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
April 16,2025

In a powerful courtroom exchange, the Supreme Court of India on Tuesday sharply questioned the Centre over controversial changes in the Waqf Amendment Act, especially the provision that allows non-Muslims to be part of the Central Waqf Council.

The hearing was conducted by a bench led by Chief Justice Sanjiv Khanna, and included Justices Sanjay Kumar and KV Viswanathan. The court is currently hearing 73 petitions filed against the amended law, which has stirred protests in several parts of the country.

Key Questions Raised by the Court

1. Should the Petitions Be Shifted to High Courts?

Chief Justice Khanna opened the hearing by asking:

•    Should these petitions be heard by a High Court?

•    What specific constitutional questions are the petitioners raising?

Petitioners Argue Violation of Religious Freedom

Senior Advocate Kapil Sibal argued that:

•    The new law violates Article 26 of the Constitution, which protects the right to manage religious affairs.

•    Giving the Collector judicial authority under the law is unconstitutional, since the Collector represents the government.

What Is 'Waqf by User' — And Why It's Controversial

•    Sibal explained that ‘Waqf by user’ refers to properties that have long been used for religious or charitable purposes and are thus treated as Waqf, even if no written deed exists.

•    The new law removes this recognition if the property is government land or under dispute — which he said undermines centuries of Islamic tradition.

•    “If a waqf was created 3,000 years ago, they’ll ask for the deed,” Sibal remarked.
Senior Advocate Abhishek Singhvi added that nearly half of India’s 8 lakh Waqf properties (approx. 4 lakh) are based on this concept.

The Chief Justice acknowledged the complexity, noting:

“We are told the Delhi High Court is built on Waqf land. There is misuse, yes—but there are genuine Waqfs too.”

Major Flashpoint: Inclusion of Non-Muslims in Waqf Council

“Will Muslims Be on Hindu Boards? Say It Openly” — Chief Justice Asks Centre

One of the strongest moments in the hearing came when the court questioned the Centre’s move to allow non-Muslims on the Central Waqf Council.

The Chief Justice asked Solicitor General Tushar Mehta:

“Are you saying you will allow Muslims to be part of Hindu endowment boards? Say it openly.”

This pointed question was aimed at highlighting perceived inconsistencies in how religious communities are treated in administrative roles concerning religious institutions.

 Centre Defends the Law

•    Solicitor General Tushar Mehta said the law was thoroughly debated and passed in both Houses of Parliament after review by a Joint Parliamentary Committee.

•    However, the bench asked:

“If a ‘Waqf by user’ was validated earlier by a court, does the new law now void that?”

The court observed that ancient religious structures often have no documentation:

“You cannot undo something that has stood for centuries.”

Petitioners Request Partial Stay

•    The petitioners clarified they are not seeking to block the entire Act, only some controversial provisions.

Concern Over Rising Tensions

The Chief Justice also expressed alarm over violence and tensions triggered by the law.
“It is very disturbing,” he said.

When Mehta said “they think they can pressurize the system,” Sibal responded, “We don’t know who is pressuring whom.”

What Happens Next?
The Supreme Court will continue the hearing tomorrow. The court has emphasized that while there are cases of misuse, many Waqfs are genuine, and religious freedoms must be protected under the Constitution.

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Agencies
April 22,2025

US President Donald Trump's administration intends to press India to give online retailers such as Amazon and Walmart full access to its $125 billion e-commerce market, the Financial Times reported on Tuesday, citing industry executives, lobbyists and US government officials.

The US plans to push Prime Minister Narendra Modi’s government for a level playing field on e-commerce in wide-ranging talks on a US-India trade agreement set to also cover sectors from food to cars, the newspaper reported.

It did not mention what measures the Trump administration expects from the Indian government.

Amazon and Walmart operate in India through local units but face restrictions on holding inventory and directly selling to consumers, unlike domestic firm Reliance, which can open physical stores and leverage its vast retail network to reach customers across the country.

Amazon and Walmart did not immediately respond to Reuters' requests for comment.

India and US are in the middle of chalking out a trade deal as part of New Delhi's efforts to avoid US tariffs.

US Vice President JD Vance also met with Indian Prime Minister Narendra Modi on Monday, as officials in New Delhi expect to clinch a trade deal with the U.S. within the 90-day pause on tariff hikes announced by Trump on April 9 for major trading partners.

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Agencies
April 24,2025

PMModi.jpg

Madhubani: In a stern message, Prime Minister Narendra Modi on Thursday said India will identify, track and punish every terrorist and their backers who were responsible for the attack in Pahalgam "beyond their imagination".

"Today, from the soil of Bihar, I say to the whole world that India will identify, track and punish every terrorist and their backers. We will pursue them to the ends of the earth," Modi said addressing a public gathering here.

"India's spirit will never be broken by terrorism. Terrorism will not go unpunished," the Prime Minister said in his first public remarks after the terror attack in Baisaran in Pahalgam that left at least 26 persons dead on Tuesday.

"Every effort will be made to ensure that justice is served. The entire nation stands firm in this resolve," he said.

"Everyone who believes in humanity is with us. I thank the people of various countries and the leaders who have stood with us in these times," the Prime Minister said in his brief remarks in English.

Modi asserted that the terrorists who carried out the attack and its planners will be "punished beyond their imagination".

He said the enemies of the country have dared to attack the soul of India.

Earlier, Prime Minister Modi and a large crowd gathered here for a National Panchayati Raj Day programme observed silence for a few moments to pay homage to the victims of the terror attack in Pahalgam in Jammu and Kashmir.

Before beginning his speech, Modi urged the gathering to observe silence as a mark of respect to "our family members" who lost their lives in Pahalgam.

Modi urged the gathering to remain seated in silence to pay homage to the victims of the terror attack.

Earlier, Bihar Chief Minister Nitish Kumar condemned the terror attack at Pahalgam and told the prime minister that the entire nation was united against terrorism.

Panchayati Raj Minister Rajiv Ranjan Singh said the entire nation had belief in Modi's strength and were confident he would give a befitting reply to the perpetrators of terror at an appropriate time.

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