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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News Network
February 14,2020

New Delhi/Washington, Feb 14: India has offered to partially open up its poultry and dairy markets in a bid for a limited trade deal during US President Donald Trump's first official visit to the country this month, people familiar with the protracted talks say.

India, the world's largest milk-producing nation, has traditionally restricted dairy imports to protect the livelihoods of 80 million rural households involved in the industry.

But Prime Minister Narendra Modi is trying to pull all the stops for the US President's February 24-25 visit, aimed at rebuilding bonds between the world's largest democracies.

In 2019, President Trump suspended India's special trade designation that dated back to 1970s, after PM Modi put price caps on medical devices, such as cardiac stents and knee implants, and introduced new data localization requirements and e-commerce restrictions.

President Trump's trip to India has raised hopes that he would restore some of the country's US trade preferences, in exchange for tariff reductions and other concessions.

The United States is India's second-largest trade partner after China, and bilateral goods and services trade climbed to a record $142.6 billion in 2018. The United States had a $23.2 billion goods trade deficit in 2019 with India, its 9th largest trading partner in goods.

India has offered to allow imports of US chicken legs, turkey and produce such as blueberries and cherries, government sources said, and has offered to cut tariffs on chicken legs from 100 per cent to 25 per cent. US negotiators want that tariff cut to 10 per cent. The Modi government is also offering to allow some access to India's dairy market, but with a 5 per cent tariff and quotas, the sources said. But dairy imports would need a certificate they are not derived from animals that have consumed feeds that include internal organs, blood meal or tissues of ruminants.

New Delhi has also offered to lower its 50 per cent tariffs on very large motorcycles made by Harley-Davidson, a tax that was a particular irritant for President Trump, who has labelled India the "tariff king." The change would be largely symbolic because few such motorcycles are sold in India.

President Trump will be feted in PM Modi's home state of Gujarat, then hold talks in New Delhi and attend a reception that the hosts have promised will be bigger than the one organised for former president Barack Obama in 2015.

But it is far from clear whether India's offers will be enough to satisfy US Trade Representative Robert Lighthizer, who cancelled plans for a trip to India this week. Instead, he has held telephone talks with Commerce Minister Piyush Goyal.

The US dairy industry remained sceptical on Thursday that a viable deal is at hand.

"We're always looking for market access, but in terms of India, as of today I'm not aware of any real progress going on," said Michael Dykes, president of the International Dairy Foods Association and a member of USTR's agricultural trade policy advisory committee.

Mr Dykes said the US dairy industry was looking for access in viable commercial quantities.

A USTR spokesman and India's trade ministry did not respond to requests for comment.

A parliament panel is reviewing a draft data privacy law that imposes stringent controls over cross-border data flows and gives the government powers to seek user data from companies.

It is not clear whether it will be passed, or in what form, but the possibilities have unnerved US companies and could raise compliance requirements for Google, Amazon.com Inc, and Facebook.

The draft law is not part of the trade discussions, Indian officials say, because the issue is too difficult to resolve at the same time.

"The privacy and localization piece will be raised independently and in concert with the trade discussions," said a Washington-based source with knowledge of the US administration's thinking.

President Trump on Tuesday was non-committal about sealing a trade deal before his visit. "If we can make the right deal, we'll do it," he told reporters.

Two US sources said progress had been made on proposed alterations to the medical device price caps. India's new import tariffs on medical devices, walnuts, toys, electronics and other products on February 1 surprised US negotiators, however.

The new tariffs were aimed at China, which also makes medical devices, according to an Indian government source. "We have to protect our market and our companies," the source said.

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Agencies
July 1,2020

The ILO has warned that if another Covid-19 wave hits in the second half of 2020, there would be global working-hour loss of 11.9 percent - equivalent to the loss of 340 million full-time jobs.

According to the 5th edition of International Labour Organisation (ILO) Monitor: Covid-19 and the world of work, the recovery in the global labour market for the rest of the year will be uncertain and incomplete.

The report said that there was a 14 percent drop in global working hours during the second quarter of 2020, equivalent to the loss of 400 million full-time jobs.

The number of working hours lost across the world in the first half of 2020 was significantly worse than previously estimated. The highly uncertain recovery in the second half of the year will not be enough to go back to pre-pandemic levels even in the best scenario, the agency warned.

The baseline model – which assumes a rebound in economic activity in line with existing forecasts, the lifting of workplace restrictions and a recovery in consumption and investment – projects a decrease in working hours of 4.9 percent (equivalent to 140 million full-time jobs) compared to last quarter of 2019.

It says that in the pessimistic scenario, the situation in the second half of 2020 would remain almost as challenging as in the second quarter.

