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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.

The Indian government is developing a 'Universal Pension Scheme' to provide pension benefits to all citizens, including those in the unorganised sector, according to sources. 

Key Features of the Proposed Scheme:

Inclusivity: Targets unorganised sector workers—such as construction workers, domestic staff, and gig workers—who currently lack access to large government-run savings schemes. 

Voluntary Participation: Open to all citizens aged 18 and above, including salaried employees and the self-employed. Participation is voluntary, with no mandatory government contributions. 

Streamlined Framework: Aims to consolidate existing pension and savings schemes, offering a unified and secure option for all citizens.

Complementary to Existing Schemes: Will not replace the National Pension System (NPS) but will serve as an additional option. 

Current Pension Schemes:

Atal Pension Yojana (APY): Provides a monthly pension of ₹1,000 to ₹5,000 after the investor turns 60, requiring regular contributions. 

Pradhan Mantri Shram Yogi Maandhan (PM-SYM): Benefits unorganised sector workers like street vendors and domestic workers, offering a monthly pension of ₹3,000 post-retirement.

Pradhan Mantri Kisan Maandhan Yojana: Designed for farmers, providing ₹3,000 monthly after the investor reaches 60 years of age.

The government plans to initiate stakeholder consultations once the proposal document is finalized.

This initiative reflects the government's commitment to enhancing social security and ensuring financial stability for all citizens in their retirement years.

In a move to strengthen the presence of Kannada in industrial and consumer markets, the Karnataka government has made it mandatory for all products manufactured within the state to display their names and usage instructions in Kannada, alongside any other languages.

The directive was formalized through a government circular issued on February 15, extending the requirement to both public and private sector manufacturers, the report added.

Enforcement officers designated under the Kannada Language Comprehensive Development Act, 2022, have been tasked with monitoring compliance.

The government emphasized that language is a reflection of a region’s cultural identity and that Kannada must be actively integrated into production, marketing, and business activities for it to thrive. The circular reiterated that the Act, implemented from March 12, 2024, aims to enhance employment and business opportunities for Kannadigas while ensuring the widespread use of Kannada in daily life.

As per Section 17(7) of the Act, manufacturers selling products within Karnataka must, wherever possible, ensure that product names and instructions are printed in Kannada along with any other language if needed.

This directive comes at a time when debates over language policies are intensifying in Karnataka. Recent discussions around local job quotas and the prominence of Kannada in government and corporate sectors have added to the ongoing discourse on linguistic identity in the state.

On the occasion of Kannada Rajyotsava Day, Karnataka Chief Minister Siddaramaiah had announced that the state government would take steps to ensure Kannada language labels on products manufactured in Karnataka.

Speaking at an event honoring the 69 recipients of this year’s Rajyotsava awards, Siddaramaiah emphasized the importance of creating an environment that encourages the daily use and learning of Kannada.