Mysterious noise from under the earth sparks fears in landslide-hit Wayanad

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.

Mangaluru, Sept 9: An action committee has voiced concerns about the construction of a new toll plaza near Sooralpady Masjid on the Mangaluru-Moodbidri-Karkala National Highway 169, 17 km from Nanthoor. Amidst ongoing construction, the Action Committee Against Surathkal Toll Gate claims irregularities and poor site selection.

Committee convener Muneer Katipalla noted that only 50% of the Nanthoor-Moodbidri-Karkala highway upgrade is complete after seven to eight years. The Nanthoor-Vamanjoor stretch remains unfinished, causing traffic issues, while dangerous hillside cutting near Kettikal has forced residents to relocate. Additionally, a flyover near Kaikamba threatens a local market.

Katipalla also criticized the construction of a bypass road, alleging it benefits real estate investors and inflates the project cost, which could increase toll fees. The proposed toll plaza, situated 36 km from Talapady toll gate and 35 km from Brahmarakotlu toll gate, violates distance regulations and is too close to local amenities, raising public objections.

There is growing concern that toll collection might begin before the project's completion, with locals frustrated by unaddressed grievances. Social activist Bava Padarangi, DYFI leader Srinath Kulal, and other community leaders attended the site visit.

Deputy Chief Minister D.K. Shivakumar visited Kesavanahalli village in Sakleshpur taluk, Hassan district, on Wednesday to inspect the trial run of the Yettinahole project, particularly near the Kumbaradadi coffee estate.

During his visit, Shivakumar announced, "Today, we have initiated trial runs for five of the eight check dams, lifting around 1,500 cusecs of water. The remaining works will be launched by the Chief Minister at an auspicious time. I will discuss this further with the Chief Minister."

Highlighting the importance of the project, he added, "The Yettinahole project is a key initiative for our government. I commenced the trial run with a 'Ganga puja.' Although officials provided me with documents and videos, I wanted to see the progress firsthand, which is why I visited the site today."

Shivakumar also shared the financial progress of the project, stating that Rs 16.152 crore has been utilized as of July 2024. He outlined plans to prioritize the project's completion by March 31, 2027.

The Yettinahole project aims to supply 24.01 tmc of water for drinking purposes to several districts, including Kolar, Chikkaballapur, Bengaluru Rural, Ramanagara, Tumakuru, Hassan, and Chikkamagaluru. Approximately 14.056 tmc of water will be distributed to 38 towns and 6,657 villages across 29 drought-affected taluks, benefiting 7.559 million people. Additionally, the project plans to release 9.953 tmc-ft of water to 527 lakes in Kolar, Chikkaballapur, Bengaluru Rural, Hassan, and Tumakuru.

Addressing delays, Shivakumar stated, "During my previous visit, I had set a deadline, but the project has been delayed by two to three months. However, we have managed to complete most of the work, except for tasks related to the Forest Department. We will engage with the department to address these pending issues."

Also present at the inspection were Minister D. Sudhakar, MP Shreyas Patel, MLA K.M. Shivalingegowda, Sharat Bachegowda, Additional Principal Secretary of Water Resources Gaurav Gupta, Deputy Commissioner Satyabhama, and other officials.