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Mumbai emerges as India’s richest city with 59,000 millionaires; ranked 21st globally

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The world has around 5.6 crore millionaires who control more than half of the global wealth while representing less than a percentage of the population. With people increasingly moving to cities for earning opportunities or to spend on a better lifestyle, 70 per cent of the world’s population is expected to live in urban areas by 2050.

Home to the world’s biggest financial district Wall Street, New York also has 3.4 lakh millionaires, which makes it the richest city globally.

Mumbai rising among centres of wealth

Mirroring the Big Apple New York in India, the country’s financial capital and wealthiest city Mumbai is on the 21st position globally with 59,400 millionaires.
The city may move up several places in the years to come, as the number of millionaires is expected to double in a decade.
Delhi also made it to the global list and was second in India with 30,200 millionaires calling the national capital home, as per Henley and Partners.

Other trends and changing fotunes of cities

  • Going back to the global stage, Tokyo came after New York with 2.9 lakh millionaires, while San Francisco Bay Area was third.
  • But the Bay Area topped the list when it came to billionaires, and New York trailed, while Mumbai led the way in India with 66 billionaires.
  • Another trend that was visible from the report was a 27 per cent drop in the number of millionaires in Hong Kong, and a 40 per cent rise for Singapore.
  • This was triggered by businesses migrating from Hong Kong due to the erosion of democratic values and covid restrictions, to set up shop in Singapore.

Crime

Why Bengal govt is taking time to implement SC’s order on cancellation of school jobs: Calcutta HC

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Kolkata, April 21: The Calcutta High Court, on Monday, observed why the West Bengal government and West Bengal School Service Commission (WBSSC) are taking time to implement the order by the Supreme Court (SC), cancelling 25,753 teaching and non-teaching jobs in state-run schools.

Acting on a contempt-of-court petition filed against the state government and WBSSC for not implementing the apex court order, Calcutta High Court’s division bench of Justice Debangsu Basak and Justice Shabbar Rashidi also directed the state government and the commission to explain to the court within a day.

The next hearing on the matter will be on April 23, and the state government and the commission will have to submit their explanations on the same day.

Last year, the same division bench of Justice Basak and Justice Rashidi cancelled 25,753 teaching and non-teaching jobs, which is the entire panel of WBSSC for 2016. The state government approached the SC challenging the order.

Earlier this month, the SC division bench of Chief Justice of India Sanjiv Khanna and Justice Sanjay Kumar upheld the order of the Calcutta High Court and also accepted the observation that the entire panel had to be cancelled because of the failure on the part of the state government and the commission to segregate the “genuine” candidates from the “tainted” ones.

Thereafter, the contempt of court petition was filed at the same division bench of the Calcutta High Court, accusing the state government and the commission of not even initiating the termination of jobs of those who have already been identified as “tainted” by the commission itself.

During the hearing in the matter on Monday, the division bench observed that there will be problems if even the “tainted” candidates continue receiving their salaries.

On Monday, the division bench also raised the question of why the Central Bureau of Investigation (CBI) officials are not interrogating those candidates who have already been identified as “tainted.”

The division bench also observed that the CBI should find out how those who were paid money by the “tainted” candidates against jobs.

On Wednesday, the CBI counsel will also have to give an explanation to the court in the matter.

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IMF, World Bank see India’s potential as engine of global trade: FM Sitharaman

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San Francisco, April 21: Finance Minister Niramala Sitharaman said on Monday that India has become the fastest-growing economy, driven by the “visionary leadership” of Prime Minister Narendra Modi and the stability provided by a continuing government.

Addressing the Indian diaspora in the US, the Finance Minister said, “When we say that India is the fastest-growing economy and when the IMF and World Bank recognise that India can be the engine driving global trade, what they are recognising is the immense potential that exists in India.”

Highlighting the steps to strengthen the Indian economy, Sitharaman said, “During the Covid-19 pandemic, our fiscal deficit went up. But in 2021, we came up with a clear signal as to how we wanted to manage our fiscal deficit. We set year-on-year targets and committed to bringing the fiscal deficit below 4.5 per cent by 2026. And that’s what we have been following each year without fail.”

