Mukesh Ambani emerges richest Indian for 11th consecutive year in Forbes list

Agencies
October 4, 2018

New Delhi, Oct 4: Reliance Industries' Chairman Mukesh Ambani has emerged as the richest Indian for the 11th consecutive year with a net worth of USD 47.3 billion, according to Forbes magazine.

Ambani is also the year's biggest gainer, adding USD 9.3 billion to his wealth amid the continuing success of his Reliance Jio broadband telco service.

As per the 'Forbes India Rich List 2018', Wipro Chairman Azim Premji has retained the second spot, adding USD 2 billion to his wealth at USD 21 billion; while ArcelorMittal Chairman and CEO Lakshmi Mittal moved a place ahead to the third slot with a net worth of USD 18.3 billion, increasing his wealth by USD 1.8 billion.

Mittal is followed by the Hinduja brothers at with a net worth of USD 18 billion and Pallonji Mistry with USD 15.7 billion.

Other business magnates making the top 10 list are Shiv Nadar (USD 14.6 billion), Godrej family (USD 14 billion), Dilip Shanghvi (USD 12.6 billion), Kumar Birla (USD 12.5 billion) and Gautam Adani (USD 11.9 billion).

"In a challenging year, which saw the rupee taking a tumble, the country's 100 richest collectively managed to hold their own. Moreover, new billionaires continue to be minted, which indicates that India's entrepreneurial energy is upbeat as ever," said Naazneen Karmali, India Editor of Forbes Asia.

Biotechnology pioneer Kiran Mazumdar-Shaw has emerged as the biggest percentage gainer of the year. One of only four women on the list, her net worth rose 66.7 per cent to USD 3.6 billion. In terms of net worth, she stood at 39th spot.

"Despite a rout in the rupee that practically wiped out the Indian stock market's 14 per cent rise from a year ago, tycoons on the 2018 Forbes India Rich List saw a modest gain in their combined wealth to USD 492 billion," a Forbes India statement said, adding that among the nation's 100 richest, 11 saw their wealth jump by USD 1 billion or more.

"The growth in the overall wealth of India's richest in a challenging year is one indicator of the country's economic advancement. New faces on the list - five of them - are also an encouraging sign of the rise of domestic mega-firms, many with a presence in global markets," Forbes India Editor Brian Carvalho said.

According to the statement, this list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India's regulatory agencies.

"Public fortunes were calculated based on stock prices and exchange rates as of September 21. Private companies were valued based on similar companies that are publicly traded," it said.

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Thursday, 4 Oct 2018

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Agencies
July 2,2020

Moscow, Jul 2: Russian voters approved changes to the constitution that will allow President Vladimir Putin to hold power until 2036, but the weeklong plebiscite that concluded Wednesday was tarnished by widespread reports of pressure on voters and other irregularities.

With most of the nation's polls closed and 20% of precincts counted, 72% voted for the constitutional amendments, according to election officials.

For the first time in Russia, polls were kept open for a week to bolster turnout without increasing crowds casting ballots amid the coronavirus pandemic a provision that Kremlin critics denounced as an extra tool to manipulate the outcome.

A massive propaganda campaign and the opposition's failure to mount a coordinated challenge helped Putin get the result he wanted, but the plebiscite could end up eroding his position because of the unconventional methods used to boost participation and the dubious legal basis for the balloting.

By the time polls closed in Moscow and most other parts of Western Russia, the overall turnout was at 65%, according to election officials. In some regions, almost 90% of eligible voters cast ballots.

On Russia's easternmost Chukchi Peninsula, nine hours ahead of Moscow, officials quickly announced full preliminary results showing 80% of voters supported the amendments, and in other parts of the Far East, they said over 70% of voters backed the changes.

Kremlin critics and independent election observers questioned the turnout figures.

We look at neighboring regions, and anomalies are obvious there are regions where the turnout is artificially (boosted), there are regions where it is more or less real, Grigory Melkonyants, co-chair of the independent election monitoring group Golos, told The Associated Press.

Putin voted at a Moscow polling station, dutifully showing his passport to the election worker. His face was uncovered, unlike most of the other voters who were offered free masks at the entrance.

The vote completes a convoluted saga that began in January, when Putin first proposed the constitutional changes.

He offered to broaden the powers of parliament and redistribute authority among the branches of government, stoking speculation he might seek to become parliamentary speaker or chairman of the State Council when his presidential term ends in 2024.

His intentions became clear only hours before a vote in parliament, when legislator Valentina Tereshkova, a Soviet-era cosmonaut who was the first woman in space in 1963, proposed letting him run two more times.

