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A recent report by <keyword id="23201114" type="General" weightage="20" keywordseo="Centrum-Institutional-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Centrum Institutional Research" meta.hostid="261" meta.entityid="Centrum Institutional Research">Centrum Institutional Research</keyword> reveals a sharp rise in the number of <keyword id="21365016" type="General" weightage="100" keywordseo="wealthy-Indians" source="keywords">wealthy Indians</keyword> over the past five years. The data highlights that the number of individuals earning more than Rs 10 crore annually has surged by 63%, bringing the total count to approximately 31,800. Meanwhile, those earning over Rs 5 crore per annum now number 58,200, marking a significant 49% increase. <h2>Wealth growth across <keyword id="23201527" type="General" weightage="20" keywordseo="income-tiers" source="keywords">income tiers</keyword></h2>The report not only tracks the increase in high earners but also highlights growth among those earning above Rs 50 lakh annually. Over the last five years, this group has expanded by 25%, with nearly 10 lakh individuals now in this income bracket. In terms of cumulative income, the report showcases rapid growth. The income of individuals earning over Rs 10 crore annually grew at a compound annual growth rate (CAGR) of 121% between FY19 and FY24, reaching a staggering Rs 38 lakh crore. Those earning more than Rs 5 crore annually saw their collective income grow by 106% CAGR, amounting to Rs 40 lakh crore. Similarly, the income of those earning over Rs 50 lakh per annum increased by 64%, totaling Rs 49 lakh crore over the same period. <div type="Article" hostid="261" msid="113328057" title="The illegal maneuvers the rich use to get richer" mstype="2" mssubtype="0"></div>The Centrum report also forecasts significant growth for India's <keyword id="20301791" type="General" weightage="20" keywordseo="High-Net-Worth-Individuals" source="keywords">High Net Worth Individuals</keyword> (HNI) and <keyword id="21662893" type="General" weightage="20" keywordseo="Ultra-High-Net-Worth-Individuals" source="keywords">Ultra High Net Worth Individuals</keyword> (UHNI). By 2028, their combined financial assets are expected to rise from USD 1.2 trillion in 2023 to USD 2.2 trillion, driven by an annual growth rate of 13-14% over the period from 2023 to 2028. The <keyword id="23201526" type="General" weightage="20" keywordseo="mass-affluent-market" source="keywords">mass affluent market</keyword> is also projected to grow in early double digits during this time. <h2>A gap in professional <keyword id="20074812" type="General" weightage="20" keywordseo="wealth-management" source="keywords">wealth management</keyword></h2>While the wealth of India's affluent is growing rapidly, the report highlights a key difference between India and advanced economies: only 15% of financial wealth in India is professionally managed, compared to 75% in more developed markets. This gap suggests a significant opportunity for the professional wealth management sector as India’s wealthy population continues to grow. (With inputs from ANI)

Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028

<ul><li>India’s <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">finance</keyword> minister revises FY24’s fiscal deficit targets to 5.8% of GDP from 5.9% fixed earlier.</li><li>The revenue receipts at ₹30.03 lakh crore for FY24 are expected to be higher than the Budget Estimate.</li><li>Most economists had said that the government is on track to achieve the fiscal deficit target. </li></ul>The biggest takeaway from the Finance Minister Nirmala Sitharaman’s <keyword id="19906106" type="General" weightage="20" keywordseo="interim-budget" source="keywords">interim Budget</keyword> announcement is the government’s fiscal consolidation program. While the current year’s fiscal deficit has been revised to 5.8% of GDP from 5.9% estimated earlier, the big surprise is next year’s target. Finance minister announced that the fiscal deficit target for FY25 was set at 5.1% of GDP. “The revenue receipts at ₹30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy. The Revised Estimate of the fiscal deficit is 5.8% of GDP, improving on the Budget Estimate, notwithstanding moderation in the nominal growth estimates,” she said in her speech. She said that the government will continue on the path of fiscal consolidation, to reduce the fiscal deficit below 4.5% by 2025-26. The gross and net market borrowings through dated securities during FY25 are estimated at ₹14.13 and ₹11.75 lakh crore respectively. “Both will be less than that in 2023-24. Now that the private investments are happening at scale, the lower borrowings by the Central Government will facilitate larger availability of credit for the private sector,” FM added. She also set the FY25’s divestment target at ₹50,000 crore. Bond markets cheer The bond markets have been cheering the move. This led to a significant drop in India's 10-year yield by 100 basis points to 7.04%. Experts see further drop in yields due to flows from foreign institutional investors and the government’s move increases its chances of a possible ratings upgrade. “The finance ministry is clearly aiming for rating upgrade with aggressive fiscal deficit reduction target as we are at investment grade rating,” said Chirag Mehta, CIO of Quantum AMC. Gaurav Dua, head of capital market strategy, Sharekhan by BNP Paribas too said that the fiscal deficit target of 5.1% for FY25 is good news for the markets. “Bond markets are celebrating the same, with a rally in bond prices and appreciation in INR against USD,” he added. The government sticking to the path of fiscal consolidation is good news for foreign investors. A few experts had also worried that this pre-election budget would have populist measures. Lack of such measures seems to have enthused the experts. “The FM is sticking to fiscal responsibility with a lower fiscal deficit which could be music to the ears of foreign investors and impending $25 billion bond inclusion in June as lower budget deficits and pared borrowings will help bring down yields. It could possibly open the door for a ratings upgrade,” said Pradeep Gupta, Co-founder &amp; Vice-chairman, Anand Rathi Group. As borrowings and liquidity conditions ease, the markets can also expect a possible interest rate cut in the coming financial year. “Lesser borrowing by the government will be beneficial for the private sector and households as it will put more money on the table for them. It will also pave the way for RBI to start cutting rates sooner compared to other economies,” said Apurva Sheth, head of market perspectives &amp; research at Samco Securities.

With FY25 fiscal deficit target at 5.1%, FM is gunning for ratings upgrade say experts

