Mumbai: The number of millionaire households in Maharashtra has grown by 194% to 1.78 lakhs in the last four years, which is the highest in the country. According to a latest wealth report, Mumbai alone hosts 1.42 lakh millionaire households with Maharashtra being the preferred investment destination for 43% of Indian millionaires.

India now has 8.71 lakh millionaire households, families with a net worth of at least 8.5Cr, increasing by 90% from 4.58 lakh in 2021, revealed the ‘Mercedes Benz-Hurun India Wealth Report 2025’ launched on Thursday. The report states that the number of such millionaire families have grown by 445% from 2017 whereas only 0.01% became billionaires. However, these households comprise only 0.31% of the total households in India, highlighting the growing wealth disparity in the country.

Notably, the report revealed that Maharashtra leads the country in terms of millionaire households, 1.78 lakh, recording a 194% growth since 2021. Mumbai, the country’s financial capital, alone hosts 1.42 lakh millionaire families, which is again the highest in the country, followed by 68,200 in New Delhi. The report stated that the economic expansion of Maharashtra, which is home to 471 individuals featured in the ‘Hurun India Rich List 2024’, is underpinned by a 55% increase in its gross state domestic product (GSDP) between 2020-21 and 2023-24, crossing Rs40 lakh crore. Similarly, Mumbai accounts for 80% of the state’s total wealth, backed by 55% GSDP growth.

Maharashtra stood out as the most preferred investment destination in India for millionaires, with 43% of them choosing it over Gujarat, Karnataka and Delhi NCR, revealed the ‘Mercedes-Benz Hurun India Luxury Consumer Survey 2025’, also launched on Thursday. The survey revealed that stocks, real estate, and gold remain the top asset choices for millionaires with 51% expecting Indian real estate to grow in the next two years, while 38% believe it will remain stable.

Anas Rahman Junaid, founder and chief researcher at Hurun India, said, “I am struck by the extraordinary upward mobility we’re witnessing in India. This democratisation of prosperity speaks to the resilience of our economy, with opportunity spreading to millions of new wealth creators. We project India’s millionaires could double to around 1.7 to 2 million households in the next decade. Powered by our young demographic, technology and entrepreneurial spirit, India is poised to become the world’s fastest-growing wealth hub, gradually closing the gap with the leading economies.

Santosh Iyer, MD and CEO of Mercedes-Benz India, highlighted that the millionaires are also quickly shifting towards luxury electric vehicles (EVs) in comparison to the overall shift in general EVs. He stated that while the overall shift to EV is around 4%, luxury car owners record an 11% shift. “India’s growth story underscores the resilience and transformation of the economy, driven by a burgeoning domestic market and soaring aspiration of today’s young generation. Mercedes-Benz remains a symbol of social prestige, financial affluence and unmatched desirability,” he added.

Mumbai: A controversial proposal by the Central Railway’s (CR) Mumbai division to overhaul the suburban railway system by segregating it into sector-wise corridors—akin to metro train operations—has ignited widespread backlash from commuters and railway officials alike.

Originally presented to the Railway Minister last year, the proposal aims to increase suburban train frequency to one every three minutes during peak hours by dividing the existing network into eight operational corridors.

These would include routes such as CSMT-Thane (slow), Thane-Kalyan (slow), Kalyan-Kasara (slow), CSMT-Kalyan (fast), CSMT-Panvel (slow), Belapur-Uran (slow), and Thane-Nerul/Vashi (slow), among others.

Although the presentation claims that this move could transform Mumbai’s local train operations, a fierce debate has erupted over the practicality of the leaked proposal.

“This proposal is unadulterated absurdity. The person who prepared it has no idea about Mumbai and has clearly never used the Mumbai suburban network as a means of transport for work,” said former General Manager of Central Railway, Subodh Jain

According to a senior CR official, who declined to be named, “The plan may look good on paper, but in reality, it’s completely impractical. It would involve mass transhipment of passengers at busy junctions like Thane and Kalyan—already under tremendous pressure.”

“Catching one train itself is a big hassle—now imagine the inconvenience of changing 3 to 4 trains in a single journey and the extra time lost at each station,” said a senior Central Railway officer.

