Bucking the global trend, <keyword id="22129560" type="General" weightage="20" keywordseo="millionaire-migration" source="keywords">millionaire migration</keyword> out of India is showing signs of slowing down. While a projected 4,300 <keyword id="764292" type="General" weightage="20" keywordseo="High-net-worth-individuals" source="Orion">high net-worth individuals</keyword> (HNIs) are still expected to leave in 2024, this number is a significant decrease compared to previous years. But what's driving this exodus in the first place, and why might it be softening? 'Millionaires' or 'high-net-worth individuals' refer to people with an investable USD 1 million or more wealth. A new <a href="https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2024/top-10-country-outflows">report</a> by <keyword id="20158865" type="General" weightage="20" keywordseo="Henley-Partners" source="keywords" meta.keywordsubtype="org" meta.entityname="Henley &amp; Partners" meta.hostid="261" meta.entityid="Henley &amp; Partners">Henley &amp; Partners</keyword> paints a picture of a world where these millionaires are increasingly on the move. Political instability and economic jitters are prompting millionaires and billionaires to seek greener pastures. This trend, the report suggests, could significantly reshape how global wealth is distributed in the coming years. According to reports, India is home to roughly 3,26,400 millionaires and around 4,300 of them are expected to migrate out of their homelands this year. This puts India among the top three countries with the most millionaires leaving, including China and the United Kingdom. The reason for this split seems to be a desire for a better lifestyle. As Hannah White, director of the Institute for Government, points out in the report, <keyword id="741164" type="General" weightage="100" keywordseo="indian-millionaires" source="Orion">Indian millionaires</keyword> are looking for an improved quality of life when they leave the subcontinent. Moreover, lenient tax regulations in some countries could also a pull for some millionaires who aim to preserve and grow their wealth faster. As is the case with millionaires in other countries, Indians seem to be preferring the United Arab Emirates. The UAE has a zero income tax policy for individuals, and it levies just a 5 per cent value-added Tax on the purchase of goods and services, making it a top destination for millionaires with a projected inflow of a staggering 6,700 HNIs in 2024. Other popular choices include Australia, Singapore, the US, and Switzerland. These countries offer a combination of factors that are increasingly important to the wealthy: political stability, low taxes, excellent education systems, and a higher quality of life. <cmsannotation type="cmsannotation" annotationid="India is not a lost cause" comment="subhead" text="India is not a lost cause">India is not a lost cause </cmsannotation>Tracking these HNI migration patterns, the report highlights two subtle differences between India and other countries. One, unlike their counterparts elsewhere, departing Indian millionaires often maintain economic ties with their homeland. We can’t help but wonder if this has something to do with our sentimentality or if it's just a practical decision. Second, the number of HNIs migrating out of the country is actually decreasing in comparison to previous years! India, which has historically seen higher numbers of wealth exodus, is expected to experience a decline in HNWI migration compared to the 5,100 in 2023, which was again lower than the net outflows of 7,500 individuals in 2022. As per experts, when lots of rich folks start moving around a lot, it might suggest the economy is on its way to taking a nosedive. And this is probably why the projected decline in millionaire migration out of India could be a positive sign. While the country is still losing wealthy individuals, the slowdown suggests a potential improvement in the factors that were driving them away in the first place. Traditionally, factors like low taxes, economic opportunities, and political stability were the biggest draws for migrating millionaires. However, the new report suggests that priorities are evolving. Quality of life, educational opportunities for children, and resilience to climate change are now equally important considerations. Additionally, the ability to protect wealth for future generations is a growing concern. Whether this trend of millionaire migration continues to devolve in India mostly hinges on the government’s ability to address these concerns.

