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

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

Ever since Donald Trump won the 2024 US presidential elections, bitcoin has been surging, going up over 40% in the last two weeks. Recently, the cryptocurrency soared past $97,000, having risen 8.32% in just the last 7 days, and is currently trading at $96,906.09. The overall crypto market is also buoyant, with the crypto volume jumping 10.06% over the past 24 hours to touch $198.83 billion. The markets are enthused about Bitcoin's prospects going ahead, given that Trump has hinted towards establishing a dedicated role in the White House for deliberating crypto policies. Trump has been vocally pro-crypto and had promised, during his presidential campaign, to scale back <keyword id="24085738" type="General" weightage="20" keywordseo="crypto-regulations" source="keywords">crypto regulations</keyword> and fire SEC chair Gary Gensler, who had initiated a crackdown on digital assets in the US. The crypto lobby in the US has been advocating for crypto-friendly SECs and access to banks. In a bid to do so, crypto companies have pumped in over $119 million to support pro-crypto candidates. Says Edul Patel, co-founder and CEO of Mudrex, "Market sentiment grew stronger from Bloomberg's report of Trump’s plan to establish a dedicated White House role for crypto policy. The anticipation of faster regulatory clarity coupled with BlackRock’s Bitcoin ETF options projecting a $176k price target by 2026 has driven BTC’s price to the $95K milestone and beyond." The ongoing rally is not restricted to just bitcoin but also extended to Solana and XRP, which gained 10.85% and 59.02%, respectively, over the last 7 days. But does this mean that good times are coming for <keyword id="19991358" type="General" weightage="20" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> as well? Apurva Sheth, Head of Market Perspectives &amp; Research, SAMCO Securities, notes that bitcoin is a proxy for risk-taking in the markets. Bitcoin moving up means the risk appetite of investors is rising. Conversely, if it falls, then investors prefer safety." Both Nifty and Sensex have lost over 5% each over the last month. FIIs (<keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">foreign institutional investors</keyword>) have also been scrambling out of Indian markets, having withdrawn Rs 1,14,445.89 crores during October 2024 and offloading Rs 34,348.30 crore so far in November. During trade today, Nifty and Sensex remained in red, with Nifty down by 0.74% and Sensex down by 0.6%. DIIs (domestic institutional investors) have been trying to keep the market afloat in both October and November, pumping in Rs 31,636.77 crore in Indian markets in November so far. Last month, DIIs infused Rs 1,07,254.68 crore in the Indian markets. According to an NSE report, by the end of the previous quarter, FPIs holding in NSE-listed companies stood at 36.3%, despite the seventh consecutive quarterly decline. Previously, FIIs holding in listed companies had hit a record high of 39.9% in December 2021. In contrast, DIIs are increasingly making headway into the Indian markets. Active Domestic Mutual Funds (DMFs) have been increasing their investments in the NSE-listed companies. Their ownership in these companies has risen from 12.4% in December 2021 to 15.7% as of September 30, 2024. Banks and insurance companies have also expanded their market share. Their ownership in NSE-listed companies has grown from 8.8% three years ago to 11% as of pr quarter.

The Bitcoin rally does not seem to be stopping anytime soon! Does this spell good news for Indian markets?

