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The <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> on Thursday latched on to a new rich list to attack the Centre, alleging that Prime Minister Narendra Modi's "<keyword id="21027901" type="General" weightage="100" keywordseo="billionaire-raj" source="keywords">billionaire raj</keyword>" is more unequal than even the <keyword id="20034027" type="General" weightage="20" keywordseo="British-Raj" source="keywords">British Raj</keyword> and it is also the cornerstone of the government's <keyword id="22965777" type="General" weightage="20" keywordseo="economic-policy-making" source="keywords">economic policy-making</keyword>. Congress general secretary in-charge communications <keyword id="20035989" type="General" weightage="20" keywordseo="Jairam-Ramesh" source="keywords">Jairam Ramesh</keyword> shared on X a media report which cited the <keyword id="21075617" type="General" weightage="20" keywordseo="Hurun-India-Rich-List" source="keywords">Hurun India Rich List</keyword> to state that India created a new billionaire every five days throughout 2023. "India has had one billionaire for every five days in 2023, and the non-biological Prime Minister's closest friend is the foremost among them all," Ramesh said on X. "Modi's Billionaire Raj is more unequal than even the British Raj. But it is also the cornerstone of the government's economic policy-making," he alleged. This is why, at a time when countries across the world are coalescing around the idea of a global billionaire tax, the Indian government has been conspicuously silent and continues to remain blind to rapidly increasing economic inequalities, Ramesh said. Recouping the dent caused by the <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> report, <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword>'s networth shot up 95 per cent to Rs 11.6 lakh crore last year, which helped him replace <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> to become the richest Indian, according to the 2024 Hurun India Rich List. Reliance Industries Chairman and Managing Director Ambani's overall networth increased by 25 per cent to Rs 10.14 lakh crore, as per the Hurun list. In 2023's report, Adani's wealth declined by 57 per cent to Rs 4.74 lakh crore, and Ambani was way ahead with a fortune of Rs 8.08 lakh crore. It can be noted that Adani's networth declined sharply following various allegations levelled by US-based short seller Hindenburg Research. The conglomerate has denied all the allegations. In the 2014 edition, Hurun had pegged Adani's fortunes at Rs 44,000 crore, which made him the tenth richest Indian then.

PM Modi's 'Billionaire Raj' more unequal than even British Raj: Congress

<ul><li>No changes, or announcements for the old tax regime</li><li>FMlowered the tax burden by increasing the standard deductions in the new regime </li><li>Tax slabs also revised under the new regime</li></ul> <keyword id="7706673" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword> presented the Union <keyword id="18656923" type="General" weightage="20" keywordseo="budget-2024-25" source="Orion">Budget 2024-25</keyword> in the parliament recently, unveiling the Narendra Modi-led government’s budget for the fiscal year 2024-25. While the government announced some changes to direct taxation, including revised tax slabs for the new tax regime, most experts called the budget lackluster. Nitin Chaudhary, Founder of NC Financial Advisory Services highlights his disappointment, noting that this Budget has actually been not at all impactful as it was expected to be. "It is more of a Budget for Coalition rather than any common man and tax payer. Neither there was any major drastic change in allocation as such and nor there was any major relief and tax benefits that was passed on to the tax payer. There is a slight change in the tax slab rate owing to which there will be a very limited benefit to the tax payer in terms of tax outflow", continued Chaudhary. <h2>Changes in new tax regime</h2>In a bid to make the new tax regime more lucrative, the FM proposed to hike the standard deduction limit to Rs 75,000 from earlier Rs 50,000, exclusively under the new tax regime. Similarly, the deduction available for family pension is also proposed to be increased from Rs 15,000 to Rs 25,000. More than two-thirds of taxpayers have availed of the new <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">Income Tax</keyword> regime, as per <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword>. The FM announced a review of the comprehensive tax regime. Per FM, under the new regime, taxpayers will be able to save up to Rs 17,500 as taxes, annually. The government has revised the tax rate structure for the new regime, which are now as follows - <h2>New income tax slab rates</h2> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income slabs </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rate </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 to 3L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 to 7L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 to 10L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 to 12L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12 to 15L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Above 15L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Prior to the changes announced today, the new tax regime was structured as follows: <h2><table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 850.594px; font-family: Merriweather; letter-spacing: 0.121826px; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"><tbody><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Income Slab (In Rs)</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Tax Rate</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Up to 3,00,000</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">No Tax</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">3,00,001 - 6,00,000</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">5%</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">6,00,001 - 9,00,000 </td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">10% (Tax Rebate up to Rs 7 lakh)</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">9,00,001 - 12,00,000</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">15%</td></tr><tr><td class="se-table-selected-cell" style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">12,00,001 - 15,00,000 </td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">20% </td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Above 15,00,000 </td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">30%</td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> </h2>Says T Manish, Research Analyst, SAMCO Securities, "FM announces revised tax rate under new tax regime, apart from the above slab revisions, the Standard deduction from 50,000 to 75,000 for individuals opting for new tax regime. This would result in savings of around Rs. 17500 in net taxes in the hands of individual. This would benefit directly to the companies in FMCG segment such as HUL, ITC, Dabur, Nestle and second order beneficiaries would be suppliers to these FMCG giants such as Polyplex, Uflex. Further, increased saving would also boost the inflow to wealth management (AMC’s)in the form of SIP's, and to Stock broking companies through brokerage". <h2>Capital gains simplified</h2>FM also moved to rationalise and simplify short-term capital gain (STCG) tax. Going ahead, STCG on specific financial assets will be charged at 20%, while the remaining financial and other non-financial assets will be charges as per applicable rates. This threshold was set at 15% previously. The long-term capital gains tax on financial and non financial assets was raised from its earlier threshold of 10% to 12.5%. However, the exemption limit under LTCG has been enhanced. This means that now, all long-term capital gains tax earned during the year to the tune of Rs 1,25,000 will be tax exempt. This limit was earlier set at Rs 1,00,000. Specified listed financial assets will be considered long-term provided they have been held for more than 12 months. As Anand Rathi, Co-founder of MIRA Money notes, the FM aims to send a clear message to the investors: avoid short term trading and leveraging. This is reflected in the increased security transaction taxes on futures and options, which is a positive step. However, the increase in short term capital gains tax from 15% to 20% is a notable drawback for many traders. "Previously, if your capital gain was 2 lakh rupees, 1 lakh was exempted, and you had to pay 10% on the remaining 1 lakh, amounting to 10,000 rupees. Now, with the same 2 lakh rupees capital gain, you would pay 12.5% tax on the remaining 75,000 rupees after the exemption, which is beneficial", Rathi explained. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div> <h2>Higher tax on F&amp;O trading</h2>In a bid to stop fund inflows into speculative trading, the securities transaction tax (STT) on trading in futures and options was increased. While STT on options was increased from 0.062% to 0.1%, while the STT on futures was raised from 0.0125% to 0.02%. While this might seem as a major setback to those trading in futures and options, experts opine that this is unlikely to significantly trading volumes in the segment. Note that this change is set to come into effect starting October 1, 2024. Says Deepak Ramaraju, Senior Fund Manager, Shriram AMC, "Hike in short-term capital gains and long-term capital gains have been sentimentally negative for the equity markets. This has resulted in short-term selling pressure. However, this can be the beginning of reforming the capital markets and curbing retail participation in the F&amp;O segment. We can expect more measures in the F&amp;O space in the days to come". <h2>Other tax changes</h2><ul><li>The TDS rate on e-commerce operators has been reduced from 1% to 0.1%</li><li>Angel tax, the tax levied on the capital raised via the issue of shares by unlisted companies has been abolished.</li><li>TDS payable on insurance commission reduced from 5% to 2%, starting 1st October, 2024.</li><li>TDS payable on rent paid over Rs 50,000 to be reduced from 5% to 2%. </li></ul> SEE ALSO: <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="111952160" title="Sitharaman announces cut in customs duty on gold, silver to 6%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

