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The competition between <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> and <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> for the title of <keyword id="1919738" type="General" weightage="20" keywordseo="Indias-richest-person" source="Orion">India's richest person</keyword> has navigated a rollercoaster of fortunes. Their rivalry isn't merely a headline-grabbing feud, but a significant force shaping the Indian economic landscape. As of mid-August, Ambani remains the <keyword id="7413735" type="General" weightage="20" keywordseo="richest-person-in-India" source="Orion">richest person in India</keyword>. He is ranked 11th among the world's wealthiest individuals by Forbes, with a net worth of around $113 billion. On the other hand, Adani's net worth has fallen to approximately $84 billion, placing him 20th on Forbes’ real-time global list. Gautam Adani, chairman of the $32 billion (revenue) Adani Group, has witnessed a journey marked by dramatic ups and downs. In 2022, he soared to the rank of the world's second-richest individual before encountering a severe downturn. Allegations of corporate fraud by Hindenburg Research triggered a substantial sell-off in his company's stocks in 2023. Yet, Adani's determined recovery—focused on debt management and core business strengths—has paved the way for a remarkable rebound. By 2024, Adani group's shares also recovered substantially after India's Supreme Court ruled in the group's favour. Meanwhile, Mukesh Ambani—chairman and managing director at the $110 billion (revenue) Reliance Industries—has also experienced some fluctuations in his wealth and business activities this year. However, 2024 has been marked mainly by his personal milestones. The high-profile wedding of his younger son Anant Ambani with Radhika Merchant was attended by some of the most well-known celebrities and figures in the world, highlighting Ambani family's prominence in both business and social spheres. <cmsannotation type="cmsannotation" annotationid="Implications of Adani vs Ambani for the Indian economy" comment="subhead" text="Implications of Adani vs Ambani for the Indian economy">Implications of <keyword id="13480269" type="General" weightage="100" keywordseo="Adani-vs-Ambani" source="Orion">Adani vs Ambani</keyword> for the <keyword id="6356076" type="General" weightage="20" keywordseo="Indian-economy" source="Orion">Indian economy</keyword></cmsannotation> The ongoing competition between Ambani and Adani is not just a personal battle; it has broader implications for the Indian economy. Firstly, heightened competition between these business giants is likely to benefit consumers by driving improvements in pricing and services within sectors they both dominate, including telecommunications, retail and renewable energy. Additionally, as their enterprises grow, they are expected to generate a significant number of job opportunities across diverse fields. This competitive dynamic also fosters a climate of innovation, as both conglomerates invest heavily in emerging technologies and sustainable practices, thereby bolstering India's position as a leader in these areas. Both billionaires represent different paths to success, with Ambani's legacy-driven approach contrasting with Adani's entrepreneurial journey, underscoring the diverse opportunities within the Indian economy. The ongoing race between Mukesh Ambani and Gautam Adani epitomises the dynamic nature of wealth creation in India. With Adani currently in the lead, the competition promises to continue shaping economic trends and consumer experiences in the country.

Adani vs Ambani: Mukesh Ambani has overtaken Gautam Adani in race to become richest person in India

<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s rank on the <keyword id="20020435" type="General" weightage="20" keywordseo="World-Economic-Forum" source="keywords">World Economic Forum</keyword>'s <keyword id="21747126" type="General" weightage="20" keywordseo="Travel-Tourism-Development-Index-2024" source="Orion">Travel &amp; Tourism Development Index 2024</keyword> has risen to 39th place, with global tourism activities returning to pre-pandemic levels, the annual report showed on Tuesday. While the US topped the list, India is ranked highest in South Asia and among the lower-middle-income economies, the <keyword id="102110" type="General" weightage="20" keywordseo="WEF" source="Orion">WEF</keyword> said. India was ranked 54th in the previously published index in 2021, though changes made to the index parameters limit its comparability to earlier years. After the US, Spain, Japan, France and Australia figure among the top five in the 2024 list. The index, prepared in collaboration with the University of Surrey, showed India is highly price-competitive (18th) and boasts competitive Air Transport (26th) and Ground and Port (25th) infrastructure. In particular, India's strong Natural (6th), Cultural (9th) and Non-Leisure (9th) Resources help drive travel, and the country is only one of three to score in the top 10 for all the resource pillars, the WEF said. Moreover, despite a decline compared to 2019, the country still scores well for <keyword id="2173225" type="General" weightage="20" keywordseo="travel-and-tourism" source="Orion">travel and tourism</keyword> demand sustainability, especially thanks to more sustainable long stays among inbound visitors. It further said that as with many economies, travel and tourism enabling conditions in India have been impacted by global inflationary supply-side trends for the sector, with price competitiveness declining, while air transport and tourist services infrastructure are yet to recover to the 2019 level. As a result, the country's overall TTDI (Travel and Tourism Development Index) score is 2.1 per cent below its 2019 level. High-income economies in Europe and Asia-Pacific continued to lead the index. "International tourist arrivals and the travel and tourism sector's contribution to global GDP are expected to return to pre-pandemic levels this year, driven by the lifting of COVID-19-related travel restrictions and strong pent-up demand," the WEF said. The Middle East had the highest recovery rates in international tourist arrivals (20 per cent above the 2019 level), while Europe, Africa and the Americas all showed a strong recovery of around 90 per cent in 2023. The biennial index analysed the travel and tourism sectors of 119 countries around a range of factors and policies. Germany was ranked 6th, followed by the UK, China, Italy and Switzerland in the top ten. The results highlighted that high-income economies generally continue to have more favourable conditions for travel and tourism development. This was helped by conducive business environments, dynamic labour markets, open travel policies, strong transport and tourism infrastructure, and well-developed natural, cultural and non-leisure attractions.

India rises to rank 39th on WEF's Travel & Tourism Development Index 2024, becomes highest ranked South Asian nation

<keyword id="22362521" type="General" weightage="20" keywordseo="tourists-travellers" source="keywords">Tourists Travellers</keyword> from India have taken to <keyword id="20166206" type="General" weightage="20" keywordseo="international-travel" source="keywords">international travel</keyword> with newfound enthusiasm over the past two years, a new report by ride-hailing platform <keyword id="19895382" type="General" weightage="20" keywordseo="Uber" source="keywords" meta.keywordsubtype="org" meta.entityname="Uber" meta.hostid="261" meta.entityid="Uber">Uber</keyword> revealed on Wednesday. Indians travelled close to 1,000 cities across 68 countries significantly broadening their horizons, the report revealed. Their top destinations, however, remained consistent in the United States, the United Kingdom, and Canada. As per the report the <keyword id="22362520" type="General" weightage="20" keywordseo="summer-holiday-period" source="keywords">summer holiday period</keyword> when schools and colleges break, emerged as the prime time for these adventures for Indians. Interestingly, it said May 2023 outpaced June 2022 as the most popular month for <keyword id="21753645" type="General" weightage="20" keywordseo="overseas-travel" source="keywords">overseas travel</keyword>, indicating a shift in vacation timing. While abroad, Indians traveled longer distances, averaging 25 per cent more distance than their trips back home. Their Uber journeys spanned 21 different products, from premium electric vehicles like Comfort Electric to multimodal transit options that integrate trains and other mass transit modes, along with the ubiquitous UberX. The report underscores a significant uptick in the number of Indians using Uber internationally, with 2023 seeing Indian travellers ranking second only to Americans in terms of app usage abroad. During the ongoing summer travel season, Indians are expected to cross records set in the previous years, the report predicted. Moreover, many countries frequented by Indians support peer-to-peer ridesharing, allowing individuals to use their personal vehicles for Uber rides. This not only highlights the global appeal of the <keyword id="19913761" type="General" weightage="20" keywordseo="gig-economy" source="keywords">gig economy</keyword> but also showcases the country's adaptability and enthusiasm for diverse transportation options, the report noted. Commenting on the trend, Prabhjeet Singh, President, Uber India and <keyword id="19897710" type="General" weightage="20" keywordseo="south-asia" source="keywords">South Asia</keyword>, said, "Indians have been breaking all travel records over the past couple of years, and it's heartwarming to see how Uber continues to be their trusted last-mile partner in these travels. Be it the familiarity when landing at an airport in a new city or the safety when riding late at night, it's a huge mark of trust for us to see Indians book an Uber for their overseas travels."

Indians are travelling abroad like never before: Uber study

Despite climbing 35 notches in the Global Innovation Index, from 81 in 2015-16 to 46 in 2021, India lags in the number of patents granted which is still a fraction compared to leading world economies, the <keyword id="6354872" type="General" weightage="20" keywordseo="economic-survey" source="Orion">Economic Survey</keyword> 2021-22 said. Most of India's startups are in the IT/knowledge-based sector and intellectual property, specifically patents, are key to this knowledge-based economy. India's ranking in Global Innovation Index has climbed 35 ranks which is a "remarkable progress, but the number of patents granted in India is still a fraction compared to patents granted in China, the US, Japan and Korea", according to the Survey, tabled in the Parliament on Monday. The number of patents filed in India has gone up from 39,400 in 2010-11 to 45,444 in 2016-17 to 58,502 in 2020-21 and the patents granted in India has gone up from 7,509 to 9,847 to 28,391 during the same time period. However, according to the World Intellectual Property Organisation (WIPO), the number of patents granted in China, the US, Japan and Korea stood at 5.30 lakh, 3.52 lakh, 1.79 lakh and 1.35 lakh, respectively, for 2020, the Economic Survey said. One of the key reasons for relatively low patents in India vis a vis the US, China, etc is the low expenditure on research and development (R&amp;D) activities, which was 0.7 per cent of its GDP in 2020, lamented the Survey Document. "However, this is not the only reason. The procedural delays and complexity is another cause for low patents in India. The average pendency for final decision in acquiring patents in India is 42 months as of 2020," the Survey noted. This is much higher than 20.8, 20, 15.8 and 15 months respectively for the US, China, Korea, and Japan. However, the average pendency for final decision in acquiring patents has reduced in India from 64 months in 2017 to 52 months in 2019 and further to 42 months in 2020. Secondly, delay in India's patent application is also due to the low number of patent examiners in India, said the Survey. The number of patent examiners in India in 2020 were 615 as opposed to 13,704 in China, 8,132 in the US, and 1,666 in Japan. "This leads to a huge delay in receiving the First Examination Report (FER) delaying the whole process. This was also noted by the Parliamentary Standing Committee on Commerce's Review of Intellectual Property Rights Regime in India (2021)," said the Survey, adding that there is an urgent need to increase the number of patent examiners. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/ags-transact-technologies-ipo-makes-a-weak-listing-on-exchanges/articleshow/89236121.cms">AGS Transact Technologies makes a weak listing with ₹1 profit for IPO investors</a> <a href="https://www.businessinsider.in/budget/news/rupee-is-likely-to-weaken-against-the-us-dollar-in-2022-as-per-experts/articleshow/89218673.cms">Experts say the rupee is likely to weaken against the US dollar this year</a> <a href="https://www.businessinsider.in/tech/news/prime-minister-narendra-modi-mann-ki-baat-january-2022-does-not-mention-if-india-bought-pegasus-spyware/articleshow/89218666.cms">Simply put, the charge on the Modi government is that it lied to the Parliament about buying Pegasus spyware and it must respond</a>

India climbs 35 ranks in Global Innovation Index but lags in patents: Economic Survey

<ul class="summary-list"><li>India's economy is on track to surpass the US and become the world's second-largest by 2075, Goldman Sachs forecasts. </li><li>Key drivers of the South Asian nation's growth include its technological advances and a large population. </li></ul>India's economy is on track to surpass the US by 2075 to become the world's second-largest after China, <a href="https://www.goldmansachs.com/intelligence/pages/how-india-could-rise-to-the-worlds-second-biggest-economy.html" target="_blank" rel="noopener">according to Goldman Sachs</a>.The Wall Street bank projects the South Asian nation's GDP surging to $52.5 trillion by then, compared with forecasts of $57 trillion and $51.5 trillion for China and the US, respectively. India's growth will be powered mainly by its large labor force, advances in technology and rising capital investment, the bank said in a note.At present, India is ranked the fifth-biggest economy in the world with a GDP of $3.74 billion and a per capita income of $2,600, <a href="https://www.imf.org/external/datamapper/NGDPD@WEO/IND/GBR" target="_blank" rel="noopener">according to the International Monetary Fund</a>. High-profile market experts like <a href="https://markets.businessinsider.com/news/stocks/ray-dalio-india-billionaire-investor-narendra-modi-elon-musk-tesla-2023-6" target="_blank" rel="noopener">Ray Dalio</a> and <a href="https://www.businessinsider.com/mark-mobius-bullish-india-korea-china-legendary-emerging-markets-investor-2023-6">Mark Mobius</a> have hailed the Asian nation as the next biggest investing opportunity. Even major companies including Apple, Tesla and SpaceX have leaned into the emerging economy as a hub for its supply chains instead of China.<h2>'Innovation and technology'</h2>"India has made more progress in innovation and technology than some may realize," Santanu Sengupta, Goldman Sachs's chief India economist, said. "Innovation and increasing worker productivity are going to be important for the world's fifth-biggest economy. In technical terms, that means greater output for each unit of labor and capital in India's economy," he added.But India also <a href="https://www.businessinsider.com/india-business-market-entry-barriers-tariffs-supply-chain-china-2023-6?r=US&amp;IR=T" target="_blank" rel="noopener">faces hurdles</a> in its journey toward economic superpower status. These include hefty import taxes, bureaucracy and red tape, and the dominance of domestic business tycoons – which make it harder for foreign companies to snap up any market share in key industries. <h2>Capital investments </h2>According to Goldman's Sengupta, capital investment, which refers to money invested in a business for its long-term growth, is going to be a key engineer of India's growth moving forward. "Driven by favorable demographics, India's savings rate is likely to increase with falling dependency ratios, rising incomes, and deeper financial sector development, which is likely to make the pool of capital available to drive further investment," he said. India's Prime Minister Narendra Modi has been a cheerleader for capital expenditure, recently urging the nation's private sector to boost investment and take advantage of the nation's 2023-24 budget, <a href="https://www.thehindu.com/news/national/pm-modi-asks-india-inc-to-step-up-investment/article66590176.ece" target="_blank" rel="noopener">per the Hindu newspaper</a>. <h2>Ballooning population </h2>Lastly, India has the opportunity to turbocharge its GDP by integrating its growing population into the labor force. The South Asian nation recently <a href="https://www.un.org/development/desa/dpad/publication/un-desa-policy-brief-no-153-india-overtakes-china-as-the-worlds-most-populous-country/" target="_blank" rel="noopener">overtook China</a> to become the world's most populous, with 1.4 billion people. "India's large population is clearly an opportunity, however the challenge is productively using the labor force, by increasing the labor force participation rate. That will mean creating the opportunities for this labor force to get absorbed and simultaneously training and upskilling the labor force," Sengupta said.

India's economy will surpass the US in size by 2075, thanks to its tech scene and growing population, Goldman Sachs says

<ul><li>34.7 crore <keyword id="20290357" type="General" weightage="20" keywordseo="ayushmann-bharat" source="keywords">Ayushmann Bharat</keyword> cards generated </li><li>Avg growth of the manufacturing sector at 5% over last decade</li><li>Reduction in dependence on non-institutional credit </li></ul> The <keyword id="6354872" type="General" weightage="100" keywordseo="economic-survey" source="Orion">Economic Survey</keyword> 2023-24 noted that the country's energy requirements are set to burgeon by 2-2.5x by 2027, underlining the need for energy efficiency and seamlessly transitioning to clean energy solutions. By means of sovereign green bonds, the government managed to raise Rs 16,000 crore between January-February 2023, alongside an additional Rs 20,000 crore between October and December 2023. As for social security, Ayushmann Bharat, of which over 34.7 crore cards have been generated, has saved over Rs 1.25 lakh crore of OPD expenses of the poor and under-privileged families. The country's labor market has also seen solid improvement, with unemployment rates declining to 3.2% in 2022-23. The net payroll additions under Employee Provident Fund Organization has also doubled over the past 5 years, signaling a healthy growth in formal employment. As per the survey, care economy and agro-processing are the two key areas where there is untapped potential for boosting quality employment, and increasing women participation in the labor force. The agriculture sector has registered an average annual growth of 4.18% over the last 5 years, with the sector growing about 1.4% during 2023-24, as per provisional estimates. To provide further fillip to the sector, the government has been focused on reducing the sector's dependence on non-institutional, informal credit. As a result, its share has come down from 90% in 1950, to just 23.4% in 2021-22. However, as the survey observed, the country's agricultural growth policies should be consistent with climate change and water security practises. <h2>Thrust on MSMEs, manufacturing and clean energy</h2>Over the last decade, the manufacturing sector managed to mark an average annual growth rate of 5.2%, majorly driven by chemicals, wood products and furniture, transport equipment, pharmaceuticals, machinery, and equipment. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> also emerged as a net exporter of finished steel over the last 10 years, and was a significant producer and consumer of the same during FY24. India's indigenous coal production also jumped up, with India actively working to reduce its import dependence. In FY 24, India producued 997.2 million tonnes of coal, imported 261 million tonnes, and consumed 1233.86 million tonnes. India's pharma market, valued at $50 billion, is the 3rd largest in the world, and India ranks prominently amongst clothing manufacturing nations as well. As of FY24, it is the second largest manufacturer, and one of the top 5 exporting nations of clothing, with the export of textiles and apparel, including handicrafts increasing by 1% to reach Rs 2.97 lakh crore. A similar growth was witnessed in India's electronics manufacturing segment, making up for 3.7% of global market share, with exports rising to Rs 1.9 lakh Crore in FY23. Per the survey, "the PLI schemes for key sectors have attracted significant investments, boosted production, sales and exports and generated jobs, particularly in the case of white goods. Keeping in view India’s vision of becoming ‘Aatmanirbhar’, over Rs 1.28 Lakh Crore of investment was reported until May 2024, which has led to production/sales of Rs 10.8 Lakh Crore and employment generation (direct &amp; indirect) of over Rs 8.5 Lakh under PLI scheme". Focus has also been on boosting research, development, innovation and entrepreneurship in the country. The number of granted patents increased seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24. More than 45% of the recognised start-ups are emerging from Tier 2/3 cities. The country's services sector contributed to about 55% of the total size of the economy in FY24. The clean energy sector in the country also saw new investment of Rs 8.5 lakh crore between 2014 and 2023. India is prominently making a mark in space, with 55 active space assets, out of which 18 are communication satellites, nine navigation satellites, five scientific satellites, three Meteorological Satellites, and 20 are Earth Observation satellites.

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Adani vs Ambani: Mukesh Ambani has overtaken Gautam Adani in race to become richest person in India

BI India Bureau

India rises to rank 39th on WEF's Travel & Tourism Development Index 2024, becomes highest ranked South Asian nation

PTI

Indians are travelling abroad like never before: Uber study

ANI

India climbs 35 ranks in Global Innovation Index but lags in patents: Economic Survey

IANS

India's economy will surpass the US in size by 2075, thanks to its tech scene and growing population, Goldman Sachs says

Zahra Tayeb

Economic Survey shows India's energy needs to grow 2.5x, healthy growth in formal employment

Ira Alok Puranik

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