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Zoho founder, Radha Vembu, tops India’s self-made women billionaires list

<ul><li><keyword id="20674001" type="General" weightage="100" keywordseo="Savitri-Jindal" source="keywords">Savitri Jindal</keyword>, the matriarch of the <keyword id="21185539" type="General" weightage="20" keywordseo="Jindal-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Jindal Group" meta.hostid="261" meta.entityid="Jindal Group">Jindal Group</keyword>, is India's richest woman with a net worth of $36 billion.<br /></li><li>Following her husband Om Prakash Jindal's sudden death in 2005, she took over the <keyword id="34570" type="General" weightage="20" keywordseo="steel" source="Orion">steel</keyword> and <keyword id="44011" type="General" weightage="20" keywordseo="power" source="Orion">power</keyword> conglomerate.<br /></li><li>She is the only Indian woman in the top 10 of <keyword id="20017067" type="General" weightage="20" keywordseo="Forbes" source="keywords" meta.keywordsubtype="org" meta.entityname="Forbes" meta.hostid="261" meta.entityid="Forbes">Forbes</keyword>’ list of the richest women in the world in 2024.<br /></li></ul>In the vast and dynamic landscape of Indian business, one name stands out as a symbol of resilience, leadership, and unparalleled success: Savitri Jindal. With an astonishing net worth of $36 billion, she is India's richest woman.<br /><br />According to the <keyword id="962341" type="General" weightage="20" keywordseo="bloomberg-billionaires-index" source="Orion">Bloomberg Billionaires Index</keyword>, her net worth zoomed at $9.5 billion in 2024, making her the only Indian woman in the top 10 of Forbes’ list of the richest women in the world that year.<br /><h2><br />A Legacy of Leadership</h2>Savitri Jindal's journey began in 2005, following the unexpected death of her husband, Om Prakash Jindal, the visionary founder of the Jindal Group. Thrust into the helm of a vast conglomerate with interests in steel, power, <keyword id="6378916" type="General" weightage="20" keywordseo="cement" source="Orion">cement</keyword>, and infrastructure, she faced immense challenges. Yet, her determination and astute leadership transformed these challenges into opportunities, propelling the Jindal Group to unprecedented heights. <br /><br />Under Savitri Jindal's guidance, the Jindal Group flourished, becoming a cornerstone of India's industrial sector. Some of the flagship companies of the Jindal group are Jindal Saw Limited, JSW Steel, Jindal Stainless Steel Limited and Jindal Steel and Power Limited. She’s currently the chairperson emerita of the O.P. Jindal Group, and also the president of Maharaja Agrasen Medical College, Agroha.<br /><br /><h2>Beyond the Boardroom</h2>Savitri Jindal's influence extends beyond the boardroom. She has made significant contributions to public service and philanthropy. In 2005, Jindal was elected to the Haryana Vidhan Sabha from Haryana’s Hisar constituency, which was earlier represented by her late husband Om Prakash Jindal for a long time.<br /><br />In 2009, she was re-elected to the constituency and was appointed the cabinet minister in the Haryana Government on 29 October 2013. She transitioned to the Bharatiya Janata Party in March this year. <br /><br /><h2>A Broader Trend of Empowerment</h2>Savitri Jindal's rise to prominence is not just a personal triumph but a reflection of a broader trend in India. Women are breaking barriers and redefining success in the business world. Influential figures like Kiran Mazumdar-Shaw and Falguni Nayar are reshaping the narrative of corporate leadership and success, proving that the boardroom is no longer an exclusively male domain.<br /><br />Savitri Jindal's story is one of perseverance, strategic vision, and an unyielding commitment to excellence. Her leadership has not only fortified the Jindal Group's position as an industrial powerhouse but has also inspired a new generation of women leaders in India.<br />

Meet Savitri Jindal: The richest woman in India, with a net worth of $36 billion!

Top 10 richest women in the world in 2024

<ul class="summary-list"><li>The world's richest people saw huge wealth gains as stocks rallied after the election on Wednesday.</li><li>The biggest gainers include Elon Musk, Larry Ellison, and Warren Buffett. </li></ul><p>The world's richest people saw huge gains in their net worth on Wednesday as markets cheered the outcome of the 2024 election. </p><p>Elon Musk, Larry Ellison, Warren Buffett, Jeff Bezos, and Jensen Huang saw their wealth soar on Wednesday, propelled by huge stock gains after former President Donald Trump sailed to victory in the presidential election.</p><p>Together, the billionaires gained over $55 billion by the time the market closed on Wednesday. Their gains were <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-election-win-stock-market-today-record-high-sp500-dow-2024-11">driven by euphoric stock investors</a>, who see a coming era of less regulation and lower taxes driving higher corporate profits. </p><p>These were the top net-worth gainers on Wednesday, according to <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11?_gl=1*1nvwem2*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDkyMzg4My4zNzMuMS4xNzMwOTI0OTcxLjYwLjAuMA..">Forbes' real-time billionaires list</a>.  </p><h2 id="c3a32e82-837e-4695-818a-c29a082da794"><strong>1. Elon Musk</strong></h2><p><strong>Daily wealth gain:</strong> $20.9 billion</p><p><strong>Net worth:</strong> $285.6 billion</p><p>Elon Musk, the CEO of Tesla, saw his wealth surge by $20.9 billion on Wednesday, further solidifying his spot as the highest net-worth individual on the planet with nearly $286 billion.</p><p>The billionaire's wealth is tied to his stake in his many companies, primarily Tesla and SpaceX. His gain on Wednesday came as <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11?_gl=1*1nvwem2*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDkyMzg4My4zNzMuMS4xNzMwOTI0OTcxLjYwLjAuMA..">Tesla stock rose almost 15%</a>, even as other EV stocks sold off amid fears Trump will pull back on Biden-era rebates and tax incentives. </p><p>Traders are betting both Musk and his company will benefit from close ties to Trump as the former president retakes office.</p><p>"In our view, TSLA and CEO Elon Musk are perhaps the biggest winners from the election result," CFRA Research senior analyst Garrett Nelson said in a Wednesday note.</p><h2 id="4570c782-d339-42a6-bf95-c9a58879f17b"><strong>2. Larry Ellison</strong></h2><p><strong>Daily wealth gain:</strong> $11.7 billion</p><p><strong>Net worth:</strong> $220.8 billion</p><p>Larry Ellison, the founder and chief technology officer of Oracle, gained $11.2 billion as Oracle shares rallied with the broader tech sector. The stock ended the day 5.5% higher. </p><p>That gain brings Ellison's total net worth to over $220 billion, putting him third on the list of the richest people in the world. </p><h2 id="e1c823e7-38bc-489b-ab61-69729fbea3f9"><strong>3. Warren Buffett</strong></h2><p><strong>Daily wealth gain:</strong> $7.6 billion</p><p><strong>Net worth:</strong> $147.4 billion</p><p>Famed investor Warren Buffett also saw $7.2 billion added to his net worth on Wednesday, bringing his total wealth to $147 billion.</p><p>The famed investor is the is the chairman and CEO of conglomerate Berkshire Hathaway, which saw its shares soar 5.55% in the session. </p><h2 id="a3df8438-ae7f-4210-aaa8-743d0c25aa87"><strong>4. Jeff Bezos</strong></h2><p><strong>Daily wealth gain:</strong> $7 billion</p><p><strong>Net worth:</strong> $223.5 billion</p><p>Jeff Bezos added $5.5 billion to his net-worth, bringing the total to $222 billion. That amount puts him second only to Musk on the list of the world's wealthiest individuals. </p><p>Bezo's retail powerhouse Amazon saw notable moves on Wednesday, up almost 4% to trade at an all-time high of $207 per share.</p><h2 id="50d93be9-206d-45c9-97a9-d37f99559cff"><strong>5. Jensen Huang</strong></h2><p><strong>Daily wealth gain:</strong> $4.9 billion</p><p><strong>Net worth:</strong> $126.9 billion</p><p>Jensen Huang, CEO of Nvidia, gained about $5.3 billion to bring his total wealth to $127.4 billion on Wednesday as shares of his chip giant rose to a record high. </p><p>Nvidia stock gained 4% on Wednesday amid a wide-rangin tech rally that pushed the Nasdaq up 3%. The gain further solidified the chip maker's position as the most valuable company in the world after it overtook Apple on Tuesday. </p><p>The sector's gains come even as Trump has said he could curtail the Chips Act, which pledges to funnel billions into supporting US chip production.</p><p>Trump has also said, however, that he prefers a "hands-off" approach to AI, which would be in line with his campaign's promises of less regulation for corporations. </p>