Over 4,000 millionaires could still leave India in 2024 — but the drain is getting slower year-on-year

If you have the fortune of being a young adult in an Indian metro city, you’re probably also dealing with the current misfortune of watching your friends leave the country one by one. Whether they intend to pursue higher education or seek employment abroad, these migration patterns can ripple into significant <keyword id="21354176" type="General" weightage="20" keywordseo="economic-impacts" source="keywords">economic impacts</keyword> on both nations involved. In fact, the UN’s 2024 World Migration Report has revealed that India’s diaspora transferred the most amount of wealth to their home nation compared to any other country, amounting to a staggering $110 billion in 2022. This <keyword id="21594032" type="General" weightage="20" keywordseo="remittance-value" source="keywords">remittance value</keyword> has doubled since 2010, making India the first country to surpass the $100 billion dollar mark! While this is undoubtedly an impressive figure, it probably comes as no surprise, considering that India boasts the largest <keyword id="6417889" type="General" weightage="20" keywordseo="migrant" source="Orion">migrant</keyword> population overseas. Among the latest UN estimates of 281 million international migrants in the world — 1 out of every 30 people worldwide — nearly 20% originate from only six Asian countries: India, China, Bangladesh, Pakistan, Philippines and Afghanistan. While the <keyword id="6356955" type="General" weightage="20" keywordseo="united-states" source="Orion">United States</keyword> of America is unsurprisingly the most popular destination for migrants globally, the report found that most Indian migrants instead choose to travel to the United Arab Emirates. This is followed closely by the United States of America. Meanwhile, a similar number of Indians choose to stay in <keyword id="50996" type="General" weightage="20" keywordseo="saudi-arabia" source="Orion">Saudi Arabia</keyword> as Bangladeshis choose India. Together, these two country-to-country migration corridors form the ninth and tenth most popular migration pathways in the world, the report revealed. Unfortunately, a massive <keyword id="20646065" type="General" weightage="20" keywordseo="gender-gap" source="keywords">gender gap</keyword> also arises when you look more closely at our migrant population. For the 12 million male emigrants who leave India for opportunities abroad, only about six million comprise female Indians. While similar trends can be observed for our neighbouring nations like Bangladesh and Pakistan, the gap closes when you consider Southern Asia as a whole. This is perhaps because of populous countries such as China with a much larger female migrant population than male. Meanwhile, Mexico — as the second largest country of migrant origin — is also the recipient of the second-largest remittance, diverting $61 billion via <keyword id="21594033" type="General" weightage="20" keywordseo="emigrant-wealth" source="keywords">emigrant wealth</keyword>. In fact, Mexico to the USA forms the top country-to-country migration corridor, with nearly 12 million migrants. The North American country overtook China for its position in 2021, and has held onto the title since. The UN report can be accessed <a href="https://publications.iom.int/books/world-migration-report-2024" data-type="tilCustomLink">here</a>.

At $110 billion, Indian diaspora diverted more wealth than any other to its home country in 2022

