India's financial capital Mumbai, which is home to 46,000 millionaires and 28 billionaires, is the richest Indian city with a total wealth of USD 820 billion, says a report.
According to New World Wealth, Mumbai is the richest city in the country followed by Delhi and Bengaluru in the second and third place, respectively.
Delhi is home to 23,000 millionaires and 18 billionaires with a total wealth of USD 450 billion, while Bengaluru with a total wealth of USD 320 billion houses 7,700 millionaires and 8 billionaires.
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The list also includes Hyderabad with a total wealth of USD 310 billion. Hyderabad is home to 9,000 millionaires and 6 billionaires.
Kolkata home to 9,600 millionaires and 4 billionaires has a total wealth of USD 290 billion, Pune (total wealth of USD 180 billion, has 4,500 millionaires and 5 billionaires), Chennai (USD 150 billion, 6,600 millionaires, 4 billionaires) and Gurgaon (USD 110 billion with 4,000 millionaires and 2 billionaires).
Some of the other emerging cities in terms of total wealth include, Surat, Ahmedabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara.
The total wealth held in the country amounts to USD 6.2 trillion (as of December 2016) and the country is home to 264,000 millionaires and 95 billionaires in total.
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"Over the next decade, India is expected to benefit from strong growth in the local financial services, IT, real estate, healthcare and media sectors. In particular, the local hospital services and health insurance sectors are expected to grow strongly. Hyderabad, Pune and Bangalore are expected to lead the pack in terms of wealth growth," the report said.
Millionaires or High Net Worth Individuals (HNWIs) refer to individuals with net assets of USD 1 million or more.

News source: Business Today

Posted On Monday, 27 February 2017 06:57


MUMBAI: Tokyo-based Broadband Tower K.K has picked a significant minority stake in igrenEnergi, an India-focused solar energy start up for an undisclosed sum. The US-headquartered igren, with offices in Mumbai and Bangalore, will use the proceeds to expansion and technology upgradation, its chief executive Jitendra Apte told ET.

igrenEnergi, which counts Tata PowerBSE -0.65 % DDL among one of its major clients, develops innovative products which improve the economics of solar and storage, using its energy packetization architecture and proprietary analytics platform enabled.

"We have signed an agreement and BB Tower will provide us the growth capital. The deal will also enable us our expansion in Japanese and other overseas markets,"Apte said.
BB Tower operates a portfolio of solar power plants in Japan and plans to invest further in the sector. BB Tower has been building a relationship with University of California, San Diego (UCSD) to jointly explore, identify and develop opportunities in IOT and Cleantech.

Listed in Japan, BB Tower has a revenue of 37.13 Billion Yen (around Rs 2,200 crore) in FY 16. The investment in igrenEnergi was made jointly by BB Tower and GiTV - an investment fund with interest in Cleantech and Internet-of-Things. igrenEnergi's first product, the energy module Optimizer is currently being installed in Tata Power DDL 1 MW plant in Delhi and a few other large rooftop projects.

News source: Economics Times

Posted On Saturday, 25 February 2017 10:27


India on Thursday said it has submitted to the World Trade Organisation (WTO) a legally vetted proposal on a global services pact, that among other things, aims to ease norms for movement of skilled workers across borders for short-term work.

The proposal for a Trade Facilitation in Services (TFS) Agreement will be taken up by an expert committee at the WTO headquarters in Geneva during March 14-17, following which it will be put up for discussion among all the WTO members, commerce minister Nirmala Sitharaman said.

Ms. Sitharaman said: “We have submitted the legally vetted paper (on TFS) in Geneva. Till March 17, only the Council for Trade in Services members will be privy to it. After that we will take it up for discussion with all the WTO member countries to build awareness.”

According to official sources, the proposed pact also aims to ensure portability of social security contributions, a single window mechanism for foreign investment approvals and cross-border insurance coverage to boost medical tourism. In October 2016, India had tabled a concept note on the proposed TFS at the WTO and followed it up with a paper on its possible elements in November 2016, Ms. Sitharaman said. The TFS proposal is on the lines of the Trade Facilitation Agreement (TFA) in Goods. According to India, the proposed TFS pact is also about ‘facilitation’ – that is “making market access ‘effective’ and commercially meaningful and not about ‘new’ (or greater) market access.”

