Category Archives: Economy

There could be 370,000 millionaires in India in 2022-says wealth report

LONDON: India has 340,000 people in the top 1% of global wealth holders accounting for a 0.7% share, including 1,820 with wealth over $50 million and 760 having more than $100 million, according to a new global wealth report released Tuesday.

The Zurich-based financial services major Credit Suisse estimates there could be 370,000 millionaires in India in 2022.

Since the financial crisis broke in 2008, the report says global wealth has grown by 27%. In the 12 months to mid-2017, it grew at a faster pace than in recent years, with mean wealth per adult reaching a record high.

“The United States continued its unbroken spell of gains since the financial crisis, bolstered by strong market conditions. It added $8.5 trillion to the stock of global wealth, which is half of the wealth generated globally over the 12 months to mid-2017.”

In percentage terms, India’s stock of household wealth during the period grew at 10.1%, although its addition to total global wealth was limited to $451 billion.

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AirAsia India offers base fare at Rs 99 for domestic travel and rs. 444 fr International

The Malaysian Budget carrier AirAsia on Sunday announced a discount sale, offering passengers one-way base fare at Rs 99 for a domestic journey across its Indian JV airline network and Rs 444 for international flights under a limited period offer.

However, the travel period under the offer, for which the bookings commence on Sunday night, will be between May next year and January 2019, as per an airline statement on Sunday.
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India set to purchase  111 naval utility helicopters

NEWDELHI: India set to purchase  111 naval utility helicopters (NUHs) on Tuesday, with the defence ministry approving a ₹21,738-crore project to replace the Navy’s outdated fleet of French-designed Chetak choppers.

The government’s defence acquisition council (DAC), headed by defence minister Nirmala Sitharaman, has taken this decision at a time when the Navy is struggling to bridge capability gaps and a majority of its 140 war suppliers ships are operating without utility helicopters.

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India got high ranking on ease of business index

A number of policy reforms has helped India significantly improve its business climate, an annual World Bank index showed on Tuesday, burnishing Prime Minister Narendra Modi’s reformist credentials that could help him win big-ticket investments.

For the first time, India jumped a record 30 places to 100 in the Ease of Doing Business report for 2018, which is an influential 190 country barometer of competitiveness that many businesses likely consider for investment decisions. Continue reading

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China plans a 1,000-km tunnel to divert water of river Brahmaputra

BEIJING: Top scientists backed by the ruling Communist Party of China are working on a plan to drain the Yarlung Tsangpo (Brahmaputra) river near the Indian border and divert the water through a 1,000-km tunnel, the world’s longest, to arid Xinjiang.

The Tsangpo flows into India through Arunachal Pradesh as the Siang before becoming the Brahmaputra in Assam — the source livelihood for millions in the country’s northeast.

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RBI and IRDAI object to new bankruptcy bill

NEW DELHI: The Reserve Bank of India and the country’s top insurance regulator, Insurance Regulatory and Development Authority, have objected to a draft law on bankruptcy in financial institutions, saying some of its provisions undermine their authority.

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PM launched Sobhagya scheme and formed a new Economy team

NEWDELHI: Prime Minister Narendra Modi constituted on Monday his first economic advisory council, headed by NITI Aayog member Bibek Debroy, to analyse and advice him on key issues amid concerns over slowing growth and a stagnating job market. Continue reading

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Finance ministry notified the issue of rs. 200 currency notes

NEW DELHI: On Wednesday, the finance ministry notified the issue of ₹200 currency notes, making them legal tender and paving the way for their circulation.

On April 3, Mint first reported RBI’s plan to introduce ₹200 banknotes. On July 25, Mint reported that RBI had shifted focus from printing ₹2,000 notes to ₹200 notes of which a billion were expected to be printed. Continue reading

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Niti Aayog vice chairman quits, will resume teaching

NEWDELHI: The 64-year-old professor of economics was picked by Prime Minister Narendra Modi in January 2015 to head the National Institution for Transforming India, better known as Niti Aayog, the government’s policy think tank, which replaced the Planning Commission.

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PM Modi says- GST will promote a culture of honesty

NEW DELHI: On Sunday, Prime Minister Narendra Modi said in his monthly radio address that the Goods and Services Tax is not just a tax reform, it is an economic model that will promote the culture of honesty.

“The GST, which I call the good and simple tax, has shown a positive impact on the economy in a short time,” Modi said in the 34th edition of the Mann Ki Baat as the ‘one-country, one-tax’ regime entered its 30th day. Continue reading

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