The amendments, which also emphasize the primacy of Russian law over international norms, outlaw same-sex marriages and mention a belief in God as a core value, were quickly passed by the Kremlin-controlled legislature.

Putin, who has been in power for more than two decades longer than any other Kremlin leader since Soviet dictator Josef Stalin said he would decide later whether to run again in 2024.

He argued that resetting the term count was necessary to keep his lieutenants focused on their work instead of darting their eyes in search for possible successors.

Analyst Gleb Pavlovsky, a former Kremlin political consultant, said Putin's push to hold the vote despite the fact that Russia has thousands of new coronavirus infections each day reflected his potential vulnerabilities.

Putin lacks confidence in his inner circle and he's worried about the future, Pavlovsky said.

He wants an irrefutable proof of public support.

Even though the parliament's approval was enough to make it law, the 67-year-old Russian president put his constitutional plan to voters to showcase his broad support and add a democratic veneer to the changes.

But then the coronavirus pandemic engulfed Russia, forcing him to postpone the April 22 plebiscite.

The delay made Putin's campaign blitz lose momentum and left his constitutional reform plan hanging as the damage from the virus mounted and public discontent grew.

Plummeting incomes and rising unemployment during the outbreak have dented his approval ratings, which sank to 59%, the lowest level since he came to power, according to the Levada Center, Russia's top independent pollster.

Moscow-based political analyst Ekaterina Schulmann said the Kremlin had faced a difficult dilemma: Holding the vote sooner would have brought accusations of jeopardizing public health for political ends, while delaying it raised the risks of defeat.

Holding it in the autumn would have been too risky, she said.

In Moscow, several activists briefly lay on Red Square, forming the number 2036 with their bodies in protest before police stopped them.

Some others in Moscow and St. Petersburg staged one-person pickets and police didn't intervene.

Several hundred opposition supporters rallied in central Moscow to protest the changes, defying a ban on public gatherings imposed for the coronavirus outbreak. Police didn't intervene and even handed masks to the participants.

Authorities mounted a sweeping effort to persuade teachers, doctors, workers at public sector enterprises and others who are paid by the state to cast ballots. Reports surfaced from across the vast country of managers coercing people to vote.

The Kremlin has used other tactics to boost turnout and support for the amendments.

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Agencies
February 27,2020

Bengaluru, Feb 27: Defence Minister Rajnath Singh on Thursday said that the situation is moving towards normalcy in Delhi after recent incidents of violence.

"Situation is moving towards normalcy," Rajnath told media here.

Joint Commissioner of Police (Traffic) Narendra Singh Bundela on Thursday said that the law and order and traffic situation in violence-affected parts of Delhi is normal.

"The situation is quite normal and peaceful as far as security and traffic are concerned. We have held talks and conducted patrols with people of all communities. Services such as road cleaning have resumed and traffic flow is normal," Bundela told ANI here.

"People can go out to get their daily needs from the market but we are advising them not to come out in groups," he added.

Meanwhile, the death toll in the incidents of violence in North-East Delhi has risen to 34.

Delhi Police has registered 18 FIRs and 106 people have been arrested in connection with the violence.

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News Network
June 13,2020

Jun 13: The Congress on Saturday accused the BJP-led government of burdening the common man with high taxes on petrol and diesel and earning Rs 2.5 lakh crore since March 5.

Congress leader Kapil Sibal said while international crude oil prices have fallen and are at the lowest level in 15 years, yet petrol and diesel prices are skyrocketing and common people continue to suffer under the Modi dispensation.

He said instead of passing the benefit of lower crude prices to consumers, petrol and diesel prices were hiked for the seventh straight day on June 13.

"The government has earned as much as Rs 44,000 crore in the last six days due to hike in petrol, diesel prices. Since March 5, the government has earned as much as Rs 2.5 lakh crore by way of increasing petrol, diesel prices.

"If the government had even the slightest feelings for the common man, instead of benefitting the companies and the government, the prime minister would have helped the common man with reduced fuel prices," Sibal said at an online press conference.

According to a report by Care Ratings, he said the hike effectively meant that the Central government is collecting around 270 per cent taxes on the base price of petrol and 256 per cent in case of diesel.

The former union minister said petrol was selling at Rs 71.41 in Delhi on May 1, 2014, when international crude oil prices were USD 106.85, while on June 12, 2020, the price of petrol was Rs 75.16 when the crude oil was at USD 38.

He said central excise and VAT cumulatively account for 69 per cent of tax on fuel in India which is higher than anywhere else in the world. He said the tax of fuel in the US was 19 per cent, Japan 47 per cent, the UK 62 per cent, France 63 per cent and Germany 65 per cent.

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