Meanwhile, the TFA in Goods — adopted by the WTO Members in 2014 — entered into force on Wednesday.

According to the WTO Director General Roberto Azevêdo, the TFA in Goods aims to streamline, simplify and standardise customs procedures. By doing so, it will help to cut trade costs around the world, he said in a statement.

TFA in goods

“By 2030 the (TFA in Goods) Agreement could add 2.7% points per year to world trade growth and more than half a percentage point per year to world GDP growth. This impact would be greater than the elimination of all existing tariffs around the world,” he said. India has already ratified the TFA in Goods.

Ms. Sitharaman said: “It will lead to effective functioning of ports and reduce transaction costs. Logistics will improve, goods will move faster. Besides, since all the ports will be connected electronically, we will have export and import data on a real time basis.”

Turning to other issues, Ms. Sitharaman said there was no need to be alarmed about the recent reports on layoffs in the e-commerce industry.

News source: The Hindu

Posted On Saturday, 25 February 2017 10:24


IF SEVERAL hundred million Indians do migrate from the countryside to cities between now and 2050, as the UN expects, it will be a fiendishly busy few decades for Vivek Aher, who runs a low-cost hostel, one of five, on the outskirts of Pune, a well-off city three hours’ drive from Mumbai. A fair few of the new arrivals will have their first experience of urban living bunking in one of the hostels’ 1,350 beds. Should recent experience be anything to go by, most of the new arrivals will test Mr Aher’s patience by tacking posters on his hostel’s walls, or endlessly complaining about the Wi-Fi.

India has two main drags on economic growth. One is the difficulty of finding a job, especially in the places people live. The other is a chronic shortage of cheap housing. Aarusha Homes, Mr Aher’s employer, started in 2007 to help people seize economic opportunities far from home. Its rooms are basic and cheap. They include up to six beds, a bathroom for every three or four residents, some common areas and little else. Rent ranges between 3,500 and 10,000 rupees ($52-$149) a month including food.

Most of Aarusha’s tenants are young, many of them taking first steps into the middle-class as IT or business-processing outsourcing professionals. Paying up to six months’ deposit for a city flat is beyond their means, as is the down payment for a motorbike that would allow them to live far from their employer. Aarusha’s successful pitch is that its hostels are safer than slums or informal “guest houses”, especially for women. It now has 4,300 beds in 1,300 rooms spread out over 20 hostels in four cities. The typical tenant stays for six months. Satyanarayana Vejella, the firm’s co-founder, plans to raise another $10m to increase capacity by 12,000 beds in nearly 70 new hostels, all in the next two years. Operating-profit margins are in the mid-teens.

News source: The Economist

Posted On Saturday, 25 February 2017 10:22


First three tranches saw sales of bonds worth 5,114.95 kg

The Centre on Thursday announced that it would issue applications for the fourth tranche of the Sovereign Gold Bond scheme from February 27 to March 3.

The bonds will be issued on March 17.

The bonds will be sold through banks, Stock Holding Corporation of India, designated post offices, and the National Stock Exchange and Bombay Stock Exchange.

The first three tranches of the scheme saw the sale of 5,114.95 kg worth of bonds amounting to ₹1,373 crore.

The first tranche, in November 2015, saw bonds worth 915.95 kg and amounting to ₹246 crore sold, while the second tranche in January 2016 witnessed 3,071 kg of gold bonds worth ₹798 crore being sold, and the third tranche in April collected 1,128 kg of gold worth ₹329 crore.

Physical demand

The aim of the scheme, as stated by the government at the time of its introduction in September 2015, was to help in reducing the demand for physical gold by shifting a portion of the estimated 300 tonnes of physical bars and coins purchased every year to gold bonds.

The minimum amount that can be bought are eight-year bonds worth 1 gram.

News source: The Hindu

Posted On Saturday, 25 February 2017 10:19
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