<keyword id="19902762" type="General" weightage="100" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> is intensifying its focus on <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> with the introduction of advanced AI tools aimed at breaking down <keyword id="20932433" type="General" weightage="20" keywordseo="language-barriers" source="keywords">language barriers</keyword> and enhancing agricultural practices, a senior company official said. Abhishek <keyword id="22795920" type="General" weightage="20" keywordseo="Bapna" source="keywords">Bapna</keyword>, Director of Product Management at Google <keyword id="20260498" type="General" weightage="20" keywordseo="DeepMind" source="keywords">DeepMind</keyword>, highlighted the importance of reducing language barriers in India's economic development. "Language is very essential for economic development. For instance, a language barrier should not hinder someone from explaining their medical issues to a doctor or accessing banking services," Bapna said during his short visit to IIM Calcutta. The tech giant has launched Google <keyword id="19896990" type="General" weightage="20" keywordseo="Gemini" source="keywords">Gemini</keyword>, formerly known as Bard, an artificial intelligence chatbot that supports more than 40 global languages, including nine Indian languages. Bapna added that Google's ongoing focus is on continuously improving language quality and expanding support for more Indian languages in the future. Currently, the chatbot supports nine Indian languages - Hindi, Bengali, Gujarati, Kannada, Malayalam, Marathi, Tamil, Telugu and Urdu. Bapna noted the complexity of India's multilingual environment, where people often use multiple languages simultaneously. This presents unique challenges for AI models, as they must correctly identify and apply the appropriate dictionaries to understand and generate accurate responses, Bapna said. To empower developers in India, Google is expanding <keyword id="22364430" type="General" weightage="20" keywordseo="Project-Vaani" source="keywords">Project Vaani</keyword> in collaboration with the Indian Institute of Science (IISc). The project offers developers over 14,000 hours of speech data across 58 languages, collected from 80,000 speakers in 80 districts. Additionally, Google introduced IndicGenBench, a comprehensive benchmark designed specifically for Indian languages. This initiative aims to assess and fine-tune language models for more accurate and effective use in India. In a parallel effort to support India's agricultural sector, Google is working towards launching the Agricultural Landscape Understanding (ALU) Research API. This limited availability tool is designed to make agricultural practices more data-driven and efficient. The ALU API aims to enhance farm yields, improve access to capital, and provide better market access for farm products. "On agriculture, right now we are conducting a pilot with the Telangana government that is already underway. Once the pilot is complete, we plan to scale it up and engage actively with state governments," Bapna said. He emphasized that Google's agricultural initiatives are driven by two major goals: improving livelihoods and addressing climate change through necessary interventions. "Banks and insurance companies could also be end users. Right now our focus is to make sure that the technology works properly," Bapna said. By offering granular landscape insights at the farm field level, the ALU API is expected to transform India's agricultural ecosystem.

Google to expand AI initiatives in India, targeting language barriers, agricultural efficiency

Bengaluru: Last week, <keyword id="19902762" type="General" weightage="100" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="265" meta.entityid="Google">Google</keyword> unveiled a series of new AI-powered partnerships aimed at advancing healthcare, <keyword id="19895783" type="General" weightage="20" keywordseo="sustainability" source="keywords">sustainability</keyword>, and agriculture in India The tech giant is collaborating with both local and international organisations to implement AI-driven solutions in <keyword id="21690244" type="General" weightage="20" keywordseo="diabetic-retinopathy" source="keywords">diabetic retinopathy</keyword> screening, urban waste management, and agricultural development. According to Google, these announcements were made during a roundtable in Bengaluru, marking the fifth anniversary of Google's Research Lab in the city. This follows the 10th edition of the Google for India event, which showcased the potential of AI to benefit individuals, businesses, and society at large. Dr Manish Gupta, Research Director of Google DeepMind, stated, "Collaborating with key Indian organisations, our focused research in India across language understanding, healthcare, agriculture, and sustainability is helping tackle many of the country's unique challenges and creating AI-led solutions that will improve billions of lives." Google is working with <keyword id="23588208" type="General" weightage="20" keywordseo="Forus-Health" source="keywords" meta.keywordsubtype="org" meta.entityname="Forus Health" meta.hostid="265" meta.entityid="Forus Health">Forus Health</keyword> and AuroLab in India and Perceptra in Thailand to provide 6 million AI-assisted screenings for diabetic retinopathy over the next decade. These screenings aim to detect and prevent blindness in diabetic patients, particularly in resource-limited communities. The AI model has already supported over 600,000 screenings worldwide, with initial research and deployment carried out in India. Sunny Virmani, Group Product Manager, Health AI Research at Google, remarked, "From our initial research to the first patient screening in Madurai, India, we've been committed to translating AI's potential into meaningful change for people globally. And now the partnerships with Forus Health, AuroLab, and Perceptra are helping us expand on this commitment, as a global network of innovators comes together to eradicate preventable blindness due to diabetic retinopathy." Google's CircularNet, an AI-driven computer vision model for waste management, is being deployed in partnership with Bengaluru-based Saahas Zero Waste. CircularNet helps identify and sort plastic waste, facilitating recycling and reducing the strain on landfills. Powered by Google's TensorFlow, the model has shown approximately 85% accuracy in detecting plastic waste during a pilot programme, potentially boosting revenue for material recovery facilities by 10-12%. To support data-driven decision-making in agriculture, Google is also opening its Agricultural Landscape Understanding (ALU) Research API to developers. The API leverages satellite imagery and machine learning to provide farm-level insights, such as field boundaries, water bodies, and vegetation. The technology aims to optimise resource allocation and guide sustainable farming practices in India. (ANI)