These 5 billionaires were the biggest net-worth winners today as stocks surged

<ul class="summary-list"><li>According to Hurun's 2024 rich list, China lost 432 billionaires since the high of 1,185 in 2021.</li><li>It's a reflection of China's struggling economy and a government crackdown on the superrich.</li></ul><p>The number of China's billionaires has dropped by a third since 2021, according to an annual rich list.</p><p>There were fewer dollar billionaires as difficulties for China's economy and government crackdowns took their toll, <a target="_blank" href="https://www.hurun.net/en-us/rank/hsrankdetails?pagetype=rich">the Hurun Research Institute said.</a></p><p>Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total.</p><p>It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them.</p><h2 id="4b530a5d-4714-4288-bffd-c77cf18006cc">An old guard departs</h2><p>Older tycoons — often real estate — are giving way to a new cohort propelled by tech, energy, and e-commerce.</p><p>Topping the Hurun list this year was <a target="_blank" href="https://www.businessinsider.com/tiktok-billionaire-zhang-yiming-net-worth-lifestyle-2019-11">Zhang Yiming</a>, the founder of TikTok owner Bytedance, with a fortune of $49.3 billion.</p><p>ByteDance's global revenue grew 30% last year to $110 billion, with users in the US of its TikTok app closing in on 200 million. ByteDance operates a separate app, Douyin, for Chinese users.</p><p>Yiming replaced <a target="_blank" href="https://www.businessinsider.com/asias-richest-man-zhong-shanshan-lifestyle-wealth-2021-1">Zhong Shanshan</a>, who fell to second place with a fortune of $47.9 billion. His worth declined 24%, the biggest drop of the year at $15.5 billion.</p><p>"The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," said Rupert Hoogewerf, Hurun's Chairman and Chief Researcher.</p><p>"The likes of Robin Zeng of lithium battery maker CATL wasn't even on the list 10 years ago, neither was Li Zhenguo of solar panel maker Longi."</p><p>"Most new faces this year came from Taiwan, which has enjoyed a relatively strong stock market, underpinned by its semiconductor industry," he said.</p><p>Hoogewerf told Business Insider that the list only included people who were <span>"born and bred, or started out and live in Greater China" up to a minimum age of 18, regardless of their current citizenship.  </span></p><h2 id="bf71b05f-7223-409f-80f8-b31d7d85d3d0">A reflection of China's economy</h2><p>China's economy has been grappling with a prolonged housing crisis, high unemployment, high local government debt, and weak consumer demand. Those headwinds hit its superrich, too.</p><p>Earlier this month, <a target="_blank" href="https://www.businessinsider.com/china-economy-3q-gdp-growth-stock-market-stimulus-2024-10">China released third-quarter growth data</a> that was its slowest in six quarters. The government is promising stimulus measures to boost economic growth and has plans to approve more than $1.4 trillion in extra debt in the next few years, according to <a target="_blank" class="" href="https://www.reuters.com/world/china/reaction-reuters-report-chinas-stimulus-plans-2024-10-29/">Reuters.</a></p><p>"With property prices falling and the economy generally tightening, it's not a big surprise the numbers of super-wealthy are falling in China," Kerry Brown, Professor of Chinese Politics at King's College London told BI.</p><p>"And people now don't want to draw attention to themselves while the government is laying stress on equity and greater balance."</p><h2 id="312e409a-c716-40ff-abfc-180d4446813d">An exodus of the superwealthy</h2><p>Chinese billionaires are also feeling <a target="_blank" href="https://www.businessinsider.com/china-regulate-excessive-wealth-common-prosperity-2021-8">Xi Jinping's push for a "common prosperity</a>," which was widely viewed as a call for billionaires to share their wealth.</p><p>That led, among other things, to regulatory crackdowns on tech platform companies and campaigns against China's rich entrepreneurs.</p><p>Some of China's superrich have also experienced political backlash for making statements perceived as against Xi, including <a target="_blank" href="https://www.businessinsider.com/jack-ma-teacher-alibaba-tech-titan-high-tech-farmer-agriculture-2023-12">Jack Ma, the founder of Alibaba and Ant Group and once the invincible poster boy of Chinese tech.</a></p><p>He <a target="_blank" href="https://www.businessinsider.com/jack-ma-not-missing-alibaba-china-2021-1">disappeared from public view</a> in 2020 after facing <a target="_blank" href="https://www.businessinsider.com/what-happened-ant-group-ipo-jack-ma-alipay-2020-11">action from Chinese regulators</a> that resulted in an antitrust investigation, a suspended IPO, and the loss of $12 billion in personal fortune within a few months.</p><p>"Other superrich individuals may have taken such high-profile cases as good reason to preempt possible trouble by moving out of China," Brown wrote in an article for <a target="_blank" href="https://theconversation.com/why-its-becoming-harder-to-get-super-rich-in-china-239774">The Conversation</a>.</p><p>While this may not be reflected in the Hurun rich list, China is on track to see a record exodus of 15,200 high-net-worth individuals in 2024, according to a report by investment migration firm <a target="_blank" class="" href="https://www.henleyglobal.com/newsroom/press-releases/henley-private-wealth-migration-report-2024">Henley &amp; Partners.</a></p><p>High-net-worth individuals were classed as those with liquid investable wealth of $1 million or more.</p><h2 id="1c4d9b70-83c2-414a-ac76-1fb8ea05653b">Getting money out of China</h2><p>Individuals can wire no more than $50,000 a year overseas, which can be problematic for wealthy citizens who want to leave.</p><p>According to a <a target="_blank" rel="noopener nofollow" href="https://www.bloomberg.com/news/articles/2023-10-08/how-china-s-rich-are-using-underground-networks-to-move-their-money-abroad?srnd=premium"><u>Bloomberg</u></a> report last year, some ultra-rich Chinese citizens have been finding unusual, sometimes illegal, ways to move money in response.</p><p>The report said that funds can move through an <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/china-economy-wealthy-investors-markets-rich-cash-banks-secret-transfer-2023-10">informal, underground banking system known as "hawala."</a> Those caught are typically fined 30% or more of the total amount that they had attempted to move.</p><p>"These agencies have sprouted to meet soaring demand," Joel Gallo, an adjunct professor of finance at New York University Shanghai, told Bloomberg. "They act as quasi-banking firms, yet operate without the scrutiny of one and adroitly engage in regulatory arbitrage by standing in a gray zone.</p><p>Others are using virtual private networks to export their wealth in the form of crypto, which has been banned in China since 2021.</p><p><a target="_blank" class="" href="https://www.reuters.com/technology/bruised-by-stock-market-chinese-rush-into-banned-bitcoin-2024-01-25/">Reuters</a> reported that one finance executive used bank cards from small commercial banks to buy cryptocurrencies through gray-market dealers. He then capped each transaction at $6,978 to avoid alerting regulators.</p><p>Brown, the expert at King's College London, said the loss of wealth in China shouldn't be overstated.</p><p>"It is still OK to be rich in China, if a bit less so than in the past. But it's probably more advisable to be low profile and very loyal in public to the Communist party — and to get rich working in high-tech sectors that the government favors."</p>