She said the government’s primary focus under Prime Minister Narendra Modi is achieving ‘Viksit Bharat’ by 2047. This vision encompasses improvements across sectors impacting women, the impoverished, youth, and farmers.

FM Sitharaman highlighted that India prioritises ‘Sunrise Sectors’ and stands out as a leader in Digital Public Infrastructure, driving innovation and growth..

She also said, “Prime Minister Narendra Modi makes it a part of his every overseas visit to connect with the Indian diaspora because he thinks that it is important that India connects with each one of you who, located in whichever part of the world, are doing your best to contribute to the world and stand out as an example.”

Sitharaman is on a five-day visit to the United States. Upon her arrival in San Francisco, she was received by Indian Ambassador Vinay Mohan Kwatra

During the visit, she is slated to deliver a keynote speech at Stanford University and hold discussions with CEOs in San Francisco on investment and technological advancements. The visit will also include participation in diaspora events, enhancing India’s global cultural presence.

In Washington DC, Sitharaman will attend the IMF and World Bank Spring Meetings, and the G20 Finance Ministers and Central Bank Governors meetings. She will also hold bilateral talks on the sidelines with counterparts from the US, the UK, France, Germany, Saudi Arabia, and other countries, as well as top officials from international financial institutions. After completing her US trip, Sitharaman will travel to Peru for a visit from April 26 to 30.

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FM Sitharaman to showcase India’s economic dynamism during US, Peru visit

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New Delhi, April 19: Union Finance Minister Nirmala Sitharaman is set to embark on an official visit to the US and Peru, beginning April 20, where she is slated to participate in multilateral dialogues to showcase India’s economic dynamism, as the country prepares a bilateral trade agreement (BTA) with the US, it was announced on Saturday.

During her visit to the US, the Finance Minister will visit San Francisco and Washington, DC, from April 20-25, according to a Ministry of Finance statement.

In San Francisco, FM Sitharaman would deliver a keynote address at the Hoover Institution at Stanford University, titled ‘Laying the foundations of Viksit Bharat 2047,’ followed by a fireside chat session.

The Finance Minister will also interact with top CEOs from prominent fund management firms during a roundtable meeting with investors, besides holding bilateral meetings with CEOs from top information technology (IT) firms based in San Francisco.

She will also participate in an event featuring the Indian diaspora in San Francisco and interact with the Indian community settled there, said the ministry.

In Washington, DC, FM Sitharaman will participate in the Spring Meetings of the International Monetary Fund (IMF) and the World Bank, the 2nd G20 Finance Ministers and Central Bank Governors (FMCBG) Meetings, the Development Committee Plenary, IMFC Plenary, and Global Sovereign Debt Roundtable (GSDR) meeting.

On the sidelines of the Spring Meetings, she will hold bilateral meetings with her counterparts from several countries, including Argentina, Bahrain, Germany, France, Luxembourg, Saudi Arabia, United Kingdom, and the US; besides meeting EU Commissioner for Financial Services; President, Asian Development Bank (ADB); President, Asian Infrastructure Investment Bank (AIIB); United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA); and First Deputy Managing Director of the International Monetary Fund (IMF).

During her maiden visit to Peru from April 26-30, the Finance Minister will lead an Indian delegation of officials from the Ministry of Finance and business leaders, highlighting the strengthening bilateral economic and trade relations between the two nations.

Beginning her visit in Lima, she is expected to call on the President of Peru, Dina Boluarte, and Prime Minister Gustavo Adrianzen, besides holding bilateral meetings with the Peruvian Ministers of Finance and Economy, Defence, Energy and Mines, and also holding interaction with local public representatives.

The Finance Minister will chair the India-Peru Business Forum meeting with prominent business representatives in attendance from both India and Peru.

FM Sitharaman will also hold an interaction with the Indian investors and businesses currently operating in Peru, as well as the Indian business delegation visiting Peru. The Finance Minister will also participate in a community event in Lima, where she will interact with the Indian diaspora living in Peru, according to the ministry statement.

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