Google announces AI-led collaborations for India's health, sustainability, and agriculture sectors

Having your family publicly appreciate art while privately denouncing the profession is the pinnacle of the core Indian experience. However, while most boomers might discard the career path due to well-established fears of the “struggling artist”, India’s most <keyword id="21837275" type="General" weightage="20" keywordseo="successful-artists" source="keywords">successful artists</keyword> are anything but struggling, it turns out. The <keyword id="21308480" type="General" weightage="20" keywordseo="Hurun-Research-Institute" source="keywords" meta.keywordsubtype="org" meta.entityname="Hurun Research Institute" meta.hostid="261" meta.entityid="Hurun Research Institute">Hurun Research Institute</keyword> has just released their Art List of 2024, which encapsulates the top 50 most successful living painters and sculptors from India, or who have made India their place of work. With notable figures such as the creator of Chicago’s “<keyword id="21837279" type="General" weightage="20" keywordseo="the-bean" source="Orion">The Bean</keyword>” and various <keyword id="20128810" type="General" weightage="20" keywordseo="Padma-Bhushan" source="keywords">Padma Bhushan</keyword> and Padma Shri recipients in the list, you can rest assured that this article is as Indian parent-friendly as can be. Dominating the list for the sixth year in a row, 70-year-old sculptor <keyword id="21283454" type="General" weightage="20" keywordseo="Anish-Kapoor" source="keywords">Anish Kapoor</keyword> continues to exercise his fame as India’s most successful artist alive. According to Hurun, the creator of ‘Cloud Gate’ — or ‘The Bean’ as it is commonly known – amassed a whopping Rs 79.9 crores via a plethora of sculptures last year. If not for The Bean, you might remember Anish from his involvement in the Vantablack controversy, when the artist signed a contract for exclusive rights to the new material’s use in painting and sculpture. Such is the fame that Anish has carved out for himself that he even reigns far above the rest of the Indians on Hurun’s list, monetarily speaking. In second place comes 87-year-old <keyword id="21837278" type="General" weightage="20" keywordseo="gulam-mohammed-sheikh" source="keywords">Gulam Mohammed Sheikh</keyword>, a Padma Shri and Padma Bhushan awardee who earned an impressive Rs 24.1 crores last year. The richest woman artist with an inspiring banker-turned-painter story, 87-year-old Arpita Singh, came in third with Rs 22.9 crores. In fact, while artists over 80 years of age litter most of the list — the oldest being the 99-year-old <keyword id="21837277" type="General" weightage="20" keywordseo="krishen-khanna" source="keywords">Krishen Khanna</keyword> in fifth position with 18 crores — there is one unmissable and striking exception. 27-year-old <keyword id="21837276" type="General" weightage="20" keywordseo="raghav-babbar" source="keywords">Raghav Babbar</keyword> became the eighth highest-selling Indian artist after totalling 12.1 crores in sales, providing a fantastic example that even youngsters can make money through art. As for the individual pieces with the biggest price tags, Gulam Mohamed Sheikh’s 2015 piece ‘Ark: Kashmir’ stands far ahead of the competition after being sold at Rs 21 crores last year. In total, four art creations were sold for over Rs 5 crores last year, including designs from Arpita Singh, Anish Kapoor and Raghav Babbar. A sculpture of the Hulk constructed from stainless steel discs and plated fibreglass by Valay Shende was another of the top-selling works in 2023. With a total of Rs 301 crores from 789 art lots sold, this year’s report shows a very clear trend: the demand for Indian art is indubitably on the rise. In fact, the entry point for artists in the top ten almost quadrupled from Rs 2 crores to Rs 7.7 crores in the mere span of three years. These figures helped India land the seventh place globally in terms of art auction turnover, according to Hurun. "With rising middle-class incomes, our expectation is that Indian art will become one of the top preferred choices to 'invest' in a growing asset class and 'spend' on a meaningful lifestyle addition,” explains Anas Rahman Junaid, founder of Hurun India. He argues that India being one of the world’s oldest civilisations lends it an exponentially higher intrinsic art value compared to the status quo. This recognition will likely continue to help the Indian art sector grow at a good pace in the coming years.