China lost 36% of its billionaires to years of economic troubles and crackdowns

<ul class="summary-list"><li>Shots were fired at a Trump rally in Pennsylvania on Saturday, killing at least two people.</li><li>Tech CEOs and billionaires are condemning the shooting, with some voicing their support for Trump.</li></ul><p>Prominent tech CEOs and billionaires condemned the shooting at a Trump rally on Saturday, with some voicing their support for former President <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-butler-pennsylvania-rally-secret-service-2024-7">Donald Trump</a>.</p><p>At least two people, including the suspected shooter, were killed on Saturday after shots were fired at the rally in <a target="_blank" class="" href="https://www.businessinsider.com/trump-pennsylvania-rally-shooting-deaths-2024-7">Butler, Pennsylvania</a>, according to a statement from the Secret Service. Two other rally attendees were critically injured, the agency said.</p><p>The shooting immediately drew reactions from <a target="_blank" class="" href="https://www.businessinsider.com/democrats-condemn-trump-rally-incident-pennsylvania-2024-7">top lawmakers</a>, the <a target="_blank" class="" href="https://www.businessinsider.com/trump-shooting-biden-statement-unite-against-political-violence-2024-7">Biden administration</a>, and business leaders across the political spectrum.</p><p>Here are some of their reactions:</p><h2 id="8cdd4955-4d1b-4514-a459-0d33b7e5c22f">Mark Cuban</h2><div type="image" title="Mark Cuban." height="2000" width="3000" msid="111736752" hostid="261"></div><p>Billionaire Mark Cuban, who has voiced <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-will-vote-for-joe-biden-despite-his-age-2024-3">support for President Joe Biden</a> for a second term, wrote on X in the hour of the shooting that he hoped "the former president is Ok and no one else was injured."</p><p>"And let's hope they catch the idiot who did this. This is not the way," Cuban wrote. "And thank you to the Secret Service who put themselves in harms way to protect the former President."</p><h2 id="45857982-faaf-4fed-97cc-4e4ebde8e61c">Elon Musk</h2><div type="image" title="Elon Musk." height="2668" width="4000" msid="111736753" hostid="261"></div><p>Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>, who has feuded with Cuban over hot-button political issues, chose the moment to announce his endorsement of Trump. Musk previously said he would avoid financially backing a 2024 candidate, but Bloomberg recently reported that he donated to a pro-Trump super PAC.</p><p>"I fully endorse President Trump and hope for his rapid recovery," Musk wrote on X.</p><h2 id="6d9f0df1-6503-4468-999f-01eba69183d4">Jamie Dimon</h2><div type="image" title="Jamie Dimon" height="1667" width="2500" msid="111763139" hostid="261"></div><p>JPMorgan CEO Jamie Dimon said in a <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-email-trump-assassination-attempt-shooting-2024-7">statement to the firm's employees</a> on behalf of the bank's leadership that the shooting deeply saddened him and others.</p><p>"We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm. It is only through constructive dialogue that we can tackle our nation's toughest challenges," he wrote.</p><h2 id="593b4ab3-5a22-448c-8c5a-26ce20bfd8fc">Mark Zuckerberg</h2><div type="image" title="Mark Zuckerberg" height="4146" width="6219" msid="111736755" hostid="261"></div><p>Meta CEO <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg">Mark Zuckerberg</a> similarly said on Threads that he is praying for a "quick recovery for President Trump."</p><h2 id="f254f0f1-02a4-4248-9948-cff29697b2d2">Tim Cook</h2><div type="image" title="Tim Cook." height="2190" width="3089" msid="111736757" hostid="261"></div><p>Apple CEO <a target="_blank" class="" href="https://www.businessinsider.com/tim-cook">Tim Cook</a>, who typically prefers to maintain some semblance of <a target="_blank" class="" href="https://www.businessinsider.com/apple-political-strategy-biden-vs-trump-tim-cook-interview-2021-4">neutrality</a> and <a target="_blank" class="" href="https://www.businessinsider.com/tim-cook-comments-on-elon-musk-trump-meetings-2023-4">diplomacy</a> in US politics, condemned the shooting.</p><p>"I pray for President Trump's rapid recovery. My thoughts are with him, the other victims and the Trump family. I strongly condemn this violence," he wrote on X.</p><h2 id="d4ea4083-102d-4308-84a8-555f40ef3cea">Jeff Bezos</h2><div type="image" title="Jeff Bezos in a suit on top of an Amazon logo" height="2736" width="3838" msid="111736754" hostid="261"></div><p>In his first post on X in early nine months, Amazon founder <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-life-career-education">Jeff Bezos</a> wrote that Trump "showed tremendous grace and courage under literal fire tonight."</p><p>"So thankful for his safety and so sad for the victims and their families," Bezos wrote.</p><h2 id="cdcaf76a-43c5-4cb1-aa11-907102f43082"><strong>Satya Nadella</strong></h2><div type="image" title="Satya Nadella Microsoft Build" height="1488" width="2644" msid="111736756" hostid="261"></div><p><a target="_blank" href="https://www.businessinsider.com/satya-nadella-life-career-microsoft-ceo-computer-science-2024-1">Satya Nadella</a>, Microsoft's CEO, called the incident on X a "horrific event" and said, "there is simply no place for any type of violence in our society."</p><h2 id="ae023745-35a8-4bf2-934f-e38c8c6023cd"><strong>Sundar Pichai</strong></h2><div type="image" title="Sundar Pichai" height="3154" width="4517" msid="111736762" hostid="261"></div><p><a target="_blank" class="" href="https://www.businessinsider.com/sundar-pichai-google-alphabet-ceo-career-life">Sundar Pichai</a>, CEO of Google parent Alphabet, wrote on X that he wished the former president a "speedy recovery." He added that political violence is "intolerable" and that everyone should come together to oppose it.</p><h2 id="4dea962c-ab2e-4423-8330-fb24684767b6">David Solomon</h2><div type="image" title="David Solomon." height="3648" width="5472" msid="111761415" hostid="261"></div><p>David Solomon, the CEO of Goldman Sachs, expressed gratitude on the company's earnings call on Monday that the former president is safe.