<ul><li>In 2022, so far 8,000 high-networth individuals (HNI) have moved out of India. </li><li>The Indian HNI population is expected to rise by 80% by 2031, making it one of the world's fastest-growing wealth markets. </li><li>The number of billionaires in India too has been rising steadily in the last few years, as per a report by Hurun and IIFL released in September. </li></ul>After a pandemic break, the trend of millionaires moving out of their home countries, looking for greener pastures is back, says the latest report by Henley &amp; Partners, a migration consultancy. In 2022, so far 8,000 high-networth individuals (HNI) have migrated out of India. The country also ranks third in terms of HNI movements, coming only after Russia at 15,000 and China at 10,000. HNIs are individuals who have a wealth of $1 million or more. After India, Hong Kong and Ukraine lost the most millionaires at 3,000 and 2,800 respectively. However, the UK too lost 1,500 millionaires during the year, ranking seventh on the list. UAE, Australia and Singapore are the countries where millionaires chose to migrate to – at 4,000, 3,500 and 2,800 respectively. India’s making more than it’s losing Unlike in the case of other countries, the report indicates that India has less to worry about its millionaire movements. Moreso, the 8,000 people who migrated represent only 2% of India’s HNIs, whose number is at 357,000. India is also making more millionaires than it’s losing. The report expects the Indian HNI population to rise by 80% by 2031, which will make it one of the world's fastest-growing wealth markets during this period. "There is also a trend of affluent individuals returning to India and once the standard of living in the country improves, we expect wealthy people to move back in increasing numbers," it said. According to a report by <a href="https://www.businessinsider.in/india/news/india-projected-to-become-worlds-third-largest-economy-overtaking-japan-and-germany-sp/articleshow/95715786.cms">Standard &amp; Poor’s</a>, Indian households will become the greatest spenders among G20 economies, as India itself will overtake Japan and Germany to become the world’s third largest economy. Billionaires believe in India Top <keyword id="390386" type="General" weightage="20" keywordseo="indian-billionaires" source="Orion">Indian billionaires</keyword> too have been predicting that India will rise to the top in a China Plus One regime – which has immense potential to aid global manufacturing, while making a massive green transition. As per the world’s third richest man, Gautam Adani, <a href="https://www.businessinsider.in/finance/news/india-on-course-to-become-worlds-second-largest-economy-by-2050-says-gautam-adani/articleshow/95622223.cms">India will add $1 trillion to its ec</a>onomy every 12-18 months within the next decade. On the other hand, India’s second richest man, <a href="https://timesofindia.indiatimes.com/business/india-business/muke">Mukesh Ambani too believes</a> that the Indian economy will grow 13-fold to $40 trillion by 2047. The number of billionaires in India too has been rising steadily in the last few years, as per a report by Hurun and IIFL released in September. Hurun India finds 1,103 individuals with ₹1,000 crore wealth, up by 96, an increase of 62% over the last five years. As per the IIFL Wealth Hurun India Rich List 2022, 735 entrepreneurs or 67% are self-made, up from 659 last year, and up from 54% five years ago. Also, 79% or 117 of new faces for the year are self-made – indication of emerging new opportunities. UPI has been a phenomenal success and considering 80 million Indians made their first digital transaction after 2020 and 190 million are still unbanked — it’s still a breeding ground for new wealth creation, the IIFL Hurun report said. “I expect the government’s Open Network for Digital Commerce (ONDC) initiative to be a moonshot for accelerated wealth creation for entrepreneurs from retail, logistics, and tech stack that are built on/ for ONDC. EV is another ecosystem that has the potential to contribute new entrants to IIFL Wealth Hurun India Rich List,” said Anas Rahman Junaid, MD and chief researcher of Hurun India. (With inputs from ANI) SEE ALSO <a href="https://www.businessinsider.in/business/startups/article/unicorns-are-pass-cockroaches-are-the-new-favourites-of-venture-capitalists/articleshow/95734214.cms">Unicorns are passé, cockroaches are the new favourites of venture capitalists</a> <a href="https://www.businessinsider.in/business/corporates/article/tatas-mega-aviation-merger-is-poised-for-flight-but-the-skies-are-not-clear-yet/articleshow/95526116.cms">Tata's mega aviation merger is poised for flight, but the skies are not clear yet</a>

India ranks 3rd in millionaire outmigration in 2022, but it’s still churning out more millionaires than it is losing: Henley & Partners

<img class="gwt-Image" src="/photo/47265908.cms" />Prime Minister <keyword id="6354477" type="PERSON" weightage="60" keywordseo="Narendra-Modi">Narendra Modi</keyword> Government’s stringent action towards <keyword id="6356023" type="UNKNOWN" weightage="80" keywordseo="Black-Money">black money</keyword> is forcing many wealthy Indians to migrate to Dubai and Singapore. 
 
According to informal email and text message exchanged by traders in Mumbai’s financial markets, many Indians are exploiting loopholes in foreign exchange laws. 
 
A leading tax professional told Economic Times that many of these people with undisclosed offshore bank accounts were using their contacts and arranging job appointment letters from companies in countries like the UAE and Singapore. 
 
According to Foreign Exchange Management Act (FEMA), Indian citizens employed abroad are considered non-residents. As per income tax law, such persons are required to stay out of India for at least 182 days in a financial year to claim non-resident status. 
 
When declared as a NRI, they don’t have to disclose foreign assets to Indian tax authorities. 
 
According to text messages, 80,000 Indians have applied for residency certificate in Dubai and other nations. 
 
Though employers and companies do exist, the persons receiving the letters have no intention to join the firms as employees. All required is a job offer letter which would be used to claim residency status in the respective countries. 
 Modi has promised to bring back <keyword id="670864" type="UNKNOWN" weightage="80" keywordseo="Black-money-stashed-abroad">black money stashed abroad</keyword>. Although there is no official estimate of the amount of money illegally deposited abroad, as per a Washington-based think-tank India suffered $344 billion in illicit fund outflows between 2002 and 2011.

