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 18,2020

New Delhi, Mar 18: As many as 276 Indians have been infected with coronavirus abroad, including 255 in Iran, 12 in UAE and five in Italy, the government informed the Lok Sabha on Wednesday.

In a written reply to a question in the Lok Sabha, Minister of State for External Affairs V Muraleedharan said the total number of Indians infected by coronavirus is 276 — 255 in Iran, 12 in UAE, five in Italy, and one each in Hong Kong, Kuwait, Rwanda and Sri Lanka.

A fourth batch of 53 Indians returned to India from Iran on Monday, taking the total number of people evacuated from the coronavirus-hit country to 389.

Iran is one of the worst-affected countries by the coronavirus outbreak and the government has been working to bring back Indians stranded there. Over 700 people have died from the disease in Iran and nearly 14,000 cases detected.

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News Network
June 4,2020

New Delhi, Jun 4: India's Defence Secretary Ajay Kumar tested positive for COVID-19 on Wednesday, following which the defence ministry carried out a massive contact-tracing exercise, official sources said.

Kumar's condition is stable and he is currently under home-quarantine, they said.

At least 35 officials working at the ministry's headquarters in South Block in the Raisina Hills have been sent on home quarantine after reports of Kumar testing positive for the infection emerged on Wednesday morning.

There was no official comment on Kumar's health condition. The defence ministry spokesperson refused to comment on the issue.

It is learnt that Defence Minister Rajnath Singh did not attend office as part of a precautionary measure.

The offices of the defence minister, the defence secretary, the Army Chief and the Navy Chief are on the first floor of the South Block.

The sources said all laid down protocols on contact-tracing and quarantining of people are being scrupulously followed.

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News Network
March 7,2020

Thiruvananthapuram, Mar 7: Kerala Chief Minister Pinarayi Vijayan on Saturday came down heavily on the BJP-led government at the Centre for imposing a ban on two Malayalam channels in connection with the Delhi violence reporting, saying an "undeclared emergency" was prevailing in the country.

Terming the ban as a "dangerous trend", the left leader said it was an indication of the coming dangers. "The Centre has made an infringement into the freedom of the press, crossing all limits. There is a threat that if anybody criticises RSS and Sangh Parivar, they will be taught a lesson," he said here in a statement.

The channels- Asianet News and MediaOne were suspended for 48 hours over their coverage of last month's riots in Delhi, with the official orders saying they covered events on February 25 in a manner that "highlighted the attack on places of worship and siding towards a particular community".

However, the ban was lifted on Saturday morning. Urging everyone to adopt a "democratic vigil" against such trends, the Chief Minister said the tactics of the Centre was to bring everyone under its control by instilling fear.

It was seen that such an approach had repeatedly been made on Parliament, constitutional bodies and judiciary in recent times, he said. Claiming that one of the reasons for the ban was criticism of RSS and the Delhi police by the channels, he said no one is beyond that. "How can it be illegal to criticise RSS? The Constitution guarantees the right of any citizen to express his opinion fearlessly," he said.

People have the right to know what is happening in the country and the media has the right and responsibility to report it, Vijayan said adding that the fourth estate should be allowed to act "freely and equitably". The ban on Asianet News was lifted at 1.30 am, while the ban on Media One was lifted at 9.30 am on Saturday, a source at the Ministry of Information and Broadcasting told PTI.

Sources said the two channels had written to the ministry seeking revocation of the bans, following which it was lifted. "Channel's reporting on Delhi violence seems to be biased as it is deliberately focusing on the vandalism of CAA supporters," the ministry order on Media One had said.

"It also questions RSS and alleges Delhi Police inaction. Channel seems to be critical towards Delhi Police and RSS." The ministry had ordered prohibition of transmission or re-transmission of Media One and Asianet News for 48 hours on any platform throughout India with effect from 7.30 pm on Friday to 7.30 pm on Sunday. The Congress and the CPI had flayed the government over the suspension of Media One and Asianet News, calling the clampdown as "stifling of media freedom".

Former chief minister Oommen Chandy said the ban on the two malayalam channels was an "affront" on the democratic rights of the media. The fourth estate is the pillar of democracy and attempts to suppress the media by the government is "extremely worrying", he said in a facebook post.

"I join all democratic minded citizens in strongly condemning such attempts to muzzle the media by the government," he said. Meanwhile, Press Club, Kerala Union of Working Jouranlists (KUWJ) and Kerala Newspaper Employees Federation (KNEF) took out a march to the General Post Office here against the Centre's action on the two channels.

Media personnel holding placards and raising slogans participated in the march against the centre's decision. Similar protests were held in various parts of the state.

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Indian
 - 
Saturday, 7 Mar 2020

All these are happening in our nation only because of EVM tamper. Unless Ballot voting criminals will spoil our nations unity and image.

 

Jai Hind

 

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