</p><p>Solomon urged people to treat one another with respect and to show civility. "We cannot afford division and distrust to get the better of us," he said.</p><h2 id="68b0db42-a982-4e46-9427-ee927eb0a59e">Sam Altman</h2><div type="image" title="OpenAI CEO Sam Altman." height="768" width="1024" msid="111736758" hostid="261"></div><p>In a brief statement on X, OpenAI CEO Sam Altman wrote, "very glad President Trump is safe!"</p><h2 id="21cf222a-0dd5-49a7-a424-39055b88c914"><strong>Larry Fink</strong></h2><div type="image" title="Larry Fink, Chairman and CEO of BlackRock, gesturing and speaking during an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023." height="2978" width="4466" msid="111761714" hostid="261"></div><p>On CNBC, BlackRock CEO Larry Fink said Monday that the shooting was a tragedy and that Americans need to discuss societal divisions.</p><p>"We need to create hope. All of us have a responsibility, every political candidate, every leader, every pastor, minister, rabbi. We all have a responsibility of bringing our community together to bring hope. And that's what we are here for, to bring hope, to provide a better future," he said.</p><h2 id="4e59fa0a-6a72-41f8-b748-9d0d0b2e2b42">Andy Jassy</h2><div type="image" title="Andy Jassy" height="714" width="1000" msid="111736767" hostid="261"></div><p>Andy Jassy, the CEO of <a target="_blank" class="" href="https://www.businessinsider.com/amazon">Amazon</a>, also expressed shock at the shooting, saying it was "hard to digest" and "awful."</p><h2 id="2758e293-9c11-42f3-a743-69c40ab39960"><strong>Marc Benioff</strong></h2><div type="image" title="Marc Benioff speaking on a panel at the World Economic Forum wearing a black suit and black shirt" height="3333" width="5000" msid="111736765" hostid="261"></div><p>Salesforce CEO Marc Benioff, who hasn't publicly endorsed a 2024 candidate but was optimistic about his company's prospects regardless of the election outcome, wrote on X that he wished a quick recovery for Trump and condemned "political violence."</p><p>"A full and speedy recovery to President Trump. May his body be healed, his mind be soothed, and his soul be comforted. May he be blessed with strength and courage, and return to health soon. There is no room in our country for political violence," he wrote.</p><h2 id="7b0039e4-a2a8-41a5-9f09-2ae662933eed">Ken Griffin</h2><div type="image" title="Ken Griffin speaking on a stage" height="3920" width="5736" msid="111761417" hostid="261"></div><p>Ken Griffin, CEO of the hedge fund manager Citadel, said in a statement that his thoughts were with former President Trump and the other victims of the attack. Griffin also condemned the violence.</p><p>"As Americans, we are fortunate to have the right to peacefully resolve our political differences by casting our votes," he said.</p><h2 id="950e949e-8f3b-442b-9c23-083428b289db">Marc Andreessen</h2><div type="image" title="Marc Andreessen on a panel at the Fortune Global Forum" height="1999" width="3000" msid="111736772" hostid="261"></div><p>Marc Andreessen, cofounder of the venture capital firm Andreessen Horowitz, posted a cryptic image of an American flag on X following the incident. He has yet to publicly endorse a 2024 candidate but has been <a target="_blank" class="" href="https://www.businessinsider.com/billionaires-are-cozying-up-to-trump-donations-2024-3">critical of the Biden Administration</a>.</p><h2 id="097e13bd-3446-4197-8565-f083f0c3323e">Brian Chesky</h2><div type="image" title="brian chesky" height="747" width="1024" msid="111736777" hostid="261"></div><p>Airbnb CEO Brian Chesky said in a statement posted on X that he was "thankful President Trump wasn't seriously injured."</p><h2 id="f4d20171-a821-422c-95bd-f5777da28080">Doug McMillon</h2><div type="image" title="Wal-Mart CEO Doug McMillon addresses a business leader panel discussion as part of the U.S.-Africa Business Forum in Washington" height="2334" width="3500" msid="111763555" hostid="261" sizebytes="382606"></div><p>Doug McMillon, CEO of Walmart, wrote on LinkedIn that violence "has no place in our country's democratic process or society and hurts us all."</p><p>He wished the former president a speedy recovery and wrote, "We're heartbroken for the victims and their families."</p><h2 id="fa19906e-7718-41b4-940b-894d3eb63a27">Pat Gelsinger</h2><div type="image" title="pat gelsinger" height="2113" width="3000" msid="111736770" hostid="261"></div><p>Intel CEO Pat Gelsinger wrote on X that the shooting had made for a "very difficult night for our nation." He said he was relieved to hear that the former president was "in good spirits" and denounced violence.</p><h2 id="a0c0dff2-fc14-4872-93eb-ffcca830612d">Reid Hoffman</h2><div type="image" title="reid hoffman" height="2784" width="4176" msid="111736769" hostid="261"></div><p>Reid Hoffman, cofounder of LinkedIn, wrote on X, "Assassination is not only categorically wrong, but is also the assassination of democracy."</p><p>He wished the former president a quick recovery. He also criticized some of Trump's rhetoric, writing, "When he warns against consequences of him losing the election, he should not predict a 'bloodbath' in a way that might incite future protesters to violence against his political opponents."</p><h2 id="a7b6696a-03cd-4d8c-9110-20d6880e97f9">Bill Ackman</h2><div type="image" title="Bill Ackman." height="1920" width="2880" msid="111736774" hostid="261"></div><p>Bill Ackman, the CEO of Pershing Square Capital Management, wrote on X hours after the shooting that he was endorsing Trump for president. Ackman said he would write a long post to explain his thinking.</p><h2 id="050650f9-7559-4f2b-a1ad-8c665c08175f">David Sacks</h2><div type="image" title="David Sacks" height="2001" width="2775" msid="111736779" hostid="261"></div><p>The venture capitalist David Sacks reaffirmed his support for the former president, writing on X, "There's not a braver man in America than Donald Trump."</p>

