Demonetisation impacts billionaire club; Mukesh Ambani remains No 1

March 7, 2017

New Delhi, Mar 7: India’s richie rich club has shrunk by 11 people since the demonetisation last November, while Mukesh Ambani remains the richest Indian with a net worth of USD 26 billion, a study showed today. The country now has 132 billionaires with a net worth of USD 1 billion or more and the cumulative wealth of the ultra- rich people stood at USD 392 billion, according to Hurun Global Rich List India.

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Though there has been a fall in number of billionaires in the country since demonetisation, the aggregate total wealth of the ultra-rich people has increased by 16 per cent over last year, the report said. In the list of top 10 richest people Ambani is followed by the SP Hinduja & family, at the second position with a net worth of USD 14 billion, followed by Dilip Shanghvi, at the 3rd position with a wealth of USD 14 billion.

Others in the top 10 billionaires include, Pallonji Mistry at the fourth place at USD 12 billion, Lakshmi N Mittal (5th, USD 12 billion), Shiv Nadar (6th, USD 12 billion), Cyrus Poonawalla (7th, USD 11 billion), Azim Premji (8th, USD 9.7 billion), Uday Kotak (9th, USD 7.2 billion) and David Reuben and Simon Reuben at the 10th place with USD 6.7 billion. According to the report, since demonetisation on November 8, India lost 11 billionaires.

"India had a tough year because of disruptive government policies such as demonetisation drive. However, on a long term perspective, we do believe that such transparent currency economics will have a positive impact for the entrepreneurs," Hurun Report India Managing Director and Chief Researcher Anas Rahman Junaid said.

Among cities, Mumbai is the capital for India's super- rich as the city is home to 42 billionaires, followed by Delhi (21) and Ahmedabad (9). In terms of billionaire spread state wise, Maharashtra topped the list with 51 billionaires, followed by Delhi 22, Gujarat (10) and Karnataka (9). Vis-a-vis last year almost a third of the list has been replaced with 27 new additions and 31 dropouts.

E-commerce entrepreneurs Sachin and Binny Bansal dropped out of the Global Billionaires list, while Acharya Balakrishna of Patanjali is the wealthiest new face at the 29th position with a networth of USD 3.7 billion. Kiran-Mazumdar-Shaw is the only self-made woman billionaire with a wealth of USD 1.9 billion, the report added. Regarding billionaire outflow, the report said that 32 individuals migrated from India and UAE is the most preferred destination with 13 immigrants.

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January 4,2025

Mangaluru: In a shocking case of fraud, six individuals posing as officials from the Enforcement Directorate (ED) swindled a beedi businessman of Rs 25 to 30 lakh in cash and five mobile phones at Kolnad in Bantwal taluk of Dakshina Kannada on Friday night.

The incident came to light after Mohammed Iqbal, 27, lodged a complaint with the police, stating that his father, a beedi trader, was targeted by the imposters.

According to the complaint, the six accused arrived at the businessman’s residence around 8:10 pm in a car with Tamil Nadu registration plates. Claiming to be ED officials, they announced that they had orders to search the house and began confiscating mobile phones from the family members.

The fraudsters reportedly discovered Rs 25 lakh to Rs 30 lakh in cash, which the businessman had kept aside for business purposes. They claimed that keeping such a large amount was illegal and threatened to arrest him unless he complied. By 10:30 pm, the group left the house, instructing the businessman to submit documents at the ED office in Bengaluru to reclaim the money.

Later, upon discussing the incident with his family, Iqbal realized that the individuals were not ED officials but fraudsters who had impersonated authorities to rob them.

A case has been registered at Vittal Police Station under relevant sections of the Indian Penal Code. An investigation is underway, and the police have promised swift action to apprehend the culprits.

Dakshina Kannada Superintendent of Police Yathish N, along with senior officers, visited the crime scene and assured the family that the perpetrators would be brought to justice at the earliest.

