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In the Indian system politicians are accountable but regulators are not: FM Jaitely on Banking frauds

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Finance Minister Arun Jaitely at Global Business Summit (Photo-ANI)

Finance Minister Arun Jaitley on Saturday told that cases of periodical willful default are much more dangerous than business failure and bank frauds.

Speaking at Global Business Summit the leader pointed out that these kinds of incidents not only harm the economic atmosphere like the ease of doing business but also scars the economy.

The finance minister Jaitley also said, “If a fraud is taking place in multiple branches of banking system & no one raised the red flag, doesn’t that become worrisome for a country. Similarly, top management who were indifferent, multiple layers of auditing system which chose to look another way, it creates a worrisome situation.”

The leader also referred that Regulators plays important roles and decide the rules of the game and they have to have a third eye which perpetually is open.

“Unfortunately, in the Indian system we politicians are accountable but regulators are not,” he added.

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Post-2014, India ‘richer’ by 601 new billionaires, Mukesh Ambani on top

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Mumbai, Sep 25 : India added a whopping 601 new billionaires since 2014, with Reliance Industries Ltd Chairman Mukesh Ambani topping the ‘Barclays Hurun India Rich List-2018’ for the seventh consecutive year with an estimated wealth of Rs 371,000 crore.

As per the report, in 2014, there were 230 billionaires or multi-billionaires, which shot up to 831 in the 2018 in the BHI Rich List.

Earlier, in 2012, the figure was a modest 59 billionaires, which climbed to 141 in 2013. But after notching 230 billionaires in 2014, the list has grown phenomenally with 296 (2015), 339 (2016), 617 (2017) and now 831 billionaires in 2018.

Similarly, the number of USD billionaires in India in the past seven years at the prevailing exchange rates has shot up from 59 (2012) to 141 (2018) as the USD’s value grew from INR 55.60 to INR 68.40 during the period.

Among women, there was only one self-made billionaire in 2013, which increased to 11 in 2018. Women multi-billionaires shot up from just five in 2013 to 136 this year.

The cumulative wealth of these 831 individuals featured in the latest list stands at USD 719 billion, or one-quarter of the Indian GDP of USD 2,848 billion as per the IMF’s April 2018 estimates.

After Ambani, next comes S.P. Hinduja and family of Hinduja Group with estimated wealth of Rs 159,000 crore, Arcelor-Mittal’s L.N. Mittal and family at Rs 114,500 crore in the top bracket.

Following them are: Wipro’s Azim Premji at Rs 96,100 crore, Sun Pharmaceuticals Ltd’s Dilip Shanghvi at Rs 89,700 crore, Kotak Mahindra Bank’s Uday Kotak at Rs 78,600 crore, Serum Institute of India’s Cyrus Poonawalla at Rs 73,000 crore, Adani Group’s Gautam Adani and family at Rs 71,200 crore, Shapoorji Pallonji Mistry’s Cyrus P. Mistry at Rs 69,400 crore,

Five of the Top 10 belong to Maharashtra, one each from Gujarat and Karnataka, two are London-based and one is in Monaco, as per the rich list.

As expected, the country’s commercial capital Mumbai tops the billionaires’ list with 233 names, followed by New Delhi at 163 and IT capital Bengaluru at 70, said Barclays Private Clients CEO S.N. Bansal.

The annual list is a compilation of the super-richest Indians having a net worth of Rs 1,000 crore or more. This number has increased by a staggering one-third – from 617 in 2017 to 831 in 2018, said Hurun Report India’s Managing Director Rahman Junaid.

While 306 new entrants made it to the list this year, 75 of those featured in 2017 failed to find a place in the super exclusive club this year.

“The Indian edition of the list is the fastest growing rich list in the world, highlighting the optimism of a young, vibrant and ambitious country,” Junaid pointed out.

As far as top wealthy business clans are concerned, more than 50 percent of the businesses listed in the 2018 rich list belong to just 10 Indian families – Ambani, Godrej, Hinduja, Mistry, Shanghvi, Nadar, Adani, Damani, Lohia and Burman.

Four of these family-run businesses are in the first-generation and second generation, one is in third generation and one in fifth generation of operations.

“Wealth creation in India is growing at an unprecedented pace, and the time it takes to accumulate wealth is shorter than before,” said Bansal at the report launch.

IANS

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Rupee extends losses, nears 73 against Dollar

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New Delhi, Sep 25: The Indian rupee slipped in the early trade on Tuesday. It weakened by 33 paise to 72.82 against the US dollar. 

The rupee closed at 72.63 against the greenback on Monday.

The key Indian equity indices opened on a negative note today, owing to a weak rupee and rising crude oil prices.

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Key equity indices open in red

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Sensex down

Mumbai, Sep 25: The key Indian equity indices opened on a negative note on Tuesday, owing to a weak rupee and rising crude oil prices.

At 9.30 a.m., the wider Nifty50 of the National Stock Exchange traded at 10,918.85 points, lower by 48.55 points or 0.44 per cent from its previous close.

The BSE Sensex which had opened at 36,350.25 points, traded at 36,183.86 points, lower by 121.16 points or 0.33 per cent from its previous close of 36,305.02 points.

So far, it has touched an intra-day high of 36,454.03 points and a low 36,180.16 points.

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