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Remember the famous suit <a href="http://www.businessinsider.in/searchresult.cms?query=indian+prime+minister&amp;sortorder=effectivedate">Indian Prime Minister </a><a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate">Narendra Modi</a> had worn when he had met US President <a href="http://www.businessinsider.in/searchresult.cms?query=barack+obama&amp;sortorder=effectivedate">Barack Obama</a>? Yep, the very one which had his name monogrammed in it? 
 
That same suit has now entered the <a href="http://www.businessinsider.in/searchresult.cms?query=guinness+book&amp;sortorder=effectivedate">Guinness Book of World Records.</a> Nope, not for being the most narcissistic suit ever- but instead for being the ‘most expensive suit (clothing) sold at auction’. 
 
As it turns out, it was sold at an auction for a whopping Rs 4.31 crores in February last year. 
 
 
 The suit was sold to the highest bidder, 62-year-old <keyword id="2736113" type="UNKNOWN" weightage="100" keywordseo="Laljibhai-Patel">Laljibhai Patel</keyword>, a diamond baron and private airline owner based in <a href="http://www.businessinsider.in/searchresult.cms?query=surat&amp;sortorder=effectivedate">Surat </a>for Rs 4.31 crore. The base price of the suit at the auction was Rs 11 lakh. 
 Mr Patel, who was overjoyed at being the highest bidder said that it was a matter of joy that he now gets to own a suit worn by none other than <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword>. 
 
 
 Some of the highest bids at the auction were made by owners of the <keyword id="3588658" type="UNKNOWN" weightage="100" keywordseo="diamond-aeronautics-company">Diamond Aeronautics Company</keyword>, which charters planes to fly within <keyword id="6354766" type="COMPANY" weightage="100" keywordseo="Gujarat">Gujarat</keyword> and to Mumbai. 
 
The money received in the auction will be used to clean <a href="http://www.businessinsider.in/searchresult.cms?query=river+ganga&amp;sortorder=effectivedate">River Ganga</a>. 
 
The suit was one of the 300 items that the Prime Minister had received as gifts that were sold at the auction.

Narendra Modi’s famous suit enters Guinness World Records after getting sold for Rs 4.31 crores

<ul><li>Asteroids aren’t just chunks of ice and rock, but storehouses of precious metals.</li><li>The asteroid belt is estimated to contain $700 quintillion worth of resources.</li><li>Mining for metals won’t make you richer than Bezos and Musk unless you can create your own monopoly.</li><li>Flooding the market will only drive down prices.</li></ul>There are over a million asteroids that are being tracked by astronomers, and getting your hands on just one of them would be enough to set you up for life. However, the question of value isn’t all that simple. The good news is that you don’t have to look too far to find asteroids with a host of metals on board. Most of these nuggets of fortune lie between Mars and Jupiter, within the asteroid belt. The asteroid belt is home to over 1 million asteroids, including around 200 which are over 100 kilometres in diameter — a little bigger than Egypt. <div type="Video" msid="83989979" hostid="261" title="Asteroids in our solar system" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=83989979"></div> According to the <keyword id="107353" type="COMPANY" weightage="20" keywordseo="National-Aeronautics-and-Space-Administration">National Aeronautics and Space Administration</keyword> (<a href="https://www.spaceanswers.com/news/the-700-quintillion-asteroid-belt/">NASA</a>), the belt alone is home to around $700 quintillion — that’s $100 billion for every one of the seven billion people on Earth. The most valuable asteroid in the belt is Davida. It has a diameter of 326 kilometres and has a resource value of almost $27 quintillion. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/6588935"></div>]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="Mining an asteroid won’t make you richer than Jeff Bezos or Elon Musk" comment="subhead" text="Mining an asteroid won’t make you richer than Jeff Bezos or Elon Musk">Mining an asteroid won’t make you richer than Jeff Bezos or Elon Musk</cmsannotation> Ignoring the many technical challenges of mining an asteroid — like needing robots, spacecraft and other technology that doesn’t exist in today’s age — getting your hands on those resources won’t make you a rich person overnight. Yes, asteroids will likely be mined for metals sometime in the future. But once those metals start hitting the market, back here on Earth, the influx of supply will likely drive their prices into the ground. Gold, platinum and other metals will no longer be ‘precious’ because they will no longer be scarce. Moreover, metals aren’t expensive because of their inherent value. They’re expensive because of the value they provide. Steel is just steel until it can be used to make parts of cars. Silver has been getting more expensive because it’s being used in solar panels. A giant asteroid full of gold could fund existing industries on the planet, but it’s unlikely to spark a new industrial revolution. Just because <keyword id="1025322" type="PERSON" weightage="20" keywordseo="asteroid-Mining">asteroid mining</keyword> will make more gold available, it doesn’t mean that demand will rise to the occasion. This is precisely why billionaire Elon Musk is ready to bet on cryptocurrencies. According to him, asteroid mining could chip away at gold’s status as a store of wealth. <cmsannotation type="cmsannotation" annotationid="There is one way out, and we already know it works" comment="subhead" text="There is one way out, and we already know it works">There is one way out, and we already know it works</cmsannotation> One way to control the value of metals is to control the supply. You can have tonnes and tonnes of gold in your kitty, but if that gold doesn’t hit the market — it’s value won’t go down. We have already seen an example of this happen with diamonds. These chunky little rocks weren’t always a ‘status symbol’ or a ‘sign of commitment’. But the <keyword id="138872" type="COMPANY" weightage="20" keywordseo="De-Beers">De Beers</keyword> company changed all that. All of South Africa’s diamond deposits were consolidated under the company’s letterhead, which essentially created a monopoly. A monopoly that was later controlled by the Oppenheimer family. And De Beers is where most of the world’s diamonds come from till date. The Oppenheimers have been able to maintain their monopoly by hoarding diamonds where prices fell to drive them back up. They were also no stranger to flooding the market with diamonds in order to wipe out their competition. Being a powerhouse with the means to mine an asteroid could arguably pull off the same trick. A mission that companies like Planetary Resources and Deep Space Industries are already working on. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/the-worlds-largest-crypto-exchange-is-having-a-hard-time-convincing-regulators-with-multiple-bans-piling-up/articleshow/83941711.cms">The world's largest crypto exchange is having a hard time convincing regulators with multiple bans piling up</a> <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-oldest-crypto-exchange-exits-cryptocurrency-business-amid-government-crackdown-on-bitcoin-mining/articleshow/83953113.cms">China's oldest crypto exchange exits cryptocurrency business amid government crackdown on Bitcoin mining</a> <a href="https://www.businessinsider.in/cryptocurrency/news/google-facebook-and-tesla-crypto-tokens-are-launching-on-crypto-exchange-ftx/articleshow/83885349.cms">Google, Facebook, and Tesla crypto tokens are launching on crypto exchange FTX</a>

