After Maggi, Top Ramen withdrawn from Indian market

21-year-old Kaivalya Vohra and 22-year-old Aadit Palicha of quick-commerce startup Zepto with net worth of Rs 3,600 crore and Rs 4,300 crore respectively have topped the 2024 Hurun India Rich List showcasing the youngest entrepreneurs in the country. 

The list, released on Thursday, had SG Finserve’s Rohan Gupta & Family, 25, on the third spot with a wealth of Rs 1,300 crore followed by 26-year-old Shasvat Nakrani of BharatPe (Rs 1,300 crore). 

OYO’s Ritesh Agarwal, 30, with a net worth of Rs 1,900 core; Alakh Pandey, 32, of Physics Wallah with Rs 4,500 crore in wealth were also on the list. Razorpay’s Harshil Mathur and Shashank Kumar, both 33, were the richest in the ‘Hurun India Rich List – Youngest’ with each having a net worth of Rs 8,700 crore. 

“These individuals are driving change across various industries, reflecting the growing impact of India’s youth in business,” the report said. 

52 entrepreneurs on this year’s list were founders of 29 unicorns and two founders of gazelles, defined as most likely to ‘go unicorn’ within two years. Moreover, the cumulative wealth of Indian unicorn and gazelle listers on the rich list increased by 5 per cent to Rs 2.85 lakh crore. 

Meanwhile, this year’s list reported India’s billionaire count hitting 334, topped by Gautam Adani and family with 95 per cent growth in wealth to Rs 11.6 lakh crore followed by Rs 10.14 lakh crore net worth of Mukesh Ambani and family, Rs 3.14 lakh crore of Shiv Nadar and family, Rs 2.89 lakh crore of Cyrus S Poonawalla and family, and Rs 2.49 lakh crore of Sun Pharmaceutical Industries’ Dilip Sanghvi. 

“India is emerging as Asia’s wealth creation engine! While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires,” said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India. 

The list found 1,539 individuals across 134 cities with a net worth of Rs 1,000 crore. The cumulative wealth of individuals, according to the list, jumped by 46 per cent. Moreover, 1,334 individuals saw their wealth increase or stay the same, of which 272 are new entrants, while 205 recorded a drop in their wealth. 

The report said India minted a new billionaire every five days last year.

Sector-wise, industrial products had 142 individuals from the list while pharmaceuticals had 136 individuals. Chemicals, software, and real estate were other top sectors with 127, 105, and 91 rich individuals from this year’s list. 

“The pivot in the Indian economy from a services-led to a manufacturing-led model is reflected in the 2024 Hurun India Rich List. Industrial products sector entrepreneurs on the list have seen a remarkable 47% CAGR in their cumulative wealth over the past five years—the highest among all sectors,” said Junaid. 

This shift, he said, is fueled by several key factors, including the central government’s significant increase in capital expenditure on infrastructure development, which has risen to $133.3 billion for FY2024-25, marking an 11.1 per cent jump from the previous year.  

“Additionally, India attracted substantial foreign direct investment (FDI), with total inflows reaching US$17.96 billion in FY2023-24.” 

Mumbai with 386 individuals followed by New Delhi with 217 individuals were home to rich listers this year. Bengaluru (100), Chennai (82), Kolkata (69) were other top cities.

Prime Minister Narendra Modi's visit to CJI D Y Chandrachud's house for Ganesha puja celebrations has raised doubts in the mind of Shiv Sena (UBT) leader Sanjay Raut, who questioned whether he would deliver 'justice' in the ongoing case the party has in the Supreme Court, given that the PM is the other party in the case.

Speaking to ANI, Raut said "Ganpathi festival is going on, people visit each other's houses. I don't have info regarding how many houses PM visited so far...but PM went to CJI's house and they together performed 'Aarti'."

He said that a custodian of the Constitution meeting politicians could raise doubts in the minds of people.

"In our case, other party is the central govt...Chief Justice should distance himself from this case because his relation with the other party in the case is openly visible," Raut continued.

He also raised questions if the CJI be able to give them justice in the case. "We are getting dates after dates and an illegal govt is going on...Shiv Sena and NCP were broken in such a way...we are not getting justice and PM Modi is taking a lot of interest in the illegal govt of Maharashtra, to save them," the Sena (UBT) leader continued.

Raut alleged that a doubt had been formed in Maharashtra's mind given the 'bond' the PM and the CJI seem to share.

Riyadh: External Affairs Minister S Jaishankar Monday met his Russian counterpart Sergey Lavrov here in the Saudi capital, days after President Vladimir Putin named India among the three countries he is constantly in touch over the Ukraine conflict.

Their interaction took place on the sidelines of the India-Gulf Cooperation Council (GCC) foreign ministers' meeting. Both the ministers are in the Saudi capital to attend ministerial meetings of the Gulf Cooperation Council.

"Russia’s Foreign Minister Sergey Lavrov held a meeting with Foreign Minister of India @DrSJaishankar," the Russian Foreign Ministry said in a post on X.

On Thursday, President Putin named India among the three countries he is constantly in touch over the Ukraine conflict and said they are sincerely making efforts to resolve it.

Speaking at the plenary session of the Eastern Economic Forum (EEF) in Vladivostok, Putin said, "If there is a desire of Ukraine to carry on with the negotiations, I can do that." His remarks came within two weeks after Prime Minister Narendra Modi's historic visit to Ukraine, where he held talks with President President Volodymyr Zelenskyy.

"We respect our friends and partners, who, I believe, sincerely seek to resolve all issues surrounding this conflict, primarily China, Brazil and India. I constantly keep in touch with our colleagues on this issue,” Putin was quoted as saying by Russia's TASS news agency.

Russian Presidential Spokesman Dmitry Peskov last week told the Izvestia daily that India could help in establishing a dialogue on Ukraine.

Underlining the existing "highly constructive, even friendly relations" between Modi and Putin, he said the Indian Prime Minister can "lead the line on getting first-hand information from the participants in this conflict," as he “freely communicates with Putin, with Zelenskyy, and with the Americans.” "This gives a great opportunity for India to throw its weight in world affairs, to use its influence that would drive the Americans and Ukrainians towards using a greater political will and entering the peaceful settlement track,” Peskov said.

He, however, said there are "no specific plans" for Modi to mediate on the issue.

"At this time they can hardly exist, as we do not see any preconditions for talks for now,” the Kremlin spokesman said.

Modi on August 23 visited Ukraine where he conveyed to President Zelenskyy that both Ukraine and Russia should sit together without wasting time to end the ongoing war and that India was ready to play an "active role" to restore peace in the region.

His nearly nine-hour visit to Ukraine, the first by an Indian prime minister since its independence in 1991, came six weeks after he held summit talks with President Putin that triggered anguish in some Western countries.

In his talks with Zelenskyy in Kyiv, Modi said India was on the side of peace since the beginning of the conflict and he would even like to contribute personally to a peaceful resolution of the crisis.

Jaishankar arrived in the Saudi capital Sunday on the first leg of his three-nation tour to attend the first India-Gulf Cooperation Council (GCC) foreign ministers' meeting.

The GCC is an influential grouping, comprising the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. The total volume of India's trade with GCC countries stood at USD 184.46 billion in the financial year 2022-23.

From Riyadh, Jaishankar will travel to Germany where he will meet the German Foreign Minister as well as the leadership and other Ministers from the German government to review the entire gamut of bilateral relations. This will be his third bilateral visit to Berlin.

On the third and final leg of his trip, Jaishankar will visit Geneva.