Here’s how much top Indian artists earned in 2023 as Anish Kapoor becomes most successful at Rs 80 crore

An affordable <keyword id="9107118" type="General" weightage="20" keywordseo="tuberculosis-testing" source="Orion">tuberculosis testing</keyword> technology that can detect the disease using a patient's sputum for just Rs 35 has been developed by apex medical research body <keyword id="19918794" type="General" weightage="20" keywordseo="ICMR" source="keywords">ICMR</keyword>'s regional centre in Assam's Dibrugarh. The 'A <keyword id="19986036" type="General" weightage="20" keywordseo="CRISPR" source="keywords">CRISPR</keyword> case-based TB detection system' is light, portable and involves three steps of testing. Over 1,500 samples can be tested in one single run in around two-and-half hours, ICMR sources said. Conventional diagnostic techniques for TB commonly rely on culture, which requires 42 days to confirm as TB negative, microscopy, and nucleic acid-based methods. These are also time-consuming and may require sophisticated equipment. An official said, "<keyword id="19992404" type="General" weightage="100" keywordseo="Tuberculosis" source="keywords">Tuberculosis</keyword> (TB) remains a global health challenge, necessitating the development of accurate and rapid diagnostic tools for effective disease management. Current <keyword id="22921102" type="General" weightage="20" keywordseo="diagnostic-methods" source="keywords">diagnostic methods</keyword> often exhibit limitations in terms of sensitivity, specificity, speed and cost, emphasising the need for innovative approaches". Additionally, some molecular diagnostic methods, while offering improved sensitivity, may lack the desired specificity or face challenges associated with cost and ease of handling. "Considering these problems, the CRISPR-Cas12a-based molecular diagnostic system 'GlowTBPCRKit' coupled with an amplification step (using thermal cycler) and the '<keyword id="22921103" type="General" weightage="20" keywordseo="RapidGlow-device" source="keywords">RapidGlow device</keyword>' provides a promising solution," the official said. The Indian Council of Medical Research (ICMR) has now invited Expression of Interest (EoI) from eligible organisations, companies, manufacturers for undertaking 'Transfer of Technology' for commercialisation of the 'A CRISPR case-based TB detection system' for the detection of <keyword id="20115212" type="General" weightage="20" keywordseo="Mycobacterium-tuberculosis" source="keywords">Mycobacterium tuberculosis</keyword>. The ICMR-RMRCNE institute will provide expert guidance and technical support for the production of 'A CRISPR Cas based TB detection system' in all phases. Such technical oversight by the institute would accelerate the development of the product and its commercialisation. The ICMR would also provide technical support through its team of experienced scientists in study, planning, product development, development of study protocol, results or data analysis, outcome assessment, safety and efficacy assessment, product improvement, etc., if deemed fit upon the mutual understanding between ICMR and collaborative company. The apex health research body through its institutes would provide support and facilitation to conduct the research and development or clinical study of new technology or product in India through its affiliates or institutes, in collaboration with the company and institutions in a professional and mutually agreed upon manner and timelines.

ICMR's regional centre develops technology that can test for tuberculosis in just Rupees 35!