Asteroids contain metals worth quintillions of dollars — but mining them won’t necessarily make your richer than Bezos or Musk

<ul><li>Millions of government employees across multiple state-owned companies are either anxious, ready to protest and have even taken to roads — to make sure they get their due. </li><li>Thousands of employees have taken to roads, protesting over delays. </li><li>As many as 25,000 home guards in Uttar Pradesh police department lost their jobs overnight. </li><li><keyword id="86569" type="COMPANY" weightage="20" keywordseo="Hindustan-Aeronautics-Limited">Hindustan Aeronautics Limited</keyword> (HAL) also dismissed the employees' demand for higher wage revision saying that "workmen cannot be at par with officers on salaries and perks.”</li></ul>During bad times, there is nothing like a secure job — even when you are employed with the government. As many as two millions government employees across multiple state-owned companies are either anxious, ready to protest and have even taken to roads — to make sure they get their due. This is extra pain on the Indian economy as millions of blue collar jobs have already been lost in the last few months — across auto, textile and diamond polishing sectors. Delayed salaries and job cuts The worst-affected of all government employees are the 176,000 at telecom operator BSNL. In the last few months, the debt-ridden company has been paying salaries two weeks late. While the government is still mulling a bailout package, the employees are left in doldrums. Another 20,000 employees of <keyword id="2573" type="COMPANY" weightage="20" keywordseo="Air-India">Air India</keyword> are just as angry and anxious about their future. And, the government has already decided their fate — which is a sell-off. The pilots union has already told the government that they will go for mass resignations if the national carrier lands in the hands of a private entity — which is sure to downsize. Wage revisions are too little, too late As many wonder about the state of their employment, others are annoyed with delayed wage revisions. As many as 20,000 workers and a few officers of Bangalore-headquartered Hindustan Aeronautics (HAL) are protesting against low salary hikes. The company dismissed their demand for higher wage revision saying, "workmen cannot be at par with officers on salaries and perks.” “We hope this realization will percolate to the employees sooner to make them call off their indefinite strike," HAL Chief Financial Officer C B Ananthakrishnan told IANS. Employees of public sector banks — which employs nearly 800,000 people — also seem to be unhappy with the<a href="https://www.businessinsider.in/careers/news/salary-hikes-at-government-banks-ahead-of-diwali/articleshow/71473853.cms"> wage revision</a> as the bankers association decided to offer one month extra salary without reaching a consensus with the bank unions. They are expected to go on a strike on October 22. Interestingly, the wage revision was due since 2017 in both cases. State government employees lose jobs and hope The employees of state governments have their own set of problems. Over 49,000 <keyword id="2981720" type="COMPANY" weightage="20" keywordseo="Telangana-State-Road-Transport-Corporation">Telangana State Road Transport Corporation</keyword> (TSRTC) employees have been on a 12-day long protest, demanding salaries for September. But, not just delayed payments, job loss is hurting the most vulnerable of employees. As many as 25,000 home guards in Uttar Pradesh police department <a href="https://www.businesstoday.in/current/economy-politics/yogi-adityanath-govt-terminates-25000-up-police-home-guards-on-diwali-uttar-pradesh/story/384879.html">lost jobs</a> as the government could not afford to pay the salaries at par. And, the administration called it a ‘resource constraint.’ Abiding by the Supreme Court verdict, the department was liable to pay the increased salaries at ₹672 per day to the home guards — who are paid ₹500 as of now. But, it slashed the workforce to 65,000, in order to compensate for the hike. See also: <a href="https://www.businessinsider.in/bsnl-which-is-yet-to-pay-august-salaries-wants-to-give-an-attractive-retirement-package-to-80000-employees/articleshow/70988909.cms">BSNL which is yet to pay August salaries wants to give an attractive retirement package to 80,000 employees</a> <a href="https://www.businessinsider.in/business/article/air-india-could-be-grounded-for-lack-of-fuel/articleshow/71593551.cms">Weeks ahead of divestment, Air India faces multiple threats of being grounded</a> <a href="https://www.businessinsider.in/textile-workers-diamond-polishers-and-others-face-job-losses/articleshow/70977544.cms">The untold crisis to befall India’s artists, artisans and weavers</a>

Over 2 million government employees are angry, anxious and dejected over salaries, hikes and job security

You Searched For "diamond aeronautics company" and got 3 results

Narendra Modi’s famous suit enters Guinness World Records after getting sold for Rs 4.31 crores

Poulomi Das

Asteroids contain metals worth quintillions of dollars — but mining them won’t necessarily make your richer than Bezos or Musk

BI India Bureau

Over 2 million government employees are angry, anxious and dejected over salaries, hikes and job security

Prerna Sindwani

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