Mukesh Ambani richest Indian for fifth straight year: Forbes

October 25, 2012

mukesh


New York, October 25: Mukesh Ambani has retained his position as the world’s richest Indian for the fifth year in a row, although his net worth declined by $1.6 billion to $21 billion but remained well above that of the second-ranked Lakshmi Mittal.

Steel baron Mr. Mittal’s net worth also fell by $3 billion at $16 billion, making him the second richest, as per global business magazine Forbes’ annual ranking of 100 wealthiest Indians, released Thursday.

Mr. Ambani, who heads energy-to-retail conglomerate Reliance Industries group, and Mr. Mittal were followed by IT czar Azim Premji ($12.2 billion), construction major and Tata group’s major shareholder Shapoorji Pallonji group patriarch Pallonji Mistry ($9.8 billion) and drugmaker Sun Pharma’s Dilip Shanghvi ($9.2 billion) in the top five.

Mr. Mukesh’s younger brother Anil Ambani, who heads telecom-to-infrastructure conglomerate Reliance Group, was ranked 11th with a net worth of $6 billion.

Others in top-10 ranking include Adi Godrej at sixth position ($9 billion), followed by Savitri Jindal ($8.2 billion), Shashi & Ravi Ruia ($8.1 billion), Hinduja Brothers ($8 billion) and Kumar Mangalam Birla ($7.8 billion).

Even as the net worth of top-ranked persons like Mr. Ambani and Mr. Mittal fell, the collective wealth of India’s richest 100 rose by 3.7 per cent ($9 billion) to $250 billion in the past one year, Forbes said.

The number of billionaires also rose to 61, from 57 last year. Sun Pharma group’s Mr. Shanghvi entered the top five for the first time.

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Agencies
February 9,2020

Panaji, Feb 10: Archbishop of Goa and Daman, Rev Filipe Neri Ferrao, has urged the central government to "immediately and unconditionally revoke the Citizenship Amendment Act" and stop quashing the "right to dissent".

He also appealed to the government not to implement the proposed countrywide National Register of Citizens (NRC) and the National Population Register (NPR).

Diocesan Centre for Social Communications Media, a wing of the Goa Church, in a statement on Saturday said, "The Archbishop and the Catholic community of Goa would like to appeal to the government to listen to the voice of millions in India, to stop quashing the right to dissent and, above all, to immediately and unconditionally revoke the CAA and desist from implementing the NRC and the NPR."

The CAA, NRC and NPR are "divisive and discriminatory" and will certainly have a "negative and damaging effect" on a multi-cultural democracy like ours, the church said.

There is serious concern that NRC and NPR will result in "direct victimisation of the underprivileged classes, particularly Dalits, adivasis, migrant labourers, nomadic communities and the countless undocumented people who, after having been recognised as worthy citizens and voters for more than 70 years, will suddenly run the risk of becoming stateless and candidates for detention camps," it said.

There has been widespread discontent and open protests throughout the country and even abroad against the CAA, NRC and NPR, which are "forecasting a systematic erosion of values, principles and rights" that have been guaranteed to all citizens in the Constitution, the release said.

Eminent citizens, including top intellectuals and legal luminaries, have taken a studied and unequivocal stand against the CAA, NRC and NPR, it noted.

Goa also witnessed several protests, which transcended the confines of religious and caste affiliation and brought people from all walks of life together on one united platform, said the statement.

It said Christians in India have always been a peace loving community and deeply committed to the ideals of justice, liberty, equality and fraternity, enshrined in the
Constitution.

"We have always taken great pride that our beloved country is a secular, sovereign, socialist, pluralistic anddemocratic republic," the church said.

The very fact that CAA uses religion goes against the secular fabric of the country, it said.

"It goes against the spirit and heritage of our land which, since times immemorial, has been a welcoming home to all, founded on the belief that the whole world is one big family," the church said.

"We pray for our beloved country, that good sense, justice and peace prevail in the hearts and minds of all," it added.

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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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News Network
March 12,2020

New Delhi, Mar 12: The Supreme Court told the Uttar Pradesh government on Thursday that as of now, there was no law that could back their action of putting up roadside posters of those accused of vandalism during anti-CAA protests in Lucknow.

An apex court bench refused to stay the March 9 Allahabad High Court order directing the Yogi Adityanath administration to remove the posters.

The top court, which grilled the Uttar Pradesh government for putting up such posters in public, described the plea as a matter that needed "further elaboration and consideration".

A vacation bench of justices U U Lalit and Aniruddha Bose said a "bench of sufficient strength" would consider next week the Uttar Pradesh government's appeal against the Allahabad High Court order directing the state administration to remove the posters of those accused of vandalism during anti-CAA protests.

It directed the apex court registry to put up the case file before Chief Justice of India (CJI) S A Bobde so that a "bench of sufficient strength can be constituted at the earliest to hear and consider" the case next week.

During the hearing, the bench told Solicitor General Tushar Mehta, appearing for the Uttar Pradesh government, that it was a matter of "great importance".

It asked Mehta whether the state government had the power to put up such posters.

The top court, however, said there was no doubt that action should be taken against rioters and they should be punished.

Mehta told the court that the posters were put up as a "deterrent" and the hoardings only said that these persons were liable to pay for their alleged acts during the violence.

Senior advocate A M Singhvi, appearing for former IPS officer S R Darapuri whose poster has also been affixed in Lucknow, told the bench that the state was duty-bound to show the authority of law backing its action.

He said the action of the Uttar Pradesh government amounted to a "mega blanket" approach of naming and shaming these persons without final adjudication and it was an open invitation to common men to lynch them as the posters also had their addresses and photographs.

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