Union Budget lacks roadmap to accelerate growth, says Anand Sharma

The number of Indian high-net-worth individuals (HNWIs), those having assets more than $10 million, rose 6 per cent last year to 85,698, according to Knight Frank.

Global property consultant Knight Frank on Wednesday released its 'The Wealth Report 2025', which estimated the HNWI population in India at 85,698 in 2024, as against 80,686 in the preceding year.

The number is expected to rise to 93,753 by 2028, reflecting India's expanding wealth landscape, the consultant said.

The increasing trend of HNIW population highlights the country's strong long-term economic growth, increasing investment opportunities, and evolving luxury market, positioning India as a key player in global wealth creation.

India's billionaire population has also seen a strong year-on-year growth in 2024.

"India is now home to 191 billionaires, of which 26 joined the ranks in just the last year, which was pegged at just 7 in 2019," the consultant said.

The combined wealth of Indian billionaires is estimated at $950 billion, ranking the country third globally, behind the US ($5.7 trillion) and Mainland China ($1.34 trillion).

"India's growing wealth underscores its economic resilience and long-term growth potential. The country is witnessing an unprecedented rise in high-net-worth individuals, driven by entrepreneurial dynamism, global integration, and emerging industries," Shishir Baijal, Chairman & Managing Director, Knight Frank India, said.

This expansion is not just in scale but also in the evolving investment preferences of India's elite, who are diversifying across asset classes, from real estate to global equities, he added.

"In the decade ahead, India's influence in global wealth creation will only strengthen," Baijal said.

New Delhi: Former U.S. President Donald Trump has announced plans to develop a state-of-the-art missile defense system called the ‘Golden Dome’, inspired by Israel’s ‘Iron Dome.’ Addressing a joint session of Congress, Trump declared his intention to build “the most powerful military of the future” and pledged funding for a comprehensive missile shield to protect the U.S. homeland.

A Modern Take on Reagan’s Vision

Trump claimed that former President Ronald Reagan had envisioned a similar system decades ago but lacked the technology to bring it to life. The initiative he referred to was the Strategic Defense Initiative (SDI) of the 1980s, which aimed to intercept intercontinental ballistic missiles (ICBMs) but was eventually abandoned following the collapse of the Soviet Union.

How Will the ‘Golden Dome’ Work?

The U.S. already has several missile defense systems in place. Trump’s ‘Golden Dome’ would likely integrate existing technologies, including:

🔹 Space-Based Infrared System (SBIRS) – Satellites that provide early missile launch warnings.

🔹 Ground-Based Midcourse Defense (GMD) – Interceptors in Alaska and California designed to shoot down ICBMs.

🔹 Aegis Ballistic Missile Defense (BMD) – A naval-based system for intercepting short- to intermediate-range missiles.

🔹 Terminal High Altitude Area Defense (THAAD) – A mobile system to destroy medium- and intermediate-range missiles.

🔹 Patriot Advanced Capability-3 (PAC-3) – Interceptor missiles designed to counter Chinese hypersonic threats.

Comparing with Israel’s ‘Iron Dome’

Israel’s multi-layered missile defense includes:

✅ Iron Dome – Protects against short-range rockets.
✅ David’s Sling – Targets mid- to long-range missiles.
✅ Arrow-2 and Arrow-3 – Designed to intercept long-range ballistic missiles.

With the U.S. contributing over $3.7 billion toward Israel’s Arrow defense system, Trump’s ‘Golden Dome’ could follow a similar model but on a much larger scale.

While the feasibility and timeline of this ambitious project remain unclear, Trump's announcement signals a renewed push for advanced missile defense in an increasingly volatile world.

In a sharp retort to US President Donald Trump's reciprocal tariffs charge, the Chinese embassy in the US said Beijing is ready to "fight till the end" in any type of war the US wants. "If war is what the US wants, be it a tariff war, a trade war or any other type of war, we're ready to fight till the end," the Chinese embassy's official handle posted on X after Trump's explosive remarks in a joint session at Congress.

Trump said other countries have used tariffs against the US for decades. "Now it's our turn to start using them against those other countries. On average, the European Union, China, Brazil, India, Mexico and Canada. Have you heard of them? And countless other nations charge us tremendously higher tariffs than we charge them. It's very unfair. India charges us auto tariffs higher than 100%. China's average tariff on our products is twice what we charge them. And South Korea's average tariff is four times higher," he said.

"This is happening by friend and foe. This system is not fair to the United States and never was... That's reciprocal back and forth. Whatever they tax us, we will tax them," he said.

Trump has increased previously imposed 10 per cent levies on Chinese goods to 20 per cent. China has filed a complaint with the World Trade Organization against the US.

"The United States' unilateral tax measures seriously violate WTO rules and undermine the foundation of China-US economic and trade cooperation," Beijing's commerce ministry said in a statement.

While imposing the tariffs, Trump accused China of not doing enough to halt the trafficking of fentanyl and other highly potent opioids into the US.

The Chinese Foreign Ministry has contested this. "The fentanyl issue is a flimsy excuse to raise US tariffs on Chinese imports. The US, not anyone else, is responsible for the #FentanylCrisis inside the US. In the spirit of humanity and goodwill towards the American people, we have taken robust steps to assist the US in dealing with the issue. Instead of recognizing our efforts, the US has sought to smear and shift blame to China, and is seeking to pressure and blackmail China with tariff hikes," it said in a statement.

"They've been PUNISHING us for helping them. This is not going to solve the US's problem and will undermine our counternarcotics dialogue and cooperation. Intimidation does not scare us. Bullying does not work on us. Pressuring, coercion or threats are not the right way of dealing with China. Anyone using maximum pressure on China is picking the wrong guy and miscalculating. If the US truly wants to solve the fentanyl issue, then the right thing to do is to consult with China by treating each other as equals," it added.