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January 4,2025

Mangaluru: Dakshina Kannada MP Captain Brijesh Chowta met Union Home Minister Amit Shah in New Delhi on Friday to discuss key issues affecting the security and development of the region. The meeting highlighted several urgent concerns, ranging from counter-terrorism measures to infrastructure upgrades.

During the meeting, Chowta strongly advocated for establishing a National Investigation Agency (NIA) Centre in Mangaluru. He pointed out the city’s vulnerability to threats such as Islamic radicalisation, sleeper cells, and the activities of groups like SDPI and PFI. Citing the unrest during the Citizenship Amendment Act (CAA) protests, Chowta emphasized the ability of radical groups to incite large-scale disruptions. He argued that Mangaluru’s strategic coastal location necessitates an NIA Centre to bolster counter-terrorism operations and ensure regional security.

Chowta also discussed the Indian Coast Guard Academy, sanctioned for Mangaluru in 2020. He highlighted its potential to enhance India’s maritime security through advanced training in coastal defence, disaster response, and surveillance. Situated near the Arabian Sea and Mangalore Port, the academy is strategically positioned to address challenges in regions like Lakshadweep and the Maldives, aligning with India’s geostrategic interests.

The MP proposed the establishment of a Sainik School in Mangaluru to nurture leadership, discipline, and patriotism among local youth. He emphasized that such an institution would not only provide quality education but also act as a feeder for the armed forces, enhancing the region’s defence readiness. Chowta suggested pairing the school with a military installation, further strengthening coastal defence capabilities and supporting national security goals.

Addressing infrastructure, Chowta underscored the need to improve the Mangaluru-Bengaluru railway and road networks. He argued that enhanced connectivity would unlock the region’s economic potential, streamline logistics for New Mangalore Port, and support key industries such as fisheries, agriculture, and manufacturing. Additionally, upgraded infrastructure would boost trade, tourism, and employment opportunities.

On economic development, Chowta urged the revival of cooperative banks under the Ministry of Cooperatives. He proposed increased funding and loan facilities for businesses and farmers to enhance financial inclusion and regional economic stability. Strengthening fisheries cooperatives, he noted, would provide local fishermen with better access to financial services, loans, and insurance, improving productivity and security.

The MP’s discussions reflected a comprehensive vision for balancing security, infrastructure, and economic growth in Dakshina Kannada, aligning with both regional and national priorities.

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January 14,2025

Udupi: Karnataka Kreedakoota-2025, a sports event organised by the Youth Empowerment and Sports Department, Karnataka Olympic Association, and the District Administration, will be held in Udupi and Dakshina Kannada districts from January 17 to January 23.

The event will feature 1,373 athletes participating in a variety of sports, including kayaking, canoeing, archery, cycling, wrestling, boxing, hockey, lawn tennis, table tennis, Kabaddi, Judo, and athletics.

Deputy Commissioner Vidya Kumari K addressed a press conference on Monday, providing details about the events in Udupi and Dakshina Kannada.

According to her, while volleyball, basketball, and swimming competitions will take place in Dakshina Kannada, events like kayaking and canoeing will be held in Brahmavara’s Swarna River, and archery will take place at the MJC Ground in Manipal.

Marena Sports Complex in Manipal will host lawn tennis and table tennis matches, she added.

The opening ceremony will take place on January 17 in Mangaluru and Chief Minister Siddaramaiah will be inaugurating the event.

The closing ceremony will be held in Udupi on January 23, with Governor Thaawarchand Gehlot and Home Minister G Parameshwar attending.

The district administration, in collaboration with Manipal Academy of Higher Education (MAHE), Manipal, has made provisions for accommodation and food for the participants, said the DC.

She also said the synthetic track at the Mahatma Gandhi District Stadium in Ajjarakad is undergoing repair work after its 10-year durability period ended in 2023, to provide athletes better infrastructure.

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