Mukesh Ambani is world's 9th richest person; Gautam Adani slips to 23rd

News Network
March 22, 2023

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New Delhi, Mar 22: Despite an erosion of 20 per cent or $21 billion in wealth, Reliance Industries' Chairman and Managing Director Mukesh Ambani continues to be at the top 10 wealthiest individuals in the world with a wealth of $82 billion, states the 2023 M3M Hurun Global Rich List.

For the third consecutive year, Ambani retained the wealthiest Asian title.

With a 35 per cent decrease or $28 billion in wealth to $53 billion, Gautam Adani and family, of Adani Group slipped to 23rd rank in the world's wealthiest from the last year's second rank.

Adani also lost the second richest Asian title in 2023.

A report in January by US short-seller Hindenburg led to Adani seeing his wealth down by more than 60 per cent from his peak.

Last year, it was said that Adani topped the list by adding Rs 1,600 crore per day over 2022.

The other Indian billionaires who figure in the world's top 50 richest are: Cyrus Poonawalla (global rank 46, wealth $27 billion), and Shiv Nadar and family (rank 50, $26 billion).

Interestingly, barring Poonawalla whose wealth went up by 4 per cent, the wealth of all other Indian billionaires in the global top 100 wealthiest had seen an erosion.

In stark contrast to the 2022 M3M Hurun Global Rich List, India is at the top of the league table when it comes to wealth depletion.

When countries such as China and the US had 178 and 123 billionaires, respectively, who lost more than $1 billion, India has 41 billionaires who lost more than a billion-dollar YoY in 2023 M3M Hurun Global Rich List.

In terms of number of billionaires who have added $1 billion or more over the last year, India occupies sixth rank in the list.

India added 16 billionaires and occupies the third spot, comfortably ahead of Italy which added 9 billionaires in this year's list.

The richest new entrant from India, Rekha Rakesh Jhunjhunwala and family, tops the list of top 16 new Indian entrants in 2023 M3M Hurun Global Rich List.

Over the last 5 years, Indian billionaires in 2023 M3M Hurun Global Rich List added circa $360 billion to their cumulative wealth - equivalent to Hong Kong's GDP.

"M3M Hurun Global Rich List 2023 tells the story of the current global economy through the eyes of the entrepreneurs," said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

"At a critical point in history, when India's GDP is poised to double by the end of the decade, we are excited about celebrating and benchmarking wealth creation in India with the rest of the world," said Pankaj Bansal, Director, M3M India. 

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News Network
May 17,2023

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Mangaluru: The Puttur town police have detained nine Hindutva activists and are on the lookout for another accused in connection with the case of an alleged derogatory banner. 

Those detained Hindu activists have been identified as Abhi alias Avinash, Shivaram, Chaithresh, Eshwar, Nishanth, Deekshith, Guruprasad, Madhav and Vishwanath.

A black condolence banner with the pictures of former chief minister D V Sadananda Gowda and BJP state president Nalin Kumar Kateel had sprung up near the KSRTC bus stand in Puttur after the May 13 assembly poll results. 

The black banner, decked with a garland of footwear, offered “condolences” to Gowda and Kateel for ensuring a humiliating defeat to the BJP candidate in the Puttur Assembly segment. Due to a triangular contest, BJP candidate Asha Thimmappa Gowda, who polled 37,558 votes, was pushed to third position.

MLA Ashok Kumar Rai Kodambady had polled 66,607 votes and defeated BJP rebel independent candidate Arun Kumar Puthila by a margin of 4,149 votes. The BJP supporters, who have been trolling Kateel on social media, installed the banner taking potshots at the caste miscalculations of both Kateel and Gowda. Later, the Puttur police intervened and had the banner removed.

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May 16,2023

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Bengaluru, May 16: The Congress's cautious approach to resolving the 'DK Shivakumar or Siddaramaiah' conundrum in Karnataka has triggered a side-effect -- new claims from different caste groups for the chief minister post. 

The All India Veershaiva Mahasabha, which represents the influential Lingayat community, has bid for the top post, citing that 34 of the newly elected Congress MLAs are Lingayats. The swing of the Lingayat vote, once a key support base of the BJP, has been identified as a key factor in the Congress win this time.

Another claim has come in from the Dalit community. Supporters of veteran Congress leader G Parameshwara held a demonstration, demanding that the Dalit leader be chosen for the Chief Minister post. At the gathering in Tumkur, placards reading "a Dalit should be CM" were waved.

In a letter addressed to Congress president Mallikarjun Kharge, the All India Veerashaiva Mahasabha has said that the Congress had fielded 46 candidates from the community and 34 of them won.

The organisation has key Lingayat leaders among its members. Its president is 91-year-old Shamanuru Shivashankarappa, Karnataka's oldest MLA who won from Davangere South this time.  

"Further more, we wish to bring to your kind notice that our community has played a major role in electing other smaller communities in other 50 constituencies. This shows that the traditional voters of the BJP has shifted its loyalty to Congress party, thereby supporting the Congress party to win 134 constituencies in the state," the letter adds.

The community, which accounts for 17 per cent of Karnataka's population, can potentially swing outcomes in nearly 100 seats. It is the community's electoral significance that saw all parties vie for its support and promote Lingayat leaders in the run-up to the polls.

The organisation has further suggested that it is important that the Congress retains the support of the community for the general election due next year.

"Considering the above facts, we now urge the Congress party to give a chance/consider (a) Veerashaiva Lingayat community leader for the post of Chief Minister of Karnataka state," the letter states.

The organisation has also requested the Congress chief to ensure a number of cabinet berths for the community "which is proportionate to the number of MLAs of our community".

The demand for the Chief Minister post, however, seems more like a pressure building tactic as the two tallest Congress leaders in Karnataka are in running for the job and no third name has been come up in discussions so far.

Once a key support base of the BJP, the Lingayats backed the Congress this time, results in the seats dominated by the community have indicated.

Former Chief Minister Jagadish Shettar, who switched from the BJP to the Congress days before polls, said that the Lingayats support the Congress this time.

A key factor behind the Lingayat swing could be the removal of BS Yediyurappa, BJP veteran and tallest Lingayat leader in Karnataka, as chief minister over corruption charges. While the BJP replaced him with Basavaraj Bommai, another Lingayat leader, the results indicate it did not help the party's poll prospects. Even the last minute move to scrap 4% reservation to Muslims and its reallocation among Lingayats and Vokkaliga did not not work in the BJP's favour. 

The seeds of Congress' current dilemma over the choice of a chief minister were, in fact, sown during their poll campaign. To take on the BJP's formidable election machinery, the party avoided projecting a single leader as the face of its campaign. Instead, it projected the trio of Mr Shivakumar, Mr Siddaramaiah and its national chief Mr Kharge as leading its Karnataka push.

While Mr Shivakumar belongs to the influential Vokkaliga community, which dominates southern Karnataka, Mr Siddaramaiah is a Kuruba, a backward caste group that has sizeable presence in central and northern Karnataka. With the Dalit roots of its national president Kharge, Congress got a panel of leaders that appealed, in total, to a huge chunk of Karnataka's population.

While this hugely benefited the Congress campaign and paved the way for its victory, the competing claims for the top job are now proving to be a hurdle in its decision-making.

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May 21,2023

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Belthangady, May 21: A massive fire broke out in a supermarket on Didupe Road at Somanthadka near Mundaje in Belthangady of Dakshina Kannada district early on Sunday morning.

The fire, believed to be accidental, was noticed by newspaper distributors in the area at around 4.30 a.m. on Sunday.  

The issue was brought to the notice of authorities. The fire was doused with timely help from the fire brigade and the locals.
 

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