Budget 2024-25: New tax regime sweetened by FM, hikes standard deduction to Rs 75,000

Prime Minister <keyword id="6354477" type="General" weightage="20" keywordseo="Narendra-Modi" source="Orion">Narendra Modi</keyword>, on Tuesday, disclosed his total movable assets amounting to ₹3.02 crore as he submitted his nomination papers from the <keyword id="2169874" type="General" weightage="20" keywordseo="Varanasi-Lok-Sabha-constituency" source="Orion">Varanasi Lok Sabha constituency</keyword> for the third consecutive time. In his poll papers, <keyword id="2238662" type="General" weightage="100" keywordseo="PM-Modi" source="Orion">PM Modi</keyword> revealed that he does not possess a house, car, or any land. His total assets include a fixed deposit of ₹2.86 crore with the State Bank of India (SBI), ₹80,304 in two bank accounts in Gandhinagar and Varanasi, and ₹52,920 cash in hand. Additionally, he holds gold investments worth ₹2.67 lakh in the form of four gold rings. The Prime Minister has invested ₹9.12 lakh in National Savings Certificates, marking an increase of nearly ₹2 lakh since 2019. He has no outstanding loans and lists his sources of income as 'salary from government' and 'interest from bank'. Contrary to the common wisdom of not putting all your eggs in one basket, PM Modi’s asset allocation data shows nearly 95% of his assets being concentrated in fixed deposits. However, considering his position as the Prime Minister of India, him steering clear of equity markets is understandable as it can lead to potential conflicts in decision-making. Among personal details, PM Modi stated that he holds an MA degree from Gujarat University and graduated from Delhi University in 1978. He passed the SSC exam from the Gujarat board in 1967. He declared Jashodaben as his wife in the nomination papers. However, her profession, occupation, and source of income were listed as 'not known'. The Prime Minister also affirmed that there are no pending criminal cases against him and he does not owe any government dues. Amidst much ceremony, PM Modi formally filed his nomination, seeking a third straight win from the Varanasi constituency. He will be contesting against Congress' UP unit president Ajay Rai. Before filing his nomination, PM Modi sought blessings at Kashi, took a holy dip in Ganga, performed rituals and Aarti at Dashashwamedh Ghat, and boarded MV Swami Vivekanand Ro-Ro vessel to reach Namo Ghat and the Kaal Bhairav temple. These rituals hