India home to 101 billionaires, Mukesh Ambani tops list: Forbes

March 21, 2017

New York, Mar 21: India is home to world's fourth highest number of billionaires with Reliance Industries chief Mukesh Ambani leading the club of more than 100 super rich Indians, according to a new list released by Forbes magazine.

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The Forbes list of the 'World's Billionaires' 2017 consists of 2,043 of the richest people in the world who have a combined net worth of USD 7.67 trillion, a record 18-per cent increase over the past year.

The list has been topped by Microsoft co-founder Bill Gates for the fourth year in a row. He has been the richest person in the world for 18 out of the past 23 years. Gates has a fortune of USD 86 billion, up from USD 75 billion last year, followed by Berkshire Hathaway chief Warren Buffet with a new worth of USD 75.6 billion.

Amazon's Jeff Bezos added USD 27.6 billion to his fortune; now worth USD 72.8 billion, moving into the top three in the world for the first time, up from number five a year ago.

US President Donald Trump is ranked 544th on the list with his net worth of USD 3.5 billion.
India is home to 101 billionaires, the first time it has has more than 100 super rich individuals.

The US continues to have more billionaires than any other nation, with a record 565, up from 540 a year ago. China is catching up with 319, Germany has the third most with 114 and India has the fourth highest number of billionaires.

There are nearly 20 people of Indian-origin who have made fortunes in various nations across the world, led by UK-based Hinduja brothers ranked 64th with USD 15.4 billion net worth, Indian-born tycoon Pallonji Mistry, who controls the 152-year-old Mumbai-headquartered engineering giant Shapoorji Pallonji Group at the 77th spot with USD 14.3 billion net worth and petrochemicals major Indorama co-founder Sri Prakash Lohia at the 288th spot with USD 5.4 billion net worth.

Mistry's younger son Cyrus is embroiled in a legal battle with the Tata Group after he was suddenly ousted as chairman of Tata Sons, a position he had held since 2012. Ambani, 59, leads the pack of Indian billionaires, coming in at the 33rd position with a net worth of USD 23.2 billion.

Forbes said the "oil and gas tycoon" sparked a price war in India's hyper-competitive telecom market with the launch of 4G phone service Jio last September. His younger brother Anil is ranked 745th with a net worth of USD 2.7 billion.

The younger Ambani sibling "orchestrated the merger of his Reliance Communication's telecom business with that of rival Aircel, controlled by Malaysian billionaire Ananda Krishnan. The combine, which awaits regulatory approvals, will be the country's fourth-largest mobile phone operator," Forbes said.

Next on the list of Indian billionaires is ArcelorMittal chairman and CEO Lakshmi Mittal on the 56th spot with a net worth of USD 16.4 billion. Forbes said the Indian steel baron regains his status as the world's second richest Indian on an uptick in steel prices and demand. "The world's biggest steelmaker also got a reprieve from import tariffs on steel imposed by the US and Europe and a one-time USD 832 million saving from a new labour contract signed last year with its US workers," it added.

The list includes only four women billionaires from India, led by Savitri Jindal and her family at the 303rd position with a net worth of USD 5.2 billion. "After declining last year, the fortune of steel and power clan, whose matriarch Savitri Jindal chairs the OP Jindal Group, rose as steel prices recovered," Forbes said.

Smita Crishna-Godrej from the Godrej clan is ranked 814th followed by Biocon founder Kiran Mazumdar-Shaw (973) and Leena Tewari (1030), chair of USV India which specialises in diabetic and cardiovascular drugs.

Also making the list is Wipro chairman Azim Premji (72), Adani group founder Gautam Adani (250), Bajaj Group chair Rahul Bajaj (544), investor Rakesh Jhunjhunwala (939), Infosys co-founder NR Narayana Murthy (1161), chairman emeritus of Dabur Vivek Chand Burman (1290), Infosys co-founder Nandan Nilekani (1290), Wockhardt chair Habil Khorakiwala (1567), Mahindra group chief Anand Mahindra (1567), property tycoons Niranjan and Surendra Hiranandani (tied at 1678) and Yes Bank head Rana Kapoor (1795).

Founder of mobile wallet Paytm Vijay Shekhar Sharma is ranked 1567 with his net worth of USD 1.3 billion. Forbes said Paytm was "one of the biggest beneficiaries of the government's decision to demonetise 86 per cent of India's rupees and move to a cashless economy", notching up 200 million registered users and five million transactions daily.

Making his debut on the list at 814th spot is Acharya Balkrishna, friend of yoga guru Baba Ramdev, who holds 97 per cent stake in the fast-growing consumer goods firm Patanjali Ayurveda. His net worth is USD 2.5 billion.

Forbes said Facebook founder Mark Zuckerberg moved up to number five for the first time, after his fortune rose USD 11.4 billion in 12 months. Meanwhile Carlos Slim Helu of Mexico, once the world's richest man, fell to number six, the first time he's been out of the top five in a dozen years. There were 195 newcomers.

China had the most new ten-figure fortunes with 76. The US was second with 25. The list has 56 billionaires under age 40, down from 66 last year, after some aged out and others dropped below the USD 1-billion mark. Seventy-eight people fell off the list, including 33 from China, 7 Americans and 9 who are still super wealthy but share their wealth among extended family members and therefore are not eligible for these ranks.

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News Network
March 25,2024

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Congress leader Rahul Gandhi will face Kerala BJP chief K Surendran in the high-profile Wayanand constituency this Lok Sabha election.

Wayanad, a Congress stronghold, has been with the party since 2009. Mr Gandhi won it in 2019 and retained his Lok Sabha membership, having lost his Amethi seat to Union Minister Smriti Irani.

His rival this time, Mr Surendran, has the significant task of challenging the Congress-Left binary in Kerala's political landscape. Both the Congress and the Left are in a national alliance though they remain rivals in this southern state.

Surendran has contested all three Lok Sabha elections since 2009 and also four Assembly elections. In 2021, he contested from Konni and Manjeshwar seats simultaneously. 

In 2019 general elections, Mr Surendran finished third in Pathanamthitta constituency behind the Congress and the Left. He had lost the 2016 assembly polls from Manjeswaram by merely 89 votes. He also contested a bypoll in 2019, but lost it as well.

He was appointed to head the BJP Kerala unit in 2020 and became the face of the protests against the entry of young women into Sabarimala years ago.

Mr Surendran, who is from Kozhikode, figured in the BJP's fifth candidates' list, which also named actor Kangana Ranaut and former Calcutta High Court judge Abhijit Gangopadhyay.

Wayanad is the second Kerala seat to see a battle of titans after Thiruvananthapuram, where Union Minister Rajeev Chandrasekhar will face the three-time Congress MP Shashi Tharoor.

The BJP has also fielded former vice-chancellor of Sree Sankara Sanskrit University K S Radhakrishnan from Ernakulam and actor-turned-politician G Krishnakumar from Kollam. T N Sarasu, a former educator, will contest from Alathur in Palakkad.

The highlight of the BJP's fifth list was the electoral debut of actor Kangana Ranaut from Mandi in her homestate Himachal Pradesh. The list, which named 111 candidates in 17 states, also featured new joinees like industrialist Naveen Jindal and Mr Gangopadhyay.

Mr Gangopadhyay, who joined the BJP recently after taking voluntary retirement, is the first former judge to join electoral politics. He has been fielded from Tamluk in Bengal and will face Trinamool's Debangshu Bhattacharya, a youth leader who had penned the party's "Khela Hobe" song.

Varun Gandhi, a sitting MP from Pilibhit, has been dropped and his seat has gone to Jitin Prasada, who switched to the BJP from the Congress in run-up to the election. His mother Maneka Gandhi has been fielded from her current seat, Sultanpur.

Actor Arun Govil, who played Ram in popular TV series Ramayan, will contest from Meerut. Union ministers Ashwini Kumar Choubey and General VK Singh too were part of the list.