<ul><li>The Telecom Regulatory of India will not eliminate interconnect usage charges (IUC) on 1 January 2020. </li><li>Reliance Jio, Bharti Airtel and Vodafone Idea will continue to pay 6 paise per minute for calls to other networks. </li><li>While this may be good news for Bharti Airtel and Vodafone Idea, Reliance Jio is likely to bear the brunt/ </li></ul>Reliance Jio is going to continue being the ‘<a href="https://www.businessinsider.in/business/news/mukesh-ambanis-jio-faces-backlash-for-tariff-increase/articleshow/71573757.cms">second SIM of choice</a>’ as the Telecom Regulatory Authority of India (TRAI) decides to defer the elimination of interconnect usage charges (IUC) for another year. One of the ways that telecom operators generate revenue is by collecting IUC. It basically means that the network where the call originates has to pay the network of the call destination a small toll of using the latter’s bandwidth. In an ideal situation, especially since there are only three players in the market — Reliance Jio, Vodafone-Idea and Bharti Airtel — these charges would even out. But, that isn’t the case. Reliance Jio gets the short end of the stick with more than half the calls on its network — 64% — going off-network, according to an <a href="https://www.businessinsider.in/business/news/mukesh-ambanis-jio-faces-backlash-for-tariff-increase/articleshow/71573757.cms">India Ratings</a> report. Whereas Vodafone-Idea and Airtel subscribers only call off-network 41% and 45% of the time. Why calls are no longer unlimited on Reliance Jio The disbalance ends up making Jio the net payer of expenses, while its competitors end up being the net receivers. It’s also why Airtel and Vodafone-Idea can afford to offer free unlimited calling. <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-and-vodafone-idea-charges-for-outgoing-calls-to-other-networks/articleshow/72440347.cms">Reliance Jio</a>, on the other hand, has to limit the number of free IUC minutes it can offer its customers. Good news for Airtel and Vodafone-Idea The decision to let the telecom industry collect IUC means that Airtel and Vodafone-Idea will continue to earn 6 paise per minute for calls on their network until 1 January 2021. The influx of revenue will provide some relief for the operators who first had to face Jio’s tariff war on data and then the S<a href="https://www.businessinsider.in/stock-market/news/reliance-industries-jio-stock-prices-shoots-up-after-supreme-court-verdict/articleshow/71737746.cms">upreme Court judgement</a> on adjusted gross revenue (AGR). The Department of Telecommunication (DoT) is reportedly also looking into <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-and-vodafone-idea-face-more-financial-burden/articleshow/72513282.cms">pending license fees</a> under the expanded of AGR that Airtel may owe for the telecom companies it acquired — Videocon Communications and Aircel. Meanwhile, the company is heading up a <a href="https://telecom.economictimes.indiatimes.com/news/good-response-for-airtels-3-billion-fundraising-plan/72808998">$3 billion fundraising programme</a> across Singapore, Hong Kong, the US and Europe to meet its global investors and get more resources. Looking to the government to help Airtel and Vodafone-Idea <a href="https://www.businessinsider.in/business/telecom/reliance-jio-and-mukesh-ambani-have-unlimited-money-says-airtel-top-boss-sunil-mittal/articleshow/72485785.cms">appealed to the government</a> to set a floor price for calling charges — a move that TRAI has been hesitant to initiate. It feels that since the telecom industry recently <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-may-still-have-the-cheapest-plan-on-offer-as-airtel-and-vodafone-idea-have-a-lead-on-telecom-tariffs/articleshow/72335722.cms">hiked its tariffs</a>, and free to do so again in the future, that is there no need to set a minimum price. Minister of Commerce and Industry, <a href="https://telecom.economictimes.indiatimes.com/news/government-cant-take-suo-motu-action-to-revive-telecom-sector-piyush-goyal/72773793">Piyush Goyal</a>, also stated that the department can’t act out of step against the government to save the telecom industry. “Government proactively or suo motu cannot take an action on this (AGR) but I assure you that we are in continuous dialogue,” he said. It hasn’t helped that Vodafone CEO Nick Read’s remarks were misinterpreted and reported as the company wanting to ‘exit’ India due to the AGR dues — invoking disapproval from the government. Telecom Minister <a href="https://www.businessinsider.in/business/news/prasad-hits-out-at-vodafone-for-dictating-terms-to-india/articleshow/72773962.cms">Ravi Shankar Prasad</a> said that didn’t ‘appreciate’ such statement and that ‘no one should dictate terms’ on India. While things may look grime for Reliance Jio, experts feel that it will continue to be a market leader for the next two years. “Jio’s dominant position in terms of market share growth and data usage will sustain comfortably for the next 18-24 months, given its superior data speeds and 4G network coverage, even post change in tariffs,” according to <a href="https://telecom.economictimes.indiatimes.com/news/jio-likely-to-remain-market-leader-for-next-2-years-despite-tariff-hike/72809829">Centrum Institutional Research</a>. See also: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-and-vodafone-idea-face-more-financial-burden/articleshow/72513282.cms">Three reasons why the Indian telecom sector's troubles went from bad to worse in the last 24 hours</a> <a href="https://www.businessinsider.in/business/telecom/reliance-jio-and-mukesh-ambani-have-unlimited-money-says-airtel-top-boss-sunil-mittal/articleshow/72485785.cms">Mukesh Ambani’s Reliance Jio has ‘unlimited’ access to finance, says Airtel top boss Sunil Mittal in his clarion call for government support</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-jio-stock-prices-shoots-up-after-supreme-court-verdict/articleshow/71737746.cms">It’s advantage Reliance Jio after Supreme Court verdict drains Airtel and Vodafone</a>

Disadvantage Jio — Airtel and Vodafone Idea will continue to charge for calls on their network

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Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028

BI India Bureau

With FY25 fiscal deficit target at 5.1%, FM is gunning for ratings upgrade say experts

BI India Bureau

Disadvantage Jio — Airtel and Vodafone Idea will continue to charge for calls on their network

Prabhjote Gill

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