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Shvoong Home>Society & News>News Items>Hindustan Times Summary

Hindustan Times

Article Summary   by:konthai    
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Write your abstract here.Summary of article by Arun Kumar in Hindustan Times entitled:"" INDIA is Asia''s top slot in BILLIONAIRES " A recent study of BILLIONAIRES the world over,by the leading
US Business Magazine, "FORBES " puts INDIA in the TOP SPOT amongst
ASIA , , Of this the top ten, worth$ 112 Billion account for two
thirds of the total wealth.It further says "India''s rising fortunes are
underscored by the increasing prosperity of its wealthiest citizens."Tracing
INDIA ''s history from 1947 ( pre Independence)",when it was the
poorest of the economies in the world ," the nation has achieved a top
spot in ASIA in 2 decades by virtue of its emerging economic
clout.", says the study. In the current year ,INDIA has overtaken
Japan in the total number of Billionaires.Three Indians have even
reached the list of 40 Top richest in the world ranking next only to
US. The rising hot Stock market ,(up by more than39% this year) and
its robust real estate market have contributed to swell its fortunes.
While Lakshmi Mittal,who lives in LONDON occupy the first position , ( worth $ 25 BILLION) the Ambani brothers ,now more comfortable and richer singly , have unseated AZIT PREMJI to occupy the second slot . Many business Tycoons have been in the news recently, negotiating Big deals viz Venugopal Doot acquiring Dawood Electronics ,($700Million) , K.M.Birla''s bid to buy the stake in Tata Groups stake in their joint telecom venture,and Banker ,Uday Kotak''s buying out the stake of Goldman Sachs in Investment banking etc
The study reveals ;there have been five additions in the list which included Kalanidhi Maran,(SUN TV,) Keshub Mahindra ,(Tractor tycoon)and Infosy''s co-founder K.DINESH. and 2 others. This position is vastly different compared to 1987 , when the sole entry was of the Birla family , with a net worth of just $2 Billion.This state continued for 7years,until Ambani entered the list with his Petrochemical fortune.
India which continued a sleepy place in the world''s richest , with just three billonaire''s entries in 2004, (none ranking above the 58th place) woke to a premier position aided by the fast riding stock market ( present Sensex
jumping the 16000 mark), and the booming real estate market, which gave the
fillip to the meteoric jump six-fold fold,of the collective wealth
from $ 32 billions to $ 197 billion s in just 3 years. According to Mr Nimesh Kampani,veteran
Banker and Chairperson of J.M Financials ," friendlier tax laws
and abolition of capital gains tax on sale of equity shares" aided
the rise in stock market as many companies got listed., The
study ends with a very optimistic note , "with the continuance of
the present rise in markets, aiding the rise in fortune of
billionaires thereby increasing their number in the
country go past the mark of 100 by 2009." KONTHAI
Published: September 26, 2007   
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