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

News Network
March 22, 2023

Adaniambani.jpg

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. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 23,2024

Nationalcommision.jpg

The Karnataka government's decision to categorise the entire Muslim community as a backward caste for reservation purposes in the state has drawn criticism from the National Commission for Backward Classes (NCBC), which said such blanket categorisation undermines the principles of social justice.

According to the data submitted by the Karnataka Backward Classes Welfare Department, all castes and communities within the Muslim religion have been enlisted as socially and educationally backward classes under Category IIB in the State List of Backward Classes.

The NCBC, during a field visit last year, examined the state's reservation policy for OBCs in educational institutions and government jobs.

"All castes/communities of Muslim religion of Karnataka are being treated as socially and educationally backward classes of citizens and listed as Muslim Caste separately under Category IIB in the State List of Backward Classes for providing them reservation in admission into educational institutions and in appointments to posts and vacancies in the services of the State for the purpose of Articles 15(4) and 16(4) of the Constitution of India," the NCBC said in a statement on Monday night.

This categorisation has led to the provision of reservation benefits for 17 socially and educationally backward castes under Category I and 19 castes under Category II-A, respectively.

The NCBC said the blanket categorisation of Muslims as a backward caste undermines the principles of social justice, particularly for the marginalised Muslim castes and communities identified as socially and educationally backward.

However, the NCBC emphasised that while there are indeed underprivileged and historically marginalised sections within the Muslim community, treating the entire religion as backward overlooks the diversity and complexities within Muslim society.

"The religion-based reservation affects and works against ethics of social justice for categorically downtrodden Muslim castes/communities and identified socially and educationally backward Muslim castes/communities under Category-I (17 Muslim castes) and Category II-A (19 Muslim castes) of State List of Backward Classes. Hence, socially and educationally backward castes/communities cannot be treated at par with an entire religion," the NCBC stated.

The NCBC also voiced concern over the impact of such reservations on the overall framework of social justice, particularly in the context of local body polls.

While Karnataka provides 32 per cent reservation to backward classes in local body elections, including Muslims, the Commission stressed the need for a nuanced approach that accounts for the diversity within these communities.

According to the 2011 Census, Muslims constitute 12.92 per cent of the population in Karnataka.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 20,2024

Union Finance Minister Nirmala Sitharaman, on Friday, said that the Bharatiya Janata Party (BJP) plans to reintroduce electoral bonds in some capacity following extensive consultations with all stakeholders, should it come back to power in the 2024 general elections, according to a report in the Hindustan Times (HT).

HT cited Nirmala Sitharam as saying, “We still have to do a lot of consultation with stakeholders and see what is it that we have to do to make or bring in a framework which will be acceptable to all, primarily retain the level of transparency and completely remove the possibility of black money entering into this.”

However, the Centre has not yet decided whether to seek a review of the ruling made by the Supreme Court (SC), she said.

She further added, “What the scheme, which has been just thrown out by the Supreme Court, brought in was transparency. What prevailed earlier was just free-for-all.”

Launched in 2018, electoral bonds were accessible for acquisition at any State Bank of India (SBI) branch. Contributions made through this programme by corporations and even foreign entities via Indian subsidiaries received full tax exemption, while the identities of the donors remained confidential, safeguarded by both the bank and the recipient political parties.

On February 15, a five-judge Constitution Bench struck down the scheme, deeming it ‘unconstitutional’ due to its complete anonymisation of contributions to political parties. Additionally, the Bench stated that the articulated objectives of curbing black money or illegal election financing did not warrant disproportionately infringing upon voters’ right to information.

FM Sitharaman said, some aspects of the scheme need improvement and they will be brought back following consultations.

She also lashed out at the Opposition’s claims that the BJP disregarded criminal charges against leaders who switched from other parties to join the ruling party.

The HT quoted her as saying, “The BJP can’t sit here and say, you come to my party today, and the case will be closed tomorrow. The case has to go through the courts that have to take a call; they will not just say, “Oh, he’s come to your party, close the case.” Doesn’t happen that way. So is this washing machine a term they want to use for the courts?”

She further said that the Union government plans to simplify the process of taxation and make it easy for investments to come through into the country.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 23,2024

gaza200.jpg

The genocidal Israeli war on the Gaza Strip has entered its 200th day, with occupation forces killing more Palestinians in defiance of widespread international outcry to end the carnage.

The aggression marked its 200th day on Tuesday with no end in sight to the Israeli war that has so far killed a shocking number of Palestinians and led to a humanitarian crisis in the besieged territory.

The Gaza Health Ministry said Israeli forces have committed three "massacres" over the past 24 hours, killing at least 32 Palestinians and wounding 59 others.

The numbers, it added, bring the Palestinian death toll to more than 34,183, with at least 77,143 injured and an estimated 7,000 missing and presumed dead since early October.

More than 14,500 children and 9,500 women are among those killed, making up over 70 percent of the victims, according to health officials.

Israel waged its brutal US-backed war on the Gaza Strip on October 7 after the Palestinian Hamas resistance group carried out Operation Al-Aqsa Storm against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

Israel has been carrying out war crimes in Gaza by deliberately starving people and forcing their evacuation, as well as targeting hospitals and schools sheltering displaced Palestinians.

Despite all these atrocities, the regime has failed to achieve its declared objectives of “destroying Hamas” and finding Israeli captives held in Gaza.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.