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News Network
March 28,2024

New Delhi: After India summoned an American diplomat over their remarks on the arrest of Delhi Chief Minister Arvind Kejriwal in the liquor policy case, the US reiterated on Wednesday its call for "fair, transparent, timely legal processes".

We continue to follow these actions closely, including the arrest of Delhi Chief Minister Arvind Kejriwal, said US State Department Spokesperson Matthew Miller while responding to questions on India summoning Gloria Berbena, the US Acting Deputy Chief of Mission in New Delhi.

The meeting at the foreign ministry's South Block office lasted nearly 40 minutes yesterday with India objecting strongly to the US remarks on the arrest of Mr Kejriwal.

Miller also responded to a question on the Congress party's frozen bank accounts, saying, "We are also aware of the Congress party's allegations that tax authorities have frozen some of their bank accounts in a manner that will make it challenging to effectively campaign in the upcoming elections."

He said the US encourages "fair, transparent and timely legal processes" for each of these issues.

"With respect to your first question, I'm not going to talk about any private diplomatic conversations, but of course, what we have said publicly is what I just said from here, that we encourage fair, transparent, timely legal processes. We don't think anyone should object to that," he said.

Mr Kejriwal was arrested last week by the Enforcement Directorate (ED), the third Aam Aadmi Party (AAP) leader after Manish Sisodia and Sanjay Singh to be taken into custody in connection with the alleged liquor policy scam.

The US State Department on Tuesday said it is monitoring reports of Mr Kejriwal's arrest and called on New Delhi to ensure "a fair and timely legal process" for the jailed Chief Minister.

India objected to it and warned of "unhealthy precedents".

"States are expected to be respectful of the sovereignty and internal affairs of others, and this responsibility is even more so in case of fellow democracies. It could otherwise end up setting unhealthy precedents," the foreign ministry said.

"India's legal processes are based on an independent judiciary which is committed to objective and timely outcomes. Casting aspersions on that is unwarranted," the ministry stressed.

The US remarks came days after Germany's Foreign Office stressed that Mr Kejriwal is entitled to a fair and impartial trial. The Indian government had reacted strongly and summoned the German envoy, labelling their remark "blatant interference in internal matters".

The excise policy was introduced to bring an overhaul to the liquor business in Delhi, but was scrapped after Lieutenant Governor VK Saxena ordered a probe into the alleged irregularities in the policy. The ED believes the bribe money from the policy was allegedly used for funding the AAP's election campaigns. It has also called Mr Kejriwal a "conspirator" in the case.

His arrest just ahead of the 2024 Lok Sabha election has also prompted furious protests from the opposition camp.

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News Network
March 16,2024

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Budget carrier Air India Express has launched a new fare family, offering travelers the option to save on flight tickets by traveling light, with an increased baggage allowance of up to 40kg or no check-in luggage at all.

The new fare categories, applicable to flights to and from the UAE and other international destinations, are:

•    Xpress Lite
•    Xpress Value
•    Xpress Flex
•    Xpress Biz

Xpress Lite offers cabin baggage-only fares, making it the most economical option for passengers traveling with the airline.

Xpress Value fare includes 15 kg check-in bag fares, while Xpress Flex offers unlimited changes with no change fees. Xpress Biz features business class seats, complimentary meals, and priority services.

A subsidiary of Air India and a part of Tata Group, the airline introduced Xpress Lite on February 20 for UAE passengers who prefer traveling without check-in baggage.

Xpress Biz fares are accessible on all the new Air India Express Boeing 737-8 aircraft. Travelers can benefit from increased baggage allowances of 25kg for domestic flights and 40kg for international flights when booking Xpress Biz fares. This fare offers priority check-in, baggage, and boarding services.

Air India Express is already operating aircraft with Biz seats across 70-plus routes in India.

In a previous interview with a news channel Aloke Singh, managing director of Air India Express, stated that the carrier was looking to increase capacity to the Gulf region, including the UAE, as well as to provide better connectivity to Gulf travelers.
 

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