India has more billionaires than Switzerland, Canada and 6 other developed nations

Sunday, April 30th 2023

Good Morning ☕

From billionaires to education to government probes, there's no shortage of interesting news coming out of India lately. The country boasts more billionaires than Switzerland and Canada combined, but renting a home in Bengaluru requires a 90% score on a high school exam. Meanwhile, the ED is investigating the CEO of BYJU's, FPIs are pouring money into Indian equities, and Twitter has locked some major news agency accounts.

On the education front, IIT Kanpur is partnering with the military to create carbon-neutral army campuses, and Imperial College London is offering scholarships for Indian students, with a focus on female inclusion. And according to a Wipro official, over 90% of freshers are willing to accept lower salaries. What's next for India?

1. ED searches home, offices of Byju’s CEO Raveendran in Bengaluru over FEMA violations

The Directorate of Enforcement (ED) conducted searches and seizures at three premises in Bengaluru related to Byju Raveendran and his company Think & Learn Private Limited, which operates the online education portal, Byju's. The searches revealed that the company has received a foreign direct investment of ₹28,000 crores and remitted ₹9,754 crores to various foreign jurisdictions during 2011-2023. The company has not prepared its financial statements since FY 2021 and has not got the accounts audited.

Byju Raveendran, the founder of Byju's, has been evasive during the investigation conducted by the ED. Byju's spokesperson said that the visit was related to a routine inquiry under FEMA. Byju's has witnessed a slump in funding post-pandemic, and the firm posted a sharply wider net loss of ₹4,589 crore in FY21 compared to ₹262 crore a year earlier.

2. India has more billionaires than Switzerland, Canada and 6 other developed nations

India is home to 169 billionaires, which is more than several developed countries, according to data from the World of Statistics. The United States has the highest number of billionaires with 735, followed by China with 495, and India at third place. However, India has more billionaires than developed countries such as Germany, Italy, Canada, the UK, Australia, France, Switzerland, and Japan. Reliance Industries Chairman Mukesh Ambani is the richest person in India with a net worth of $87 billion, followed by Gautam Adani with $48.3 billion. Mumbai is home to the maximum number of billionaires in India.

Here's the list of countries with the number of billionaires:

• US: 735

• China: 495

• India: 169

• Germany: 126

• Russia: 105

• Hong Kong: 66

• Italy: 64

• Canada: 63

• Taiwan: 52

• UK: 52

• Brazil: 51

• Australia: 47

• France: 43

• Switzerland: 41

• Japan: 40

3. Looking for a house on rent in Bengaluru? You need to score 90% in Class 12

A Twitter post by a man in Bengaluru went viral after his cousin was refused a rented apartment because he did not score 90% in class 12. The tenant was asked to provide his LinkedIn and Twitter profile, class 10 and 12 marksheets, along with Pan and Aadhar card, and a write-up on himself. The post received over 1.4 million views and 15,000 likes. This is not the first time such incidents have occurred in Bengaluru, where landlords are setting different criteria for renters. Rents in Bangalore have nearly doubled since the start of last year, making it the country's hottest residential market.

4. FPIs invest ₹11,631 cr in Indian equities in April, the highest monthly buying of 2023 so far

Foreign portfolio investors (FPIs) purchased equities worth ₹11,631 crores in Indian equities in April, marking the highest buying of 2023 and the second consecutive month of net buying. Despite the IT sector's bittersweet Q4 earnings, the Sensex and Nifty 50 have shown resilient performance in April. FPIs invested around ₹13,545 crores in the Indian market in April, with strong buying in the equity market. FPIs have been buying in financial services and auto and auto components, and India’s Current Account Deficit's declining trend is expected to bring more inflows into India.

5. IIT Kanpur inks pact military engineer services to create carbon-neutral army campuses

The Indian Institute of Technology (IIT) Kanpur has partnered with the Military Engineer Services (MES) Jhansi to convert five Army stations into net zero carbon, energy, water, and waste campuses. The collaboration will start with a proof-of-concept plan for the selected Army cantonments, including an assessment of energy sources, consumption, carbon footprint, sustainable alternatives adoption, on-site tree planting, and habit-related factors.

The agreement also includes training Army personnel in sustainable practices and creating a resource pool through on-job training. The partnership aims to contribute to India's net zero projections by showcasing a proof-of-concept model and creating a carbon-neutral roadmap for the country leveraging the vast land area covered by Army cantonments to achieve sustainability.

6. Twitter locks accounts of news agency ANI account, broadcaster NDTV

Twitter has blocked the account of news agency ANI, citing a violation of the minimum age requirement. ANI's editor, Smita Prakash, informed that the account was locked for not meeting the age criteria of at least 13 years to operate on the micro-blogging platform. ANI, with a presence in over 100 bureaus worldwide, has 7.6 million followers on Twitter. Twitter had earlier removed the gold tick and substituted it with a blue tick.

7. Delhi LG orders examination of expenditure records of ₹44.78 cr spent on renovation of Arvind Kejriwal's residence

The Lieutenant Governor of Delhi has ordered officials to secure expenditure records of the renovation of Delhi Chief Minister Arvind Kejriwal's official residence, which the BJP has alleged cost ₹45 crore. The AAP has accused the BJP of trying to divert attention from more pressing issues. Documents show that a total of ₹44.78 crore was spent on the residence's "addition" against a sanctioned amount of ₹43.70 crore. The expenditure included interior decoration, flooring, consultancy, electrical fittings, and kitchen appliances. A separate amount of ₹8.11 crore was spent on the camp office of the chief minister at his official residence.