“Even if one assumes better-tailored policy responses – thanks to the lessons learned throughout the first half of the year – there would still be a global working-hour loss of 11.9 per cent at the end of 2020, or 340 million full-time jobs, relative to the fourth quarter of 2019,” it said.

The pessimistic scenario assumes a second pandemic wave and the return of restrictions that would significantly slow recovery. The optimistic scenario assumes that workers’ activities resume quickly, significantly boosting aggregate demand and job creation. With this exceptionally fast recovery, the global loss of working hours would fall to 1.2 per cent (34 million full-time jobs).

The agency said that under the three possible scenarios for recovery in the next six months, “none” sees the global job situation in better shape than it was before lockdown measures began.

“This is why we talk of an uncertain but incomplete recovery even in the best of scenarios for the second half of this year. So there is not going to be a simple or quick recovery,” ILO Director-General Guy Ryder said.

The new figures reflect the worsening situation in many regions over the past weeks, especially in developing economies. Regionally, working time losses for the second quarter were: Americas (18.3 percent), Europe and Central Asia (13.9 percent), Asia and the Pacific (13.5 percent), Arab States (13.2 percent), and Africa (12.1 percent).

The vast majority of the world’s workers (93 per cent) continue to live in countries with some sort of workplace closures, with the Americas experiencing the greatest restrictions.

During the first quarter of the year, an estimated 5.4 percent of global working hours (equivalent to 155 million full-time jobs) were lost relative to the fourth quarter of 2019. Working- hour losses for the second quarter of 2020 relative to the last quarter of 2019 are estimated to reach 14 per cent worldwide (equivalent to 400 million full-time jobs), with the largest reduction (18.3 per cent) occurring in the Americas.

The ILO Monitor also found that women workers have been disproportionately affected by the pandemic, creating a risk that some of the modest progress on gender equality made in recent decades will be lost, and that work-related gender inequality will be exacerbated.

The severe impact of Covid-19 on women workers relates to their over-representation in some of the economic sectors worst affected by the crisis, such as accommodation, food, sales and manufacturing.

Globally, almost 510 million or 40 percent of all employed women work in the four most affected sectors, compared to 36.6 percent of men, it said.

The report said that women also dominate in the domestic work and health and social care work sectors, where they are at greater risk of losing their income and of infection and transmission and are also less likely to have social protection.

The pre-pandemic unequal distribution of unpaid care work has also worsened during the crisis, exacerbated by the closure of schools and care services.

Even as countries have adopted policy measures with unprecedented speed and scope, the ILO Monitor highlights some key challenges ahead, including finding the right balance and sequencing of health, economic and social and policy interventions to produce optimal sustainable labour market outcomes; implementing and sustaining policy interventions at the necessary scale when resources are likely to be increasingly constrained and protecting and promoting the conditions of vulnerable, disadvantaged and hard-hit groups to make labour markets fairer and more equitable.

“The decisions we adopt now will echo in the years to come and beyond 2030. Although countries are at different stages of the pandemic and a lot has been done, we need to redouble our efforts if we want to come out of this crisis in a better shape than when it started,” Ryder said. 

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Agencies
July 27,2020

New Delhi, Jul 27: Congress leader Rahul Gandhi on Monday said he is not going to lie about Chinese transgressions in eastern Ladakh even if it costs him politically, asserting he will say the truth as far as Indian territory is concerned.

Gandhi made these remarks in a tweet, along with an over-a-minute-long video, as part of a series launched by him on the India-China face-off along the Line of Actual Control(LAC) in eastern Ladakh.

Asked in the video how he would react to people who say his questions to Prime Minister Narendra Modi on China weakened India, the former Congress chief said, "If you want me to lie that the Chinese have not entered this country, I am not going to lie. I will simply not do it. I do not care if my whole career goes to hell. I am not going to lie."

"This disturbs me. Frankly, it makes my blood boil. How can some other nation just come into our territory?"

"Hiding the truth is anti-national. Bringing it to people's attention is patriotic," Gandhi said.

"So frankly, I do not care if it costs me politically. I do not care if I have no political career at all after that. But I am going to say the truth as far as Indian territory is concerned," he added.

Gandhi has been repeatedly attacking the prime minister and the government over Chinese transgressions on the LAC in eastern Ladakh.

"As an Indian, my number one priority is the nation and its people," he said on Monday.

The Bharatiya Janata Party (BJP) has hit back at Gandhi over his attack on the government on the Ladakh face-off, alleging he is seeking to politicise defence and foreign policy matters and "wash their past sins of 1962 and weaken India".

BJP president JP Nadda has also alleged that for years, a dynasty has been trying to destroy Modi, while adding that those who want to destroy the prime minister will only end up causing further damage to their own party.

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