Big Tech CEOs, billionaires, and business leaders react to Trump rally shooting

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around USD 3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years. <br /><br /> Addressing CEOs of the large US tech firms on Sunday, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29). <br /><br /> Companies should take advantage of India's growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country's economic and technological growth, he said. <br /><br /> Assuring the business leaders of India's deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors. <br /><br /> Modi asserted that his government was committed to making India a "global hub of <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">semiconductor manufacturing</keyword>". <br /><br /> The meeting took place at the Lotte <keyword id="19904497" type="General" weightage="20" keywordseo="New-York" source="keywords">New York</keyword> Palace Hotel on Sunday during the second leg of Modi's three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing and semiconductors. <br /><br /> "Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India," Modi said in a post on X. <br /><br /> During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release. <br /><br /> Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang attended the meeting. <br /><br /> Others who participated in the roundtable included AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr Noubar Afeyan, Chairman of Moderna, and Verizon CEO Hans Vestberg. <br /><br /> Modi also talked about India's BIO E3 (biotechnology for environment, economy and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India's policy is to promote AI for all, underpinned by its ethical and responsible use. <br /><br /> The CEOs appreciated India's growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country. <br /><br /> Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter. <br /><br /> "Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India's growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors," the official account of the MEA said in a post on X. <br /><br /> The prime minister had a separate meeting with Krishna P Singh, CEO of Holtec International, which is into nuclear and solar power generation. <br /><br /> They discussed Holtec's plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X. <br /><br /> Earlier on Sunday, Modi addressed the <keyword id="20115166" type="General" weightage="20" keywordseo="Indian-diaspora" source="keywords">Indian diaspora</keyword> at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the UN General Assembly session here. <br /><br /> Modi reached New York on Saturday after attending the Quad Leaders' Summit hosted by President Joe Biden in Wilmington, Delaware.<br />  <div type="Article" hostid="261" msid="113516805" title="Why is Indian Prime Minister Narendra Modi visiting the US this weekend?" mstype="2" mssubtype="0"></div><br />

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

<ul><li>A former <keyword id="19908290" type="General" weightage="100" keywordseo="microsoft-india" source="keywords">Microsoft India</keyword> employee talked about his experience at the company</li><li>He revealed the lessons he learnt in a <keyword id="19951562" type="General" weightage="20" keywordseo="LinkedIn" source="keywords" meta.keywordsubtype="org" meta.entityname="LinkedIn" meta.hostid="261" meta.entityid="LinkedIn">LinkedIn</keyword> post</li><li>The <keyword id="23185487" type="General" weightage="20" keywordseo="ex-microsoft-india" source="keywords">ex-Microsoft India</keyword> employee is an entrepreneur today</li></ul><br /><br />No matter how much time you spend at a company, you always learn something new. Every workplace has its own work culture, environment and ways of operating. And later in life, when you do something of your own, these lessons come handy. A former <keyword id="19895622" type="General" weightage="20" keywordseo="Microsoft" source="keywords" meta.keywordsubtype="org" meta.entityname="Microsoft" meta.hostid="261" meta.entityid="Microsoft">Microsoft</keyword> India employee, who is now running a company of his own, took to LinkedIn and shared some lessons that he learnt while at the company. <br /><br />The ex-Microsoft India employee spent over three years at the tech giant and shared two “profound lessons” that shaped his career perspective.<br /><br /><h2>'Background won’t define success'<br /></h2><br />The ex-Microsoft India employee wrote that when he first joined Microsoft, he was struck by the diversity of his colleagues. The team included alumni from prestigious institutions like IITs and NITs, as well as graduates from private colleges. Despite the varied educational backgrounds, he noticed that two traits stood out among his peers: exceptional skills and unwavering dedication.<br /><br />He said that at Microsoft India , the standout professionals were those with strong abilities in data structures and algorithms, as well as software development. What truly mattered was not the name of their college but their skills and commitment to constantly improving them. Passion and proficiency, he argued, are the real drivers of success in the tech world.<br /><h2><br />'You don’t have to know it all'</h2><br />Another revelation from his time at Microsoft was the immense scope of the <keyword id="19955787" type="General" weightage="20" keywordseo="tech-industry" source="keywords">tech industry</keyword>. He was amazed by the variety of fields being explored within the company, ranging from web and app development to emerging areas like AI, VR, AR, blockchain, and robotics.<br /><br />But do you need to know everything to make it big in tech? Not really.<br /><br />“The tech industry is huge. There’s space for everyone, but the trick is to find the area that excites you the most and double down on it. You don’t have to know everything—you just need to find your niche and go all in,” he said in his post.<br /><br /><div type="Article" hostid="261" msid="113317179" title="College student insults woman on LinkedIn, she turns out to be his job interviewer later on" mstype="2" mssubtype="0"></div><br />LinkedIn, a job-search platform, is one of the most popular websites today. Apart from looking for opportunities, people actively use the platform to share their insights on trending topics, connect with like-minded people, or even just share their personal experiences.<br /><br /><strong>SEE ALSO:<br /></strong><strong><a href="https://www.businessinsider.in/tech/article/70-hour-work-week-to-sleeping-in-offices-golden-words-on-hustle-from-nr-narayana-murthy-elon-musk-and-other-billionaires/articleshow/113021204.cms" data-type="tilCustomLink" target="_blank">70-hour work week to sleeping in offices: Golden words on hustle culture from NR Narayana Murthy, Elon Musk, and other billionaires</a><br /></strong><a href="https://www.businessinsider.in/tech/news/ai-is-entering-classrooms-in-italy-new-learning-tools-to-be-tested-in-15-classrooms-across-four-regions/articleshow/113364057.cms" data-type="tilCustomLink" target="_blank"><strong>AI is entering classrooms in Italy, new learning tools to be tested in 15 classrooms across four regions</strong></a><br />

You don't have to know everything: Ex-Microsoft India employee shares biggest lessons he learnt at Satya Nadella's company

