Mukesh Ambani along with his family (Photo courtesy: PTI)
The Indian market went into a lockdown in March 2020 due to the outbreak of COVID-19. Amidst the pandemic, many lost their jobs and the economy was on the vent; GDP of India was at its worst.
Mukesh Ambani, Chief at Reliance Industries Limited, and his family is now more than twice as wealthy as Asias second-richest family, the Kwoks of Hong Kong and triple the fortune of South Koreas prominent Lee family. As per The Bloomberg ranking, the Ambanis wealth is also equal to five times the net worth of Japans Torii and Saji clan.
However, despite all the odds, few businesses managed to maintain their position in the market and even witnessed rapid growth. As the year draws to a close, these were the top five richest Indian tech billionaires on the India Rich List 2020.
1. Shiv Nadar
With the net worth of Rs 1, 41,700 crore, the founder of HCL was on the top of the list. The tech mogul was the richest man from the domain of technology in India. His wealth was increased by 34% this year.
2. Azim Premji
Known as the Czar of the Indian IT industry, Azim Premji ranked second on the list. With a net worth of Rs 1, 14, 400 crore, Premji also topped the list of Philanthropist in India for 2020.
3. Jay Chaudhry
CEO, chairman and founder of Zscaler, Jay Choudhry ranked third on the list. Zscaler, a cloud computing company was worth billions and Chaudhrys net worth was estimated around Rs 65, 800 crore.
4. Sunil Mittal
Founder of Bharti Enterprises, with an estimated net worth of Rs 25, 500 crore, Sunil Mittal secured his position as India’s fourth-richest tech billionaire.
5. Vijay Shekhar Sharma
Tech start-up turned unicorn, Paytm was a revolution in FinTech. It was India’s first e-wallet; boosted cashless economy. With a net worth of Rs 23, 000 crore, Vijay Shekhar Sharma, founder and CEO of Paytm made it to the list as the fifth richest Indian tech billionaire.
Industrialists and entrepreneurs create jobs, the result of which the economy of a country is strengthened. Amidst the global pandemic, India took a digital turn and would soon be home to many more tech start-ups and business ventures in the future.
Nagpur doctor speaks on ‘Development of Homeopathic Method in Modern Medicine’ at Russia
Homeopath doctor Dr Kavita Chandak, who has two Golden Book Of World Records for treating kidney disorders and success in a case of mucormycosis in her name, recently was invited as a keynote speaker to the 33rd Scientific and practical conference ‘Development of the Homeopathic Method in Modern Medicine’ held at RUDN University at Moscow in Russia.
Anil Deshmukh seeks court permission to visit hometown Nagpur, Delhi
Former Home Minister of Maharashtra Anil Deshmukh approached a Special Court on Thursday seeking permission to visit his hometown Nagpur and Delhi. The Bombay High Court, while granting Deshmukh bail, had put a condition that the latter should not leave Mumbai without the trial court’s permission.
The senior NCP leader, who’s out on bail in an alleged money laundering case, was arrested by Enforcement Directorate (ED) in November, 2021 and later by the Central Bureau of Investigation (CBI) in April 2022.
Deshmukh, who filed two separate pleas before the trial court through his advocate Inderpal Singh, said he was a native of Nagpur and has deep family roots there, apart from being the elected representative of an Assembly constituency in Nagpur district. In his plea, Deshmukh stated that he also needed to visit New Delhi to meet his lawyers.
Special judge RN Rokade sought a response from the ED and CBI and adjourned the matter to February 6.
Not a populist but a fiscal consolidation budget: CAMIT Chief Dr Dipen Agrawal
Dr Dipen Agrawal, President – Chamber of Associations of Maharashtra (CAMIT) reacting to the budget 2023 said that “Finance Minister, Nirmala Sitharaman has presented a vision document for India at 100”. In her speech she envisaged various new concepts and proposal to take forward India on its growth journey. She has attempted to provide something for everyone. Outlining the vision of central governments for technology-driven and knowledge-based economy with strong public finances and a robust financial sector, she said that this will be achieved by Jan Bhagidari and Sabka Saath Sabka Prayas.
Dr Agrawal said, the continuation of PM Garib Kalyan Anna Yojana (PMGKAY) for one more year; formation of large producer enterprises to support about 81 lakh women self-help groups; recognizing traditional artisans and craftspeople as Vishwakarma and conceptualizing new package scheme to improve the quality, scale and reach of their products; exploring untapped potential in tourism on mission mode will enable youth in fulfilling their aspirations and provide necessary imputes for growth and job creation.
It is to be seen how government works on the seven priorities ‘Saptarishi’ 1) Inclusive Development 2) Reaching the Last Mile 3) Infrastructure and Investment 4) Unleashing the Potential 5) Green Growth 6) Youth Power 7) Financial Sector identified as guiding factor, added Dr Dipen Agrawal.
The announcement regarding establishment of Digital Public Infrastructure for agriculture to provide farmer-centric solutions on host of farming related activities, massive decentralised storage capacity and government facilitated multipurpose cooperative societies, primary fishery societies and dairy cooperative societies in uncovered panchayats and villages will give boost to rural economy. Similarly establishing new nursing colleges in co-location to medical colleges established since 2014 will improve per-capita nursing staff in the country. While government is considering to introduce teachers’ training through various programs, the government should at the same time ensure that government education institutions are not under staffed.
Dr Dipen Agrawal welcomed the announcement of PAN being made common identifier for business entities; Unified Filing Process is proposed to be set-up to avoid duplication of compliance; National Financial Information Registry to be set-up as the central repository of financial and ancillary information; the Vivad se Vishwash scheme introduced to settle MSME contractual obligations said that these steps will have long lasting positive effect to improve business sentiments.
The announcement to ensure timely payment is made to MSME, government has linked the deduction under Income Tax Act for payments to actual payment to MSMEs. However, the deduction will be allowed on accrual basis only if it is within time mandated under MSMED Act, i.e. 45 days. In its endeavor to give relief to MSME government has inadvertently created compliance hurdle for other side i.e. large scale industries, this step will have large scale tax implication for them, added Dr Agrawal.
Now days there is nothing much expected from FM on indirect tax but people eagerly wait for announcement on direct tax front. FM has disappointed common man by announcing meager increase (Rs 50000) in basic exemption limit. However, FM has given substantial relief to middle-class individuals by increasing rebate limit from 5.00 lakhs to 7.00 lakhs. Similarly high net-worth individuals will be benefited by reduction in highest surcharge limit from 37% to 25%.
Overall, I see this budget as intelligent budget that focuses on key areas of infrastructure, employment while keeping fiscal deficit on track and on scale of 10, I give 7 points for 2023 Budget.
Also watch: Lesser know facts about India’s Union Budget