Wealthy Indians are exploring ways to hide black money.  Know how

<img class="gwt-Image" src="/photo/48511264.cms" /> 
PM Modi who is in the United Arab Emirates on a two-day visit is concerned about workers’ conditions working in the Gulf countries. He expressed this concern while speaking at a labour camp in Abu Dhabi. Modi specifically spoke for India’smigrant labourers residing in the UAE, who over the years have become a major source of human resource in the Gulf countries, and are building glitzy skyscrapers, hotels and museums. 
 
Millions of Asian labourers are engaged in building mega projects like World Expo 2020 in Dubai and the FIFA World Cup 2022 in Qatar. Their earnings being quite a few times higher than what they could have earned in India, workers tend to migrate to Middle East and stay in unhygienic ghettos to save more money. 
 
About 200 workers broke into applause when Modi arrived at an indoor basketball court at the labour camp in the Industrial City of Abu Dhabi. Modi chatted with the workers, enquiring about the place and their welfare and jobs, but made no comments to the media. Some 2.6 million Indians live and work in the UAE, according to Indian embassy figures. The embassy estimates about 60 % of those are blue-collar workers. 
 
"The Indian government is aware that the UAE will employ thousands of Indian workers to organize the World Expo 2020, but after the recent Qatar experience, the government wants to send a clear message that India will not allow rampant exploitation of its workers,” an external affairs ministry official told Reuters. 
 
In November, India launched a campaign for higher wages for its workers in the Gulf states. Indian diplomats raised the minimum salaries they recommend because of higher living costs. 
 
UAE officials, including the labour minister, have said that labour legislation in the country is in line with the UAE constitution. Laws regulate the labour market, providing protection of workers and their rights, they said. 
 
Several measures, including mid-day breaks for workers in the country's sweltering summer heat, better healthcare facilities and accommodation have been provided across the UAE. 
 
"Lack of proper regulation by the authorities in both India and the UAE of the booming migrant-worker recruitment industry, including visa brokers, has allowed rogue recruiting agents to cause serious human rights abuses with impunity," Salil Shetty, secretary-general of Amnesty International, told to the news agency. 
 
"Some welcome improvements by the UAE over the last decade have been put in serious doubt by the crackdown on labour activists and failure to carry out meaningful reform of the kafala system, further increasing the vulnerability of migrant workers to human rights abuses,” added Shetty. 
 
Modi had earlier toured the Sheikh Zayed Grand Mosque in Abu Dhabi, in what analysts said was an attempt to put behind him allegations he had done nothing to save Indian Muslims during 2002 riots in which hundreds were killed. 
 
Modi will meet Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan as well as Dubai ruler Sheikh Mohammed bin Rashed al Maktoum, who is also the UAE prime minister. 
 
He will also be seeking to engage Abu Dhabi, one of the richest sovereign wealth funds in the world, to invest in India as well as expand cooperation in the energy sector. Abu Dhabi accounts for 9 % of India's energy needs and India wants to increase that, the official said. 
 
"The orientation of the Gulf countries has always been towards U.S. and Europe, but the prime minister wants to highlight the benefits of investing in India and he wants to engage Abu Dhabi on long-term projects," the official said.

