travel, it will take some time to recover. Corporate staff are now used to getting work done via conference calls. “Companies will also curtail their travel expenditure since their income has taken a hit,” said Abdulnazar.

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News Network
March 22,2020

Bengaluru, Mar 22: The Karnataka government on Sunday afternoon announced that 9 districts in the State will be under lock down till March 31, barring essential services. It also announced imposition of Section 144 across the state for 3 hours - between 9 p.m. (when the "Janata curfew" will end) to 12 midnight.

The nine COVID-19-affected districts are Bengaluru, Bengaluru Rural, Mysuru, Kodagu, Dakshina Kannada (Mangaluru), Dharwad, Belagavi, Kalaburgi and Chikkablapur.

Announcing these measures after attending a meeting chaired by Chief Minister B. S Yeddyurappa, Home Minister Basavaraj Bommai said that there will be no commercial activity in these districts till March 31.

Inter-district movement, including public transport will be restricted. "Public transport will not work across the state tomorrow too. Air conditioned buses will be stopped till March 31," he added. He also clarified that while public transport, including KSRTC, BMTC and Namma Metro, will be withdrawn, private transport services such as cabs and autos will continue to ply.

According to Mr. Bommai, the State government will put in place further measures next week depending on how the situation will unfold in the State and the neighbouring States.

"Government offices will be operational in the State, including in the nine COVID 19-affected districts. As per the current schedule, the legislature sessions will also continue. Pourakarmikas will be working at 50% strength," he added.

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News Network
March 11,2020

Bengaluru, Mar 11: Did Congress party’s Man Friday, DK Shivakumar, not rise up to the occasion and save the situation for the party, whose rebel MLAs were flown into Bengaluru to unsettle the Kamal Nath-led government in Madhya Pradesh? Shivakumar told The New Indian Express on Tuesday, “So far, I have not got any clear direction on what has to be done. But I am in touch with the central leaders. The party does not want to antagonise them... They are our own MLAs.”

He said that the Tenth Schedule, which makes defections illegal, is very strong. “It is not so easy for them once they are expelled. There are courts and then they have to get re-elected. It is not easy to get minister’s post after getting re-elected,” he added.

When pointed out that rebels from the Congress and JD(S) who joined the BJP have got re-elected and become ministers, he said, “There are other issues here.”

Asked about Digvijay Singh, who is at the centre of the controversy in MP and who was AICC general secretary in-charge of Karnataka, not being able to prevent the rebellion in his home state, Shivakumar said, “I do not want to comment on any of our national leaders.”But he was confident that the Congress government would be saved in MP. “I am aware of the developments and keeping track of them,” he said.

Congress leaders seemed wiser after the event.

One of them, who wished not to be identified, said the party clearly did not see the writing on the wall. “Jyotiraditya Scindia supported the BJP at the Centre when it scrapped Article 370. Later too he was not in line with the Congress position on several issues. But during the recent Delhi violence, he criticised the BJP, sending confusing signals,” he added.

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