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India shows fastest growth in wealth and HNI population

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Chennai: India was globally the fastest-growing market in terms of high net-worth individual (HNI) population and wealth in 2017. By growing HNI population by 20.4 per cent and HNI wealth by 21.6 per cent, India also inched up to the 11th position in the list of countries with HNI population.
In 2017, the high net-worth individual population in India went up to 2,63,300 from 2,18,600 in 2016. Their cumulative wealth grew to USD 1067.1 billion in 2017 from USD 877 billion in the previous year, according to the Capgemini’s World Wealth Report 2018.
The report classifies individuals with wealth of over USD 1 million and up to USD 30 million as high net-worth individuals and those with wealth of above USD 30 million as ultra high net-worth individuals.
Among the factors that helped India clock the highest growth rate, market capitalisation rose sharply by 51.3 per cent in 2017, after a weak growth of 3.1 per cent in 2016.
Last year, the market grew sharply on account of strong support from local and foreign institutional investors, which helped pump liquidity into the market, coupled with hopes of an improvement in economic growth and corporate earnings.
Further, national savings as a percentage of GDP stood at 29.2 per cent in 2017 and the GDP itself grew by 6.7 per cent. The major driving factor for growth was increased consumption, which recovered after the liquidity crunch associated with demonetisation, found the report.
Indian property prices too grew by 4.8 per cent in 2017 as compared to 2.7 per cent in 2016. Regulatory reforms such as the Real Estate Regulatory Authority (RERA) and Goods and Services Tax (GST), stable demand and rising household incomes were some of the important drivers of growth for the real estate sector.
The fastest growth in HNI population and wealth saw India move up by one slot to occupy the 11th position among global economies. The US, Japan, Germany and China held the top four slots, accounting for 61.2 per cent of the global HNI population of 18.1 million.
Globally, HNI wealth grew 10.6 per cent to cross USD 70 trillion for the first time. The year 2017 also saw the sixth consecutive year of gains and was the second-fastest year of growth since 2011.
Asia-Pacific region and North America were the key drivers of the growth. Asia-Pacific clocked the fastest growth among different regions at 12.1 per cent, followed by North America at 9.9 per cent.
Global market capitalisation, which grew by 21.8 per cent, helped the increase in HNI wealth. The global GDP too grew by 3 per cent in 2017 against 2.3 per cent in 2016. HNI wealth is expected to touch USD 100 trillion by 2015.


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RBI needs to ensure stability: Shaktikanta Das

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New Delhi: The head of the Reserve Bank of India (RBI) said he would take the steps necessary to maintain financial stability in the country and help create favourable conditions for growth.

India’s economy has grown because of measures such as the nationwide goods and services tax and the insolvency and bankruptcy code that prevents wilful defaulters from bidding for stressed assets, Shaktikanta Das said in his address to an investor roundtable.

The country’s growth story is backed by its strong domestic fundamentals, he said, citing lower inflation.

 

Annual retail inflation rate dropped to an 18-month low of 2.19 per cent in December, strengthening the views of some economists that the central bank could ease monetary policy next month.

India’s top business groups on Thursday urged the central bank to cut its benchmark interest rate by at least half a percentage point and lower the cash reserve ratio it imposes on banks.

The country also needs to watch out for any sudden turbulence in the gloal financial market, Das said.

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Centre removes two PNB executive directors for lapses in Rs 13,500-cr fraud

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Chennai:The Central government has removed two Punjab National Bank (PNB) Executive Directors — Sanjiv Sharan and K.Veera Brahmaji Rao — for the lapses in the Rs 13,500 crore fraud allegedly perpetrated by absconding diamantaire Nirav Modi.

The PNB has intimated the action to the stock exchanges.

“We welcome the Central government’s action to dismiss the two Executive Directors. The scam of such proportions could not have happened without the knowledge of the top management,” C.H. Venkatachalam, General Secretary, All India Bank Employees’ Association (AIBEA), told IANS.

 

“Perhaps for the first time, the Centra has removed the Executive Directors of a nationalised bank under the Nationalised Banks (Management and Miscellaneous Provision) Scheme, 1970. All these days it was said the top management of government-owned banks — Chairman, Managing Director, Executive Directors — are governed only by the contract of appointment.

“It is also good that the central government has followed the due process of giving the two PNB Executive Directors opportunity to put forth their views before dismissing them,” Venkatachalam added.

According to the Central government’s notification, on July 3, 2018, Sharan and Rao were issued a show cause notice as to why they could not be removed from office for having failed to exercise proper control over the functioning of PNB, thus enabling the fraud through the misuse of SWIFT at the bank’s Brady House branch in Mumbai.

After considering Sharan and Rao’s replies and the comments of the bank’s Board, the Centre removed them from office as it found it was expedient in the interests of PNB.

According to the notification, the dismissal of Rao is subject to the outcome of a plea in the Delhi High Court.

“We are happy to see some action being taken. Whether it is only the two Executive Directors and other officials are also involved in the scam has to be probed in full,” Venkatachalam said.

According to him, in the past, low-level officers would have been the scapegoats for such massive scams.

“With the action taken on the top management, people will be satisfied that public sector bank officials are answerable for their lapses,” Venkatachalam added.

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In this new world, data is the new wealth: Ambani

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Mumbai: Reliance Industries chairman and managing director Mukesh Ambani urged Prime Minister Narendra Modi to take steps against ‘data colonisation’, specially by global corporations, stating that Indian data must be owned by Indians.

Invoking Mahatma Gandhi’s movement against political colonisation, Ambani said India now needs a new movement against data colonisation.

“Gandhiji led India’s movement against political colonisation. Today, we have to collectively launch a new movement against data colonisation,” he said Gandhinagar at the Vibrant Gujarat Global Summit.

 

Stressing that, in this new world, data is the new wealth, Ambani said, “India’s data must be controlled and owned by Indian people and not by corporate, especially global corporations.”

He further said, “For India to succeed in this data driven revolution, we will have to migrate the control and ownership of Indian data back to India. In other words, give Indian wealth back to every Indian.”

Stating that the “entire world has come to recognise” Modi “as a man of action”, Ambani said, “Honorable Prime Minister, am sure you will make this one of the principal goals of your digital India mission.”

Later in the day, countering Ambani’s call, Governor – Commonwealth of Kentucky, Matthew Griswold, asked Modi “to think in the opposite” in order to realise the tremendous opportunity that lies in Indo-US partnership.

“Honorable prime minister you have been asked from this stage to think about limiting the amount of competition, limiting the exchange of ideas, information and goods. I would encourage you to think in the opposite,” he said.

While stating that it is important to put the people of India first, Griswold said, “It is also important to put their opportunity and our opportunity as citizens of the world to trade with one another and exchange ideas because iron sharpens iron.”

The greatest possibility comes from the exchange of these idea, he added.

“If we can cut the regulations, cut the bureaucracy, cut the red tape, the opportunity is enormous between our nations,” he added that India is now the 10th largest trading partner for the US and “climbing quickly”.

“The opportunity before us between India and the United States is incredible, but responsibility falls on each of one us, those of us in elected positions, those of you in the industry, those of you who represent various constituencies, we have much work to do…we must do this, ” Griswold said.

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