8. Imperial College London offers £400,000 in scholarships for Indian students; emphasizes female inclusion

Imperial College in London has launched a new scholarship programme for Indian master's students called the 'Future Leaders Scholarship'. The programme aims to support 30 students over the next three years, with half of the scholarships reserved for female scholars. The scholarships will be offered to students pursuing MSc programs in the faculties of Engineering, Natural Sciences, Medicine, and the Business School. The total investment in the scholarship program will be over 400,000 pounds. The Imperial College has also partnered with Chevening for scholars from India, which will cover academic fees and provide a monthly stipend for the awardees.

9. Over 90% of Wipro’s freshers chose lower salary option: CFO Jatin Dalal

More than 90% of freshers at Wipro accepted lower salary options in order to fast-track onboarding, according to Jatin Dalal, CFO of the IT company. In February, Wipro had asked candidates offered a salary package of ₹6.5 LPA if they would consider joining with a salary of ₹3.5 LPA. Wipro recently announced a moderation in attrition rates for four consecutive quarters in FY23, and recorded a decline in voluntary attrition rates from the previous quarter. The company also approved a share buyback worth ₹12,000 crore. However, the company terminated 452 freshers in January following an internal assessment.

10. Trade turnover between India-Dominican Republic has reached about $1 bn

India's External Affairs Minister, S Jaishankar, has announced that the trade turnover between India and the Dominican Republic has now reached almost $1 billion. This represents significant growth from the $12 million trade deal the two countries had before diplomatic relations were established 20 years ago.

Jaishankar noted that much of the trade is done in pharmaceuticals, marine, gold, and paper products. Several Indian companies have already established offices in the Dominican Republic, including Glenmark Pharmaceuticals, Hetero, Caplin Point, Bajaj, Hero, and Royal Enfield. Jaishankar also discussed an agreement that is in its final stages of approval for a joint economic and trade cooperation mechanism between the two countries. The External Affairs Minister is currently on a tour of Latin America, where he hopes to promote business and economic relations.

Word News 🌎

1. H-1B lottery system has resulted in abuse and fraud, says the US Immigration service

The US Citizenship and Immigration Services (USCIS) has stated that the H1B visa lottery system has led to an increase in fraudulent activities. The USCIS noted that the registration process for FY2024 saw a significant rise in the number of registrations submitted compared to previous years. The agency has denied and revoked petitions as a result of extensive fraud investigations and is now initiating law enforcement referrals for criminal prosecution. In response, the USCIS is working on a new H-1B modernization rule that will aim to reduce misuse and fraud in the H-1B registration system. The H-1B visa is used by US companies to employ foreign workers in specialty occupations.

2. OpenAI closes $300 million funding round at $27 billion-$29 billion valuation

OpenAI, the company behind ChatGPT, has raised more than $300 million in a share sale, valuing the company between $27 billion and $29 billion. Italy has lifted its temporary ban on ChatGPT, which was imposed last month over data privacy concerns. The country's data protection watchdog had said that OpenAI had no legal basis to justify the mass collection and storage of personal data for training the algorithms underlying the platform. ChatGPT generates essays, songs, exams, and news articles from brief prompts, but critics have expressed concerns over the collection and processing of user data by AI chatbots.

3. Pakistan economic crisis: Rising food prices could take inflation at 36.5% in April 2023

In Pakistan, inflation is expected to reach a record high of 36.5% in April 2023 due to rising food prices, driven by increased prices of perishable items such as wheat and fresh fruits. This surge in inflation is due to an increase in domestic petroleum product prices and a jump in the prices of clothing during Ramadan. The rise in inflation could push more citizens into poverty, reduce consumer spending, and impact businesses and the overall economy.

Policymakers may need to take necessary steps to mitigate the impact of rising inflation and ensure the country's economic stability. Pakistan has made various economic modifications, including raising taxes and fuel prices, to secure a bailout package from the International Monetary Fund. However, the lender is seeking further assurances to ensure Pakistan has fulfilled the condition of arranging $6 billion in financing to reach a staff-level agreement. Saudi Arabia and the United Arab Emirates have provided financing assurances to help the nation avert a default.

4. Why are executives in China spooked?

Chinese authorities have interrogated employees of management consulting group Bain & Company in Shanghai, amid increasing tensions between the United States and China. Two weeks ago, Chinese police seized computers and phones at Bain's offices, but did not detain anybody. A spokesperson for the US firm confirmed the development and said they were cooperating with Chinese authorities. The questioning of Bain employees is expected to add to concerns about the safety of conducting business in China following the recent raid of US due diligence firm Mintz Group's Beijing office. The situation has strained ties between the two countries.

5. Jack Dorsey-backed Twitter alternative Bluesky hits the App Store as an invite-only app

Bluesky is a new social media platform backed by former Twitter CEO and founder Jack Dorsey. It is self-proclaimed ‘decentralized’ and led by CEO Jay Graber. The platform has a retro feel reminiscent of the early days of Twitter, with no DM or video upload feature, a 300-character limit per post, and a following feed filled with chronological posts. Bluesky is currently invite-only and has been trending on Twitter, but it is unclear if it will pose a threat to Twitter.

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