The dismal state of Indian labourers in UAE had Modi really worried

(Eds: Updating with more quotes) New Delhi, Jun 15 () India has been engaged with foreign governments to ensure the welfare of prospective migrants, and is currently focussed on mitigating the negative economic consequences of the COVID-19 pandemic on Indian talent abroad, External Affairs Minister S Jaishankar said on Monday. Addressing the third edition of the Annual Conference of Protectors of Emigrants (POEs) via video-conferencing, he said the POEs must also rise to the challenge of reviving the post-COVID-19 economy and engage with the post-coronavirus world. "Our government has accorded the highest priority to promoting the interests of Indian emigrants for the last six years," Jaishankar said. The government's focus has been to provide better opportunities and welfare measures to prospective migrants, he added. The government, therefore, has been engaged with its foreign counterparts to provide ease of travel and opportunities through migration and mobility agreements, protection of social security contributions and integration of migration platforms to provide skill-matching and better remuneration, Jaishankar said. Among those to whom the government has accorded particular priority in terms of welfare and protection are the Indians working in the Gulf region and South East Asia, he said. India has been taking all possible efforts to reduce their vulnerabilities, curb exploitation and harassment by foreign employers as well as by unscrupulous recruitment agents, Jaishankar said. "We are currently focussed on ensuring that the negative economic consequences of the pandemic on our talent and skills abroad is mitigated. That is influenced not only by the quality of our various bilateral relationships but the overall helpful approach that we have displayed with regard to the health and economic requirements of our partners," he said. "It is imperative that we recover our market share as quickly as possible. The coming months will see dedicated efforts in that direction. The contribution that the protectors of emigrants (POEs) can make to facilitate this national objective is significant," Jaishankar said. He also noted that many of the Indian workers, who after long years of service abroad returned with advanced skills and abilities, would contribute to the country's development. "In fact, we are engaged in such data capture and mapping as an accompanying element of the Vande Bharat mission that is currently underway. MEA has facilitated data flows to National Skill Development Corporation (NSDC) to develop 'Swades', a database for skilled workers. Together with E-migrate, these can become basic tools for skill job matching for migrant workers," Jaishankar said. Noting that India is today a critical source of trusted talent and competitive skills for the global economy, he said that more than with any other major economy, human resources are at the core of India's engagement with the world. The POEs are responsible for granting emigration clearance to the intending emigrants as per the procedure prescribed under the Emigration Act, 1983, according to the MEA. Speaking at the conference, Jaishankar said India has established three new offices of POEs, which number 13 at present. "This has extended our reach to more parts of the country, especially those areas which provide migrant flows to foreign lands. We have also promoted synergy and coordination between POE and Passport Offices," he said. Jaishankar said that the integration of the e-Migrate platform with those of the UAE, Saudi Arabia and other GCC countries and Malaysia will facilitate these efforts greatly. At the event, he also highlighted initiatives such as the Pravasi Bharatiya Bima Yojana, that provides insurance cover to workers travelling overseas. "Our efforts are aimed at ensuring a safe, orderly, legal and humane migration process," Jaishankar said. "Monitoring the skill sets of our people abroad is an intrinsic aspect of the regulation and promotion of migration. But, this also has a greater relevance today as we are looking at the prospect of returning migrants," he said. The Ministry is now seeking to expand this further through skill mapping, collaboration with skill councils overseas and recognition of prior learning (RPL) such that Indian workers are also able to move up the value chain and earn better incomes, abroad or at home, he said. "Let me also emphasize that it is essential to improve our database of migrants. We need to find ways and means to capture data in a more robust and comprehensive manner. At the same time, striking the right balance between promoting an easy emigration while ensuring safety and welfare is imperative," he asserted. Speaking at the event, Minister of State for External Affairs V Muraleedharan said the government is finalising the new Emigration Management Bill in which key issues related to emigrants will be adequately addressed to ensure the balance between employment opportunities for Indian nationals abroad not becoming restrictive and at the same time not provide opportunity through loopholes for exploitation. "Situation created due to COVID-19 has further disrupted the flow of emigration for work to traditional destinations, like, Gulf. A large number on the other hand have returned and continue to do so. As per the past experience, after the situation returns to normal, many may try to look for work abroad again," Muraleedharan said. ASK TIR TIR

Focussed on mitigating negative economic impact of COVID-19 on Indian talent abroad: Jaishankar

<img class="gwt-Image" src="/photo/49552770.cms" />Smart cities are an engine for job creation and economic growth—countries like China and the UAE are betting big on them and have already dedicated billions of dollars to smart city projects. China, in fact, announced an $8 billion investment fund in smart cities last year. India needs to undertake similar measures to augment development and optimise public service delivery. 
 Going ahead, the contribution of cities to India’s <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> will only increase. If cities accounted for 58% of the national GDP in 2008, this figure is expected to go up to 70% by 2030. To adequately leverage this, India needs liveable and productive cities. 
 
The whole purpose of making smart cities is to make people more efficient and globally competitive. We need to look into the character of the city and identify core economic activity that can be further developed with the help of technology and improvement in urban infrastructure. 
 For example, <keyword id="6354321" type="CITY" weightage="100" keywordseo="Bengaluru">Bengaluru</keyword> can create a lot of jobs in IT, telecom or the technology-driven services sector. However, for this we will need to figure out how to improve urban infrastructure so the city becomes globally competitive and can create more jobs. We have to look for the gaps in urban infrastructure. A city might require a particular kind of transportation system or a certain kind of effluent treatment system. These must be created to deliver these cities in a smart way. 
 