New Delhi [India], June 23 (ANI): The <keyword id="19915130" type="General" weightage="20" keywordseo="Indian-Space-Research-Organisation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Space Research Organisation" meta.hostid="153" meta.entityid="Indian Space Research Organisation">Indian Space Research Organisation</keyword> (<keyword id="19915124" type="General" weightage="100" keywordseo="ISRO" source="keywords">ISRO</keyword>) on Sunday achieved another success in the <keyword id="21046346" type="General" weightage="20" keywordseo="Reusable-Launch-Vehicle" source="keywords">Reusable Launch Vehicle</keyword> (RLV) landing experiment (LEX). The third and final test in the series of LEX (03) was conducted at 07:10 IST at the <keyword id="22149303" type="General" weightage="20" keywordseo="Aeronautical-Test-Range" source="keywords">Aeronautical Test Range</keyword> (ATR) in Chitradurga, Karnataka. Following the success of the RLV LEX-01 and LEX-02 missions, <keyword id="22149668" type="General" weightage="20" keywordseo="RLV-LEX-03" source="keywords">RLV LEX-03</keyword> re-demonstrated the <keyword id="21054893" type="General" weightage="20" keywordseo="autonomous-landing" source="keywords">autonomous landing</keyword> capability of the RLV under more challenging release conditions (cross range of 500 m against 150 m for LEX-02) and more severe wind conditions. The winged vehicle, named '<keyword id="21046350" type="General" weightage="20" keywordseo="Pushpak" source="keywords">Pushpak</keyword>', was released from an <keyword id="19992067" type="General" weightage="20" keywordseo="Indian-Air-Force" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Air Force" meta.hostid="153" meta.entityid="Indian Air Force">Indian Air Force</keyword> Chinook Helicopter at an altitude of 4.5 km. From a release point 4.5 km away from the runway, Pushpak autonomously executed cross-range correction manoeuvres, approached the runway, and performed a precise horizontal landing at the runway centerline. Due to this vehicle's low lift-to-drag ratio aerodynamic configuration, the landing velocity exceeded 320 kmph, compared to 260 kmph for a commercial aircraft and 280 kmph for a typical fighter aircraft. After touchdown, the vehicle's velocity was reduced to nearly 100 kmph using its brake parachute, after which the landing gear brakes were employed for deceleration and stop on the runway. During this ground roll phase, Pushpak utilises its rudder and nose wheel steering system to autonomously maintain a stable and precise ground roll along the runway. This mission simulated the approach and landing interface and high-speed landing conditions for a vehicle returning from space, reaffirming ISRO's expertise in acquiring the most critical technologies required for the development of a RLV. Through this mission, the advanced guidance algorithm catering to longitudinal and lateral plane error corrections, which is essential for the future Orbital Re-entry Mission, has been validated. Notably, the RLV-LEX uses multisensor fusion, including sensors like an Inertial sensor, Radar altimeter, Flush air data system, Pseudolite system and NavIC. Notably, the RLV-LEX-03 mission reused the winged body and flight systems as such without any modification, from the LEX-02 mission, demonstrating the robustness of ISRO's capability of design and reuse flight systems for multiple missions. The mission, led by VSSC, was a collaborative effort involving multiple ISRO centres (SAC, ISTRAC, SDSC-SHAR), with significant support from the Indian Air Force (IAF), Aeronautical Development Establishment (ADE), Aerial Delivery Research and Development Establishment (ADRDE), Regional Centre for Military Airworthiness (RCMA) under the Centre for Military Airworthiness and Certification (CEMILAC), National Aerospace Laboratories (NAL), Indian Institute of Technology, Kanpur, Indian aerospace industrial partners, Indian Oil Corporation of India, and Airport Authority of India. S Somanath, Chairman, ISRO/Secretary, Department of Space, congratulated the team for their efforts in maintaining the success streak on such complex missions. Dr S Unnikrishnan Nair, Director of VSSC, emphasised that this consistent success boosts ISRO's confidence in the critical technologies essential for future orbital re-entry missions.

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

BI India Bureau

The Bitcoin rally does not seem to be stopping anytime soon! Does this spell good news for Indian markets?

BI India Bureau

Google to expand AI initiatives in India, targeting language barriers, agricultural efficiency

PTI

Google announces AI-led collaborations for India's health, sustainability, and agriculture sectors

ANI

Here’s how much top Indian artists earned in 2023 as Anish Kapoor becomes most successful at Rs 80 crore

Ankush Banerjee

ICMR's regional centre develops technology that can test for tuberculosis in just Rupees 35!

PTI

'Pushpak' aces test: ISRO achieves yet another success in Reusable Launch Vehicle (RLV) landing experiment

ANI

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