Bengaluru: 3 killed in police firing after Cong MLA’s house attacked over FB post; 110 arrested

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.

Mangaluru: The Social Democratic Party of India (SDPI) has urged the Karnataka government to allocate Rs 3,000 crore in the 2025 state budget for the development of the tourism sector in Dakshina Kannada. This demand was made as part of the party’s ‘Janata Budget – 2025’ initiative.

Anwar Sadath S, president of SDPI’s Mangaluru Rural district unit, emphasized the district’s vast tourism potential, given its location between the Western Ghats and the Arabian Sea. He suggested projects such as beach development, walking tracks, play zones, amusement parks, and other recreational activities to boost tourism in the region.

In addition to tourism development, SDPI has called for several key initiatives in the state budget:

•    Establishment of a government medical college and a super-specialty hospital in Dakshina Kannada.

•    Setting up a High Court bench and a government law college in the district.

•    Development of an IT Park to boost employment opportunities.

•    Minimum support price for arecanut and a dedicated research centre for arecanut diseases.

•    Expansion of healthcare facilities, including a branch of the Jayadeva Institute of Cardiovascular Sciences and Research in Mangaluru.

•    Construction of residential accommodation for Muslim religious leaders serving in mosques and madrasas.

•    A special financial package for paddy farmers, offering Rs 2 lakh per acre as financial assistance.

Sadath criticized previous administrations for neglecting Dakshina Kannada, despite the district being one of the top tax contributors in Karnataka. He highlighted the dominance of private entities in education, healthcare, and business, stressing the need for greater government support in public amenities and welfare schemes.

SDPI urged Chief Minister Siddaramaiah to ensure adequate budgetary allocations for new projects, job creation, education, healthcare, and social welfare programs. The party insisted that the upcoming budget, to be presented on March 7, should prioritize balanced regional development across all districts.

Bengaluru: Starting March, households in Karnataka will feel the pinch as the price of Nandini milk is set to increase by ₹5 per litre. The hike, which will take effect after the state budget on March 7, will also see a reduction in milk packet quantity from 1,050 ml to 1 litre. With this revision, the cost of a litre of Nandini toned milk will rise to ₹47.

This marks the latest price revision by the Karnataka Milk Federation (KMF) in the past three years. In 2022, milk prices increased by ₹3 per litre, while in 2024, KMF raised prices by ₹2 per packet but increased the quantity by 50 ml. However, KMF insists that last year’s change was not a price hike, as it involved a proportional increase in milk volume.

The increase in milk prices comes amid multiple price hikes across essential commodities and services. The Coffee Brewers Association has announced a ₹200 per kg hike in coffee powder rates by March, while BMTC bus and Namma Metro ticket fares have also been increased. Additionally, the state government is considering a rise in water tariffs, and electricity supply companies (Escoms) have sought approval for a 67-paise hike per unit from the Karnataka Electricity Commission.

According to KMF Managing Director B. Shivaswamy, the hike follows demands from farmers for a ₹5 per litre increase. "Earlier, we procured 85-89 lakh litres of milk per day, sometimes even 99 lakh litres. Now, the supply has dropped to 79-81 lakh litres per day, so the additional milk provided to consumers will stop," he explained.

Despite the price increase, Shivaswamy emphasized that Nandini milk will still be more affordable than other brands in Karnataka and other states, including those sold online. KMF is currently in discussions with farmer unions, milk unions, employee associations, and other stakeholders to determine how the increased revenue will be allocated.

"Ideally, the additional cost should benefit farmers. However, concerns raised by employee unions over financial matters, including 7th Pay Commission wages and pensions, also need to be factored in," said a KMF official on the condition of anonymity.

The final decision on the milk price hike now rests with the Karnataka Chief Minister, with an official announcement expected post-budget.