A positive impact of the smart city and Digital India projects is job creation, which will be, needless to say, ‘smart’. While it is difficult to give an estimate of jobs that will be generated and the reduction in labour migration, one can confidently say that even if work begins on five to 10 smart cities over the next two years, we would have created a favourable ecosystem for thousands of jobs. This will be more inclined towards white-collar jobs as IT professionals will be in greater demand, IT infrastructure being the backbone of any smart city. Data analytics, programming, high-end consulting, system and network integration will be the order of the day and professionals and students in this area can expect better opportunities. 
 In a decade, over 50 billion devices will be connected through machine-to-machine communication and the Internet of Everything (IoE) will be a $1.5 trillion-a-year business globally. There will be another $2 trillion annually in new services; within this market, the global urban services segment is estimated to be around $2 trillion in revenues and savings over the next decade. The <keyword id="6354869" type="UNKNOWN" weightage="100" keywordseo="make-in-India">Make in India</keyword> initiative and smart cities initiative should be converged with cities becoming living labs for hardware, software and urban services developed and made in the country, thereby creating a base for economic generation. 
 
(Image Credits: Indiatimes) 
 
<hr />
(About the author: Pratap Padode is the Founder &amp; Director at <a href="http://smartcitiescouncil.com/content/pratap-padode-founder-scc-india">Smart Cities Council, India</a>.)

Will the smart cities project
bring in job opportunities, at what
scale and in which sectors?

Buoyed by attractive government incentives towards local manufacturing, <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is all set to reach a remarkable $10 billion (over Rs 82,000 crore) worth smartphone exports in the fiscal year ending March 31, industry data showed on Wednesday. According to the India Cellular and Electronics Association (ICEA), <keyword id="6354427" type="General" weightage="80" keywordseo="apple" source="Orion">Apple</keyword>'s 'Make in India' smartphone now constitute 50 per cent of total exports. <keyword id="10591" type="General" weightage="50" keywordseo="samsung" source="Orion">Samsung</keyword> is second with 40 per cent mobile exports while other smartphone players constitute 10 per cent export share. Smartphone exports from India have doubled from a corresponding period from last fiscal year, driven by production-linked incentive (PLI) schemes. The top five global destinations India currently exports mobile phones to are the UAE, the US, the Netherlands, the UK and Italy, according to the ICEA data. "Efficacy and maturity of an industry is only judged with robust exports. Mobile phones policy and outreach initiatives have been relentless and the results are in front of us," Pankaj Mohindroo, Chairman of ICEA, told IANS. "The mobile phone industry will cross $40 billion manufacturing output and 25 per cent exports at $10 billion is a stellar performance," he added. Reports surfaced earlier this year that Tim Cook-led Apple will quickly shift some of its China manufacturing to India and Vietnam in the next 2-3 years. India is likely to produce 45-50 per cent of Apple's <keyword id="57315" type="General" weightage="80" keywordseo="iphones" source="Orion">iPhones</keyword> by 2027, at par with China, where 80-85 per cent of iPhones were produced in 2022. According to estimates by DigiTimes research analysts, India and Vietnam are to become the biggest beneficiaries of smartphone supply chain migration out of China. India accounted for 10-15 per cent of iPhones' overall production capacity at the end of 2022. Apple became the first smartphone player in India to have exported $1 billion worth iPhones in the month of December. It currently manufactures iPhones 12, 13, 14 and 14 Plus in the country. According to Mohindroo, the country is now moving in a different direction, "which is largely export-focused and led by the government's performance-linked scheme (PLI) push". The government is also working to strengthen the electronic manufacturing ecosystem beyond mobiles to boost its global share in hearables and wearables, IT hardware and electronic components etc. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-railways-reduces-fare-of-ac-3-tier-economy-tickets/articleshow/98908343.cms">Indian railways reduces fare of AC-3 tier economy tickets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/gold-price-tumbled-by-480-to-58770-per-10-gram-on-wednesday/articleshow/98909456.cms">Gold price tumbled by ₹480 to ₹58,770 per 10 gram on Wednesday</a>

