RICH INDIANS
How India can leverage its cultural riches to stimulate its economy
India's cultural heritage is being recognized as a potential driver for economic growth, with efforts being made to leverage traditional industries and tourism. Government initiatives, like the redevelopment of Ayodhya and Kashi Vishwanath Temple, are yielding positive results in terms of increased visitors and revenue. Prime Minister Modi's focus on promoting Indian culture globally through initiatives like Tamil Cultural Centers and showcasing heritage on the G20 platform is notable. The goal of developing a comprehensive Cultural Economic Model to propel India's economy towards development by 2047 is being emphasized, with the potential to serve as a blueprint for other countries.
Best Sudha Murty books: A Journey Through Timeless Tales and Cultural Richness
Sudha Murty's best books offer a delightful blend of simplicity, wisdom, and cultural richness. Her works, including "Wise and Otherwise," "Mother I Never Knew," and "Grandma's Bag of Stories," capture the essence of Indian traditions and values. Through her captivating storytelling, Murty presents tales of kindness, resilience, and moral lessons, appealing to both children and adults. Explore the best books by Sudha Murty for a treasure trove of timeless narratives that inspire, educate, and entertain, making them cherished reads for generations.
HSBC taps metaverse to win business from India’s rich diaspora
HSBC expands offerings for India's affluent diaspora through a virtual bank in GIFT City, leveraging the metaverse. The bank aims to capture a share of the $112.5 billion remittances to India from non-residents. With the hiring of a UBS executive, HSBC eyes the potential $5.5 trillion wealth management industry in India by 2025.
Looking young and healthy is the new rich, says Varun Alagh
Through influencer marketing and product differentiation, skincare brands like Mamaearth and The DermaCo cater to a wide Indian audience. The industry's focus on active ingredients and transparency aligns with global skincare trends. Dermatologists and influencers continue to shape consumer preferences, emphasizing the importance of holistic skincare routines.
New survey reveals nearly 74% Indians support taxing the super-rich; Here's why
As the G20 finance ministers' meeting approaches, a new survey shows overwhelming public support for a wealth tax on the super-rich. Conducted by the Earth4All initiative and Global Commons Alliance, the survey reveals that 74 per cent of Indians support wealth taxation to address global issues like hunger, inequality, and climate change. The meeting will discuss implementing a global minimum tax on the ultra-rich, potentially reshaping global economic policies.
Why are India's richie rich choosing Dubai to migrate?
A report by Henley & Partners reveals that approximately 4,300 millionaires are expected to leave India this year, with many choosing the UAE as their destination. The UAE's appeal lies in its business opportunities, financial benefits, and high-quality lifestyle, attracting both wealthy individuals and professionals.
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AIF & PMS Conclave 2.0: Saurabh Mukherjea on five big themes in India where investors stand to benefit
Market veteran Saurabh Mukherjea on Wednesday said five big themes that have contributed to a rise of new elite in India can make their way into the portfolios of investors looking for consistent returns.
4,300 millionaires may leave India this year. Here's where they are moving to
The Henley Private Wealth Migration Report 2024 reveals India's significant net loss of 4,300 millionaires in 2024, reflecting global wealth migration trends driven by various factors like geopolitical tensions and economic uncertainty.
$8 trillion & counting! How Family Offices have grown and their impact on the investment world
The history of Family Offices dates back to ancient Rome, evolving into a modern-day necessity for managing wealth and ensuring smooth transitions across generations.
Ozempic frenzy lures rich Indians to brave the gray market
People are going to great lengths to obtain popular weight-loss drugs. They are stashing injectables in their carry-on luggage, buying counterfeit formulas online, and importing boxes from Europe. The treatments have sparked extensive media coverage, fueling a high demand. According to Goldman Sachs Research, the anti-obesity medication market could hit $100 billion by 2030. In contrast, Indians have largely been observers in this global frenzy over the new weight-loss solutions.
ED raids Kerala-based ponzi company that duped depositors of Rs 1,500 crore
The Enforcement Directorate Friday said it raided multiple locations in various states as part of a money laundering investigation against a Kerala-based company that allegedly duped depositors to the tune of Rs 1,500 crore through a ponzi scheme. The searches were launched on June 11 on the premises of the promoters of HighRich Online Group in Kerala, Maharashtra and Chhattisgarh.
Julius Baer targets rich Indians in Dubai with UBS, JPMorgan hires
Julius Baer Group Ltd. hired senior bankers from UBS Group AG and JPMorgan Chase & Co. to strengthen its business serving wealthy Indians in Dubai.