Inside the island fortress of America's mega-billionaires

<ul class="summary-list"><li><em>This post originally appeared in the Insider Today newsletter.</em></li></ul><p><strong>Welcome back to our Sunday edition, a roundup of some of our top stories.</strong> We're constantly hearing about the dangers of ultra-processed foods, but what's the real impact on your body? A food-policy expert tried an all-UPF diet for a month. <a target="_blank" href="https://www.businessinsider.com/best-diet-ultra-processed-foods-month-quit-five-days-2024-8">He lasted five days</a>.</p><p><strong>On the agenda today:</strong></p><ul><li>Forget Hinge and Tinder. This week, 11 hot new bombshells <a target="_blank" href="https://www.businessinsider.com/new-dating-startups-and-apps-disrupting-the-industry-2024-8">enter the dating-app villa</a>.</li><li>Internal AWS guidelines advise sales reps <a target="_blank" href="https://www.businessinsider.com/amazon-aws-sales-guidelines-spread-doubt-about-openai-ai-capabilities-2024-8">to bad-mouth competitors</a>.</li><li>Hundreds of private jets descended upon <a target="_blank" href="https://www.businessinsider.com/burning-man-private-planes-landing-billionaire-tech-black-rock-city-2024-8">billionaire favorite Burning Man</a>.</li><li>Americans are taking a lot more sick days — and <a target="_blank" href="https://www.businessinsider.com/gen-z-sick-leave-pto-mental-health-work-from-home-2024-8">Gen Z is leading the charge</a>.</li></ul><p><strong>But first: </strong>A whole lotta hype.</p><p><em>If this was forwarded to you, </em><a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition"><em>sign up here</em></a><em>. Download Insider's app </em><a target="_blank" href="https://www.insider.com/app"><em>here.</em></a></p><h3 id="58506b3b-b008-4ead-9e90-71439c9e98dd"><strong>This week's dispatch</strong></h3><div type="image" title="Photo illustration of Jensen Huang" height="975" width="1300" msid="112969214" hostid="261" sizebytes="114242"></div><h2 id="28c68377-607e-4fda-a554-e798bb9517e1"><strong>Great expectations</strong></h2><p>Sometimes good isn't good enough.</p><p>That was the case for Nvidia this week when it <a target="_blank" href="https://www.businessinsider.com/nvidia-earnings-call-live-updates-nvda-stock-2024-8">reported its second-quarter earnings</a>. (It's pronounced "en-VID-eeyah," by the way. Some of you <a target="_blank" href="https://www.businessinsider.com/nvidia-how-to-pronounce-correct-way-2024-8">seem to be a bit confused</a>.)</p><p>The chipmaker beat second-quarter revenue and EPS estimates. The future looks promising too, with Nvidia's Q3 revenue guidance beating average estimates.</p><p>So what's the problem?</p><p>The guidance fell short of the loftiest expectations, disappointing greedy optimistic investors and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-q2-earnings-results-nvda-outlook-jensen-huang-2024-8">sending the stock sliding</a>.</p><p>That led some to wonder if Nvidia was projecting a pullback from customers facing tough questions about their AI investments paying off. Nvidia CEO Jensen Huang looked to ease nerves by talking through <a target="_blank" href="https://www.businessinsider.com/nvidia-swift-returns-on-ai-infrastructure-2024-8">how customers were getting payback on their AI spend</a>.</p><p>Still, one person's trash is another's treasure, and Nvidia's dip was viewed as a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-buy-q2-earnings-decline-wall-street-2024-8">buying opportunity for many on Wall Street</a>.</p><p>But if Nvidia's earnings raised questions about the appetite for AI investment, we got an answer shortly thereafter.</p><p>Reports of Apple and Nvidia's interest in investing in OpenAI's newest funding round, which values the startup at more than $100 billion, <a target="_blank" href="https://www.businessinsider.com/nvidia-talks-invests-openai-microsoft-apple-100-billion-valuation-reports-2024-8">shows how hot the space remains</a>.</p><div type="image" title="Photo illustration of dating app founders Elle Wilson, Nandini Mullaji, and Anushka Joshi" height="900" width="1200" msid="112969212" hostid="261" sizebytes="79998"></div><h2 id="7916cd87-818f-4aaa-83df-187589b1a8da"><strong>A hot new dating app enters the villa</strong></h2><p>If you're tired of swiping on Tinder and think you might be stuck in Hinge's "rose jail," look no further than these 11 new dating apps seeking to upend the industry.</p><p>Some are designed by dating coaches, others by influencers and young tech industry professionals. They're centered on mutual connections, meeting in person, and a general disdain for endless swiping.</p><p><a target="_blank" href="https://www.businessinsider.com/new-dating-startups-and-apps-disrupting-the-industry-2024-8"><strong>The bombshells of digital-age dating</strong></a><strong>.</strong></p><div type="image" title="The Amazon Web Services logo with first-place ribbons on it, with OpenAI's and Microsoft's logos behind it." height="900" width="1200" msid="112969211" hostid="261" sizebytes="37026"></div><h2 id="81ff7759-3b9e-4ebc-a2a5-6e41ea0208b3"><strong>Talking smack</strong></h2><p>Leaked internal AWS sales guidelines reveal how the cloud giant wants its reps to talk about AI — and its competitors.</p><p>The guidelines advise employees to address customer questions about rivals OpenAI, Microsoft, and Google. Of the three, Sam Altman's company is the biggest perceived threat; Amazon really wants to dispel the hype around ChatGPT and raise doubts about OpenAI's security.</p><p><a target="_blank" href="https://www.businessinsider.com/amazon-aws-sales-guidelines-spread-doubt-about-openai-ai-capabilities-2024-8"><strong>How Amazon plays offense</strong></a><strong>.</strong></p><p><strong>Also read:</strong></p><ul><li><a target="_blank" href="https://www.businessinsider.com/google-flattered-amazon-seems-worried-about-ai-capabilities-2024-8">Google says 'we're flattered they're worried about us,' after Amazon sales guidelines diss rival's AI capabilities</a></li><li><a target="_blank" href="https://www.businessinsider.com/amazon-l-9-factors-customers-consider-before-buying-ai-aws-2024-8">Leaked Amazon documents reveal 9 top factors customers consider before buying AI models and services</a></li></ul><div type="image" title="The Burning Man festival" height="723" width="1024" msid="112969213" hostid="261" sizebytes="74510"></div><h2 id="f998db23-c99c-4aad-922c-38a00b16732a"><strong>Billionaire playground</strong></h2><p>Forget the Hamptons — hundreds of private jets touched down this week on a makeshift tarmac in the Nevada desert. Officially named Black Rock City Municipal Airport, it's the entryway to billionaire playground Burning Man.</p><p>Built specifically for the festival and run almost entirely by volunteers, the temporary airfield is only around for about two weeks before it's taken down "without a trace."</p><p><a target="_blank" href="https://www.businessinsider.com/burning-man-private-planes-landing-billionaire-tech-black-rock-city-2024-8"><strong>Inside the blink-and-you'll-miss-it airport</strong></a><strong>.</strong></p><div type="image" title="Photo collage of a tissue box, thermometer, and pills." height="1500" width="2000" msid="112969217" hostid="261" sizebytes="89838"></div><h2 id="6bd837b4-3bb8-45db-b599-fb1f451182ba"><strong>I can't, I'm sick. *<em>cough</em>*</strong></h2><p>More American workers are calling out sick than ever, and Gen Z is leading the charge.</p><p>While there's no single factor that can explain the change, experts pointed to a growing attitude shift among workers that prioritizes a good work-life balance and self-care. And thanks to the pandemic, more people see the value in staying home when they're actually sick.</p><p><a target="_blank" href="https://www.businessinsider.com/gen-z-sick-leave-pto-mental-health-work-from-home-2024-8"><strong>All good; stay home</strong></a><strong>.</strong></p><p><strong>This week's quote:</strong></p><p>"An accountant? Why would you want to be an accountant?"</p><p>— Bryan, 23, recalling his mother's reaction to telling her he was <a target="_blank" href="https://www.businessinsider.com/accountant-shortage-sexy-taxes-business-school-pwc-kpmg-2024-8">going to major in accounting in college</a>.</p><p><strong>More of this week's top reads:</strong></p><ul><li>The presidential election is a distraction that <a target="_blank" href="https://www.businessinsider.com/election-a-distraction-silicon-valley-wants-to-be-over-2024-8">Silicon Valley just wants to be over</a>.</li><li>What Mark Zuckerberg really said — and didn't say — <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-letter-jim-jordan-meta-facebook-censorship-politics-meaning-2024-8">in that letter to Congress</a>.</li><li>How to nail that interview, according to <a target="_blank" href="https://www.businessinsider.com/how-meta-product-manager-prepares-big-tech-interview-questions-manager-2024-8">a Snap and Meta product manager</a>.</li><li>Former billionaire John Foley says he lost all his money <a target="_blank" href="https://www.businessinsider.com/peloton-john-foley-former-ceo-says-lost-all-money-2024-8">after losing the Peloton CEO job</a>.</li><li>OpenAI called ChatGPT as a witness in <a target="_blank" href="https://www.businessinsider.com/chatgpt-testimony-legal-filing-sheds-light-on-openais-strategy-2024-8">a major copyright lawsuit</a>.</li><li>Apple's big iPhone 16 event now has an official date. <a target="_blank" href="https://www.businessinsider.com/apples-iphone-16-heres-what-we-know-ai-battery-i2024-7">Here's what to expect</a>.</li><li>Investors should be watching <a target="_blank" href="https://www.businessinsider.com/recession-indicator-perkins-rule-negative-payroll-report-sahm-unemployment-rate-2024-8">this simple recession indicator</a>.</li><li>How Alex Cooper's $125 million <a target="_blank" href="https://www.businessinsider.com/call-her-daddy-alex-cooper-earn-125-million-siriusxm-2024-8">podcast deal with SiriusXM actually works</a>.</li><li>New job alert: OpenAI is hiring someone to <a target="_blank" href="https://www.businessinsider.com/openai-is-hiring-someone-to-investigate-its-own-employees-2024-8">investigate its own employees</a>.</li><li>Eight innovative tech projects on Wall Street, <a target="_blank" href="https://www.businessinsider.com/wall-street-top-technology-projects-goldman-blackstone-morgan-stanley-2024-8">from Blackstone to Goldman Sachs</a>.</li><li>JD Vance commented on that <a target="_blank" href="https://www.businessinsider.com/jd-vance-donut-shop-video-comment-georgia-2024-8">awkward doughnut-shop video</a>.</li><li><p>Some boomers say <a target="_blank" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">social security isn't working anymore</a>.</p><p><strong>The Insider Today team: </strong><a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. Grace Lett, editor, in Chicago. <a target="_blank" class="" href="https://www.businessinsider.com/author/amanda-yen">Amanda Yen</a>, fellow, in New York.</p></li></ul>

Insider Today: Billionaires' favorite festival

<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div><br />If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. <br /><br />Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management.<br /><br /><h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”.<br />        <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div><br />The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers.<br /><br />Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor.<br /><br />Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top.<br /><br />Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders.<br />Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management.<br />But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say!<br /><br /><h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations.<br /><br />However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad.<br /><h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations.<br />"Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter."<br />        <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said.<br />The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India.<br />Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip.<br />A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience.<br /><br />"While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time.<br /><br />Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company.<br /><h2>What do experts say?</h2>      <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.”<br /><br />He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides.<br /><br />“The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted.<br /><br />Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.”<br />RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable.<br /><br />Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment.<br /><br />Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment.<br /><br /><em>Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.</em><br />

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

A day ahead of the final Budget presentation, India released the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-2024, outlining a plethora of optimistic — and some bittersweet — indicators of the health of the nation’s economy. When you consider the climate-related aspects of the report, there’s a ton of good news: we have achieved massive strides in clean power generation, while cutting out a ton of dirty emissions from our products.<br /><br />However, scroll down to the bottom of the report, and you find a scathing criticism of the “western” approach to climate change. Here's a closer look at why, and what clues do such narratives hold about India's <keyword id="22513472" type="General" weightage="20" keywordseo="environmental-strategy" source="keywords">environmental strategy</keyword> in coming years.<br /><h2>Problems with the “Western way”</h2>The major criticism, as per the survey, is that the Western approach to climate change is far too alarmist. They argue that this “one-size-fits-all” attitude often fails to account for the diverse needs of countries like India. To that end, it also points out that the Intergovernmental Panel on Climate Change (IPCC) promotes "accelerated and equitable mitigation pathways" that don't always align with the developmental priorities of <keyword id="20353838" type="General" weightage="20" keywordseo="developing-nations" source="keywords">developing nations</keyword>.<br /><br />Additionally, the report notes that Western solutions often prioritise market-based strategies to sustain high consumption levels rather than addressing the root issue of overconsumption. The survey emphasises that <keyword id="20224417" type="General" weightage="20" keywordseo="sustainable-living" source="keywords">sustainable living</keyword> is deeply ingrained in <keyword id="19983840" type="General" weightage="20" keywordseo="Indian-culture" source="keywords">Indian culture</keyword>, which contrasts sharply with the consumption-driven lifestyle prevalent in the West. This focus on high consumption misses the mark, as it doesn't consider the environmental impact of such lifestyles.<br /><br />And for the most part, this bit is true; Indian history is enriched with traditions that emphasise the conservation of nature. As <a href="https://onlinelibrary.wiley.com/doi/10.1155/2017/3828609">per estimates</a>, religious practices have preserved an estimated 1.5 lakh sacred groves across India, and natural conservation efforts can be traced back to the time of Ashoka.<br />    <div type="Article" hostid="261" msid="111925936" title="Economic Survey 2023-24: Where does India stand on the employment, and what&amp;#39;s next?" mstype="2" mssubtype="0"></div>Therefore, it may not be entirely inaccurate to say that in India, sustainability isn't a new concept; it's a way of life. Traditional Indian practices like using reusable materials, upcycling, and embracing minimalism have always promoted sustainability. The survey highlights that these practices are now threatened by Western capitalist ideals that equate consumption with progress. By returning to these roots, India can offer a model of sustainability that's both practical and culturally relevant.<br /><h2>Fixation on technical solutions</h2>The Economic Survey also critiques the Western obsession with high-tech solutions, such as solar-powered buildings and electric vehicles. These solutions require substantial financial and infrastructural resources that many developing countries simply don't have. Moreover, they often overlook the broader environmental impact and lifecycle costs associated with urban sprawl and high-density living. Instead, the survey suggests that simpler, more holistic solutions might be more effective and sustainable.<br />    <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>However, this does not mean that India refuses to embrace greener tech. Not only has the country launched various initiatives to promote energy efficiency and reduce carbon emissions, it also aims to to generate 40% of its energy from non-fossil fuel sources by 2030. As per the report, India is the only G20 country on track to meet the 2°C warming commitment under the Paris Agreement, with significant investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, particularly solar power.<br /><h2><keyword id="20269618" type="General" weightage="20" keywordseo="Mission-LiFE" source="keywords" meta.keywordsubtype="org" meta.entityname="Mission LiFE" meta.hostid="261" meta.entityid="Mission LiFE">Mission LiFE</keyword>: A sustainable initiative</h2>In order to help reinforce and rejuvenate the Indian way, the survey highlights Prime Minister Modi's Lifestyle for Environment initiative, or Mission LiFE. This initiative underscores individual responsibility in combating climate change, drawing from ancient Indian philosophy that advocates for a naturally sustainable lifestyle. By focusing on small, individual actions that collectively lead to significant environmental benefits, Mission LiFE contrasts sharply with the Western top-down policy approach. This grassroots strategy could be key to achieving real, lasting change, the report asserts.<br />    <div type="Article" hostid="261" msid="111927198" title="On the right track — Economic Survey 2023-24 outlines India’s commendable climate action" mstype="2" mssubtype="0"></div>All in all, the report challenges the dominance of Western policies and offers a pathway that could be more adaptable and relevant for other developing nations facing similar challenges. With its ongoing progress towards climate goals, India is well-placed to lead by example, showcasing a sustainable and culturally attuned approach to environmental stewardship.<br />

Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?

<ul><li>Mukesh Ambani regained his No. 1 position even as his wealth grew only 2% in the year.</li><li>Nearly 65% of people in the list amassed a combined wealth of close to $1 trillion.</li><li>As many as 55 people dropped out of the rich list, the most notable being Byju Raveendran.</li><li>Startup founders’ wealth saw a collective dip of ₹85,000 crore. <br /></li></ul>A lot has changed in the last one year, but there are few surprises in the 360 ONE Wealth Hurun India Rich List 2023 released on Tuesday. The chairman of Reliance Industries Mukesh Ambani surged to the top spot as India’s richest man. <br /><br />India has added 38 <keyword id="6393637" type="General" weightage="20" keywordseo="billionaires" source="Orion">billionaires</keyword> to its rich list, taking the total tally to 259. Even as the developed world is staring at a recession, India is cementing its position as an economic powerhouse. Nearly 65% of people in the rich list amassed a combined wealth of close to $1 trillion. This is akin to the combined GDP of Singapore and the UAE, Hurun said. <br /><br />Mukesh Ambani surpassed Gautam Adani, who dropped to the second spot, in spite of only a 2% growth in his wealth in the last one year. After Adani’s wealth more than halved in the last year, the gap between Ambani and Adani wealth widened by ₹3,30,000 crore. <br /><br />The top 10 has seen a lot of upheaval in the last one year – as only Shiv Nadar and Cyrus Poonawala were able to hold on to the positions they held last year. <br /><br />Gautam Adani’s brother Vinod Shantilal Adani who was the sixth richest Indian last year, exited the top 10 list this year. He is now the twelfth richest Indian after his wealth dropped by 37%. <br /><br />The other notable exit is Uday Kotak, the chairman of Kotak Mahindra Bank who is now the 11th richest man in the county after his wealth dropped 6% last year. <br /><br />Kumar Mangalam Birla &amp; family and Niraj Bajaj &amp; family made a remarkable return to the top 10 this year as wealth went up by 5% and 7% respectively.<br /><br /><strong>India <keyword id="8030144" type="General" weightage="20" keywordseo="top-10-richest" source="Orion">Top 10 richest</keyword> Indians<br /></strong><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><strong>Rank<br /><br /></strong></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><strong>Name <br /><br /></strong></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><strong>Wealth<br /><br /></strong></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><strong>Change</strong> <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹808,700 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹474,800 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-57%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla &amp; family<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹278,500 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹228,900 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gopichand Hinduja &amp; family<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,76,500 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dilip Shanghvi<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,64,300 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LN Mittal &amp; family<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,62,300 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radhakishan Damani &amp; family<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,43,900 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kumar Mangalam Birla &amp; family<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,25,600 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niraj Bajaj &amp; family<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,20,700 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7%<br /><br /></td></tr></tbody></table><em>Source: 360 ONE Wealth Hurun India Rich List 2023</em><br /><br /><strong>‘India a shining moon as world stares at recession’<br /></strong><br />The cumulative wealth of 1,319 individuals who possess more than ₹1,000 crore in the rich list went up by 8.5% in the last year. However, their average wealth has decreased by 9.3%. <br /><br />The India Rich List added 273 new entrants and 38 new billionaires over the last year. The number of dollar billionaires also went up to 259, up 38 as compared to last year. <br /><br />“The trends prove that India is a shining moon in a world that is staring at recession. While the China Rich List has dropped 10% for each of this year and last year, both in terms of average wealth and in terms of the number of people that make the list. India is closing the gap,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India. <br /><br />India has 259 billionaires, up 38 compared to last year. While industrial products, metals &amp; mining added the greatest number of new entrants to the list. Pharma still holds the <em>numero uno position</em> and contributed 133 entrants to the list. <br /><br />“Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has a cut-off of ₹20,000 crore,” said Anirudha Taparia, co-founder and joint CEO, 360 ONE Wealth. <br /><br /><strong>Funding winter &amp; founders’ wealth <br /></strong><br />While 264 in the Indian rich list saw their wealth drop in the last one year, there were as many as 55 dropouts. The most notable of the dropouts is Byju Raveendran. The founder of edtech Byju’s exited the list on the back of investor markdowns. <br /><br />The funding winter and its ripple effects led to startup founders on the list experiencing a collective wealth dip of ₹85,000 crore. Recent policies, like the retrospective GST imposition on gaming companies and the angel tax and so on, could potentially hinder long-term wealth generation by startups, Hurun said. <br /><br />However, a few IPOs that stumbled last year did make a comeback. As new-age internet companies gain in value, entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70%.<br /><br />Startup wealth creation will persist, albeit within a changing landscape, Junaid said. <br /><br /><strong>The IPO stars: Public issues and rich list debuts <br /></strong><br />The stock markets also rewarded many public debuts and made their founders into billionaires. Ramesh Kunhikannan’s Kaynes Technology made a strong stock market debut. And he entered the list with a wealth of ₹8,200 crore. <br /><br />The spectacular listing gains provided by stock market debuts of many companies have pulled their owners into the rich list. Some of them include Jagdish Prasad Chowdhary of Titagarh Wagons, Ranjit Pendurthi of Archean Chemical Industries and Ajay P Thakker &amp; family of Jupiter Life Line Hospitals. <br /><br />Pavan Kumar Bajaj and Karan Bajaj of Electronics Mart India and Harsha Engineers’ Harish Rangwala and Rajendra Shantilal Shah too entered the coveted list of richest Indians after their stocks skyrocketed on debut. <br /><br />But there is money to be made in private markets too. Manish Kejriwal of Kedaara Capital became the first Indian Private Equity fund manager to enter the list.<br />

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