“The crowding at transhipment stations will be unimaginable. Passengers who manage to get a seat in the first train will likely lose it in the connecting train, as those already standing will rush to board first.”

The elaborate plan (FPJ has a copy) involves running services sector-wise — with the first sector operating only between CSMT and Thane on the slow line, the second sector covering CSMT to Kalyan on the fast line, and the third sector managing operations between Thane and Kalyan on the slow corridor, as well as Kalyan to Kasara and Kalyan to Karjat.

While the presentation made by the Mumbai Division under the leadership of the then Divisional Railway Manager, Rajnish Goyal, claims that sector-wise operations could boost efficiency and frequency, even internal voices remain skeptical.

The concerns are not just logistical but also practical—crowding at transhipment points, loss of seating priority, added travel time, and passenger confusion could worsen the already strained infrastructure.

Sources within CR have hinted that the proposal may have been “deliberately leaked” this week, rekindling both internal debates and public scrutiny.

Passengers, who form the backbone of Mumbai’s lifeline, expressed their frustration across social media platforms and in interviews.

Jayant Sathe, a daily commuter from Kalyan, remarked, “Whoever designed this plan clearly doesn’t understand Mumbai’s suburban travel. Changing trains at Thane after boarding from Badlapur? That’s completely unrealistic.”

The proposal has also drawn sharp criticism online. Devesh Tiwari posted on X (formerly Twitter), “This is a stupid plan. It will create horrible bottlenecks at terminal stations. Why can’t CR reduce headway to 120 or 90 seconds during peak hours? It’s simple tech, but there’s zero willpower to implement it.”

Another internet User @warrenbhai added posted on X “Changing and crossing FOBs will be a nightmare. A lot of us catch up on sleep during the long travel. That won’t be possible anymore.”

Another commuter, Kumar Saket, called the proposal the “joke of the month,” while Bharat Soni criticized what he termed the “Reel Minister” for making hollow promises, stating:

“What’s new in promising 3-min frequency? WR already does that. CR used to run locals every 5 minutes up to Kalyan. Try giving us 15-min services up to Kasara and Karjat—that would be actual progress.”

@smartkalyan7 posted on X “Instead of this jumlabazi, build a new line between Kalyan and Borivali. Thousands waste time commuting to the western suburbs via Dadar.”

Chennai, Sep 18: The Enforcement Directorate (ED) on Thursday launched extensive searches in Chennai and Hyderabad in connection with a money laundering probe into an alleged Rs 200 crore bank fraud and benami property dealings linked to V. K. Sasikala, the confidante of late Tamil Nadu Chief Minister J. Jayalalithaa.

Officials confirmed that the searches covered at least ten locations across the two cities.

The premises, according to the source, are connected to a businessman who has been identified as an alleged benami of Sasikala. The raids were conducted under the provisions of the Prevention of Money Laundering Act (PMLA).

The investigation stems from a case registered by the Central Bureau of Investigation (CBI), which had earlier filed an FIR over what it described as fraudulent banking transactions running into hundreds of crores.

Acting on this, the ED initiated its own money laundering probe to trace the flow of funds and identify properties suspected to have been acquired through illegal means or in the names of benami holders.

Sources said officials are seizing documents, financial records, property deeds and electronic evidence from the searched locations. These materials will be examined to establish links between the bank fraud and assets allegedly concealed through benami arrangements.

While the extent of seizures is not yet clear, officials indicated that the raids were aimed at unearthing the full scale of transactions connected to the case.

The action once again puts Sasikala back in the spotlight. A key player in Tamil Nadu politics for decades, she has previously faced allegations and legal battles over disproportionate assets.

The ED’s current move revives scrutiny into her financial networks, particularly through associates and business entities suspected to have acted as fronts.

Investigators are likely to expand the probe depending on the findings from the ongoing searches. If evidence of laundering or concealment is confirmed, assets may be provisionally attached under PMLA, and further charges could follow.

The raids have drawn political attention as well, with observers noting that the timing and the scale of the operation underscore the central agency’s renewed focus on high-profile economic offences in Tamil Nadu.