Indian IT sees deal tenures shrinking in rich neighbourhoods
At least two companies – HCLTech and Birlasoft – have gone on record to say that from the usual 10-12 year deals earlier, long-term arrangements are now ending in four years. Earlier, the tenures ranged between 10-12 years.
View: Don't eat the rich, it'll hurt the rest
Many countries have attempted to tax the rich through these taxes without success. They fundamentally militate against simple economic logic - disproportionate amounts are spent on their collection, and evasions are easy. The taxes also disincentivise enterprise and lead to flight of capital, affecting growth.
How Google and Meta's Ad transparency reports reveal—and conceal—political Ad spend
Despite abundant data, Google and Meta’s ad transparency reports often obscure more than they reveal. While intended to enhance transparency, critics argue they create an illusion of openness, complicating the analysis of political ads and raising concerns about content moderation.
Wealth Redistribution Tempest: Much ado about nothing (read no vote bank)?
The idea of wealth redistribution proposed by Congress leader Rahul Gandhi has sparked a heated debate in India's political landscape, with Prime Minister Narendra Modi labeling it as 'dangerous'. The discussion revolves around conducting surveys to assess wealth distribution and potential redistribution policies, stirring up controversy and accusations between political parties. The issue highlights growing income inequality and calls for radical measures to address economic disparities. While some experts advocate for progressive taxation and social spending to enhance economic equality, others caution against the potential negative impacts of wealth redistribution on individual incentives and overall economic growth. The ongoing debate underscores the complex challenges of wealth inequality in India and the need for thoughtful and effective solutions to ensure a fair and inclusive society.
Study suggests India should impose wealth tax on the ultra-rich to tackle wealth inequality
A World Inequality Lab study recommends India implement a wealth tax on the ultra-rich to combat wealth inequality and boost social sector investments. Proposed measures include a 2% annual tax on wealth over Rs 10 crore and a 33% inheritance tax on estates exceeding the same value. Authors emphasize the need for progressive taxation to address extreme wealth disparity.
'He never used to talk about his Victoria Cross': Lt Gen Bhagat's daughter recalls his rich legacy
Lt Gen P S Bhagat, the first Indian officer to win the Victoria Cross, was remembered by Ashali Varma on his 49th death anniversary. Varma shared personal anecdotes of Bhagat as a loving father figure who downplayed his military achievements.
Infosys shareholding boosts British PM Rishi Sunak, wife Akshata Murty's rank in Sunday Times Rich List
British Prime Minister Rishi Sunak and wife Akshata Murty rise in the 'Sunday Times Rich List' to 245th place with GBP 651M wealth, notably from Murty's Infosys shares. Murty's earnings surpass Sunak's, boosted by GBP 13M in dividends. Indian-origin Hinduja family leads with GBP 37.196B wealth, as Sir Paul McCartney becomes UK's first billionaire musician.
Another record topples; most sixes in IPL history hit this season
The 17th edition of the IPL has seen a surge in sixes, setting new records in T20 cricket. Delhi Capitals and Lucknow Super Giants' match was a high-scoring spectacle with 20 sixes. The season's total sixes surpassed the previous record. Punjab Kings, Sunrisers Hyderabad, and Marcus Stoinis set new milestones in successful chases and individual scores.
ICMR issues dietary recommendations for Indians, with a warning for vegetarians and protein supplements
ICMR and ICMR-NIN issue dietary guidelines to combat malnutrition, obesity, diabetes. Recommendations stress balanced diet, exercise, avoiding ultra-processed foods, and food label awareness. Specific focus on vegetarian challenges like B12 and n-e PUFA intake.
Wealth Redistribution Row: 50% of your wealth should go to public? Sam Pitroda clarifies stance on inheritance tax
Indian Overseas Congress Chairman, Sam Pitroda, elaborated on the party's stance on wealth redistribution. Speaking to ANI, he described it as an intriguing policy that benefits not only the super-rich but also the general populace.
EVs a luxury the Indian rich can’t get enough of
Luxury electric car sales are surging in India, driven by young buyers. Uncertainties loom over market impact of new policies and Tesla's entry. Car manufacturers plan expansions to cater to evolving consumer demands and preferences.
Decoupling the great Indian false binary
Supreme Court's expert committee manages multiple challenges, including balancing conservation and renewable electricity, amidst India's decarbonization for a net-zero emissions economy by 2070, setting precedent for managing non-negotiables in a climate-constrained world.
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