India to cross $10 billion worth mobile exports in FY22-23, Apple leads at 50%

<ul><li>SoftBank owns about 13% stake in the IPO-bound company and is its largest shareholder.</li><li><keyword id="11111226" type="General" weightage="20" keywordseo="pb-fintech" source="Orion">PB Fintech</keyword>, which is the parent entity <keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword> and PaisaBazaar, will be launching its IPO on November 1.</li><li>SoftBank will be selling shares worth ₹1,875 crore, as per PB Fintech’s RHP.</li></ul>SoftBank will sell 20% of its shareholdings in PolicyBazaar’s initial public offering (IPO), scheduled for next week, the company said in a press conference held today (October 27). The Masayoshi Son-led investment firm— which has been an investor in PolicyBazaar since 2018 — owns about 13% stake in the IPO-bound company and is its largest shareholder. PB Fintech, which is the parent entity of insurance company PolicyBazaar and lending startup PaisaBazaar, will be launching its IPO on November 1. The issue size of the IPO is ₹5,709 crore consisting of a fresh issue of ₹3,759 crore and an offer for sale (OFS) of ₹1,959 crore by its existing shareholders. The company will offer shares within a price band of ₹940-₹980 pre share. The lot size is 15 shares. As per the red herring prospectus, SoftBank will be selling shares worth ₹1,875 crore ($250 million). Yashish Dahiya — the chief executive of PB Fintech — will be selling shares worth ₹30 crore. Meanwhile, cofounder and chief financial officer (CFO) Alok Bansal will be selling shares worth ₹12.75 crore. India’s largest online insurance aggregator, PolicyBazaar, was launched in 2008. It is one of the biggest beneficiaries of the boom in India’s insurance sector as a market leader in selling insurance online. The company intends to use the proceeds from the public issue to expand its consumer base both online and offline, strategic acquisitions and investments, international expansion and other corporate purposes. Dahaiya, in a press conference, also highlighted that they have launched operations in Dubai as a significant population from India migrated to the United Arab Emirates (UAE) for work. These people can benefit from PolicyBazaar’s offering. “Dubai is an interesting place to start a business and it is doing well,” he added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/nykaas-ipo-to-open-tomorrow-check-last-date-listing-date-and-more/articleshow/87281435.cms">Nykaa’s IPO to open tomorrow — check last date, listing date and more</a> <a href="https://www.businessinsider.in/business/startups/news/has-the-legal-battle-between-phonepe-and-bharatpe-over-pe-been-going-on-for-too-long/articleshow/87299198.cms">Has the legal battle between PhonePe and BharatPe over ‘Pe’ been going on for too long?</a> <a href="https://www.businessinsider.in/india/news/supreme-court-of-india-verdict-on-pegasus-spying-case-appoints-a-retired-judge-committee-for-probe/articleshow/87299281.cms">A panel headed by a retired judge will probe if the Indian government used Pegasus to spy on journalists and other prominent citizens</a>

Softbank will make $250 million by selling a fifth of its stake in Policybazaar

<ul><li>At 7:49 am, the SGX Nifty was trading 0.20% down, indicating a lower start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst mixed cues from the Asian market, the Indian stock market is likely to open on a muted note. At 7:49 am, the SGX Nifty was trading 0.20% down, indicating a lower start for Nifty50. Whereas other Asain stocks were trading in green — with Hang Seng trading 1.45% higher and Australian stock market also up 2% at 7:50 am. These are the stocks to watch out for during the trading session on October 5: RIL Mukesh Ambani-owned Reliance Industries cleared yet another hefty cheque from <a href="https://www.businessinsider.in/business/news/reliance-retail-cashes-yet-another-hefty-cheque-mubadala-to-invest-6247-5-crore/articleshow/78430649.cms">UAE-based Mubadala</a> on Thursday. This is the fifth investment for Reliance Retail Ventures Limited. Reliance Retail continues to be valued at ₹4.285 lakh crore and has raised a total of ₹24,847.5 crore already. Along with that, Reliance Retail has also secured a deal with Singapore’s sovereign wealth fund GIC and global private equity firm TPG Capital. The company said GIC would invest ₹5,512 crore for a 1.22% stake, while TPG Capital Management will invest ₹ 1,838 crore in owning a 0.41% equity stake in the retail arm. The shares of RIL ended 0.24% lower on Thursday. TCS The IT giant Tata Consultancy Services (TCS) will be considering a buyback of shares of the company at a board meeting slated on October 7. The shares of TCS ended 2% higher on Thursday. HCL Tech IT services major HCL Tech announced a new partnership with IBM on Thursday to help clients accelerate their digital transformation by migrating mission-critical enterprise workloads to the IBM public cloud. The shares of HCL Tech ended 0.26% higher on Thursday. Vedanta The reverse book building process for buyback of shares to begin today. The process will remain open for public shareholders until October 9. The shares of Vedanta ended flat on Thursday. Solar Industries Solar Industries informed investors on Thursday that it has secured ₹409 crore order from the central government for supply of Multi-Mode Hand Grenade (MMHG). The shares of Solar Industries ended 1% higher on Thursday. ITI Limited ITI Limited also informed investors that it had signed a contract with the central government for the supply of Army Static Switched Communication Network (ASCON). The total value of the deal is ₹7,796 crore. The shares of Solar Industries ended 0.12% lower on Thursday. Dhanalakshmi Bank RBI approves an interim arrangement to form a new committee of directors of Dhanalakshmi Bank to exercise the powers of the bank’s MD and CEO till a new one is appointed. The shares of Dhanalakshmi Bank ended 0.81% higher on Thursday. Hero MotoCorp, Eicher Motors and other auto stocks Hero MotoCorp, Eicher Motors and other auto stocks will remain in focus during the trade today after auto companies posted robust sales recovery in September. The sales of two-wheeler giant, Hero MotoCorp was up 17% compared to the same period last year. Eicher Motors also reported a domestic sales growth of 1%. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/investors-must-brace-for-a-turbulent-october-in-the-stock-market-but-they-should-hold-on-for-a-strong-4th-quarter-finish-a-senior-wall-street-strategist-says/articleshow/78477243.cms" data-type="tilCustomLink">Investors must brace for a turbulent October in the stock market — but they should hold on for a strong 4th-quarter finish, a senior Wall Street strategist says</a> <a href="https://www.businessinsider.in/thelife/news/the-best-20-airports-in-the-world-for-2020-according-to-expert-reviewers/slidelist/78477301.cms" data-type="tilCustomLink">The best 20 airports in the world for 2020 according to expert reviewers</a>

Top stocks to watch— RIL, TCS, HCL Tech, Hero MotoCorp, Vedanta, Solar Industries, ITI and others

New Delhi, Jan 2 () The National Payments Corporation of India (NPCI) on Thursday said the homegrown payments technology RuPay will offer 40 per cent cashback for its international card users for transactions in select countries.
 Indians travelling to the UAE, Singapore, Sri Lanka, the UK, the US, Spain, Switzerland and Thailand will be able to earn up to Rs 16,000 cashback per month by getting their RuPay International Card activated, the NPCI said in a release.
With RuPay International cards --JCB, Discover and Diners Club--customers using multiple cards can earn more cashbacks under the 'RuPay Travel Tales' campaign.
To avail the cashback benefit, customers will have to do a minimum transaction of Rs 1000 and the maximum cashback is capped at Rs 4,000 for a single transaction. 
The offer can be availed by customers using RuPay International Card four times a month that can give them a chance of earning up to Rs 16,000 as cashback. 
Praveena Rai, COO, NPCI said, "We always aim to create an end-to-end value proposition for RuPay International cardholders to make their overseas travel experience seamless and memorable. The campaign is not only providing an exciting platform for travelers to earn cashbacks but also motivating them to migrate towards digital transactions nationally and globally".
Apart from earning cashbacks, RuPay International cardholders can access to RuPay affiliated domestic/international airport lounges. 
They also can avail attractive offers on booking international fights and hotels in association with Thomas Cook and Make My Trip, the release said.
RuPay has a partnership with Discover Financial Services (DFS) and Japan based JCB International, allowing RuPay users the access to across 190 countries. 
As on date, there are over 1,100 banks live on RuPay platform including SBI, HDFC Bank, Axis bank, among others.
RuPay card base has crossed 600 million, half of which are in the mid and premium segments, NCPI said.
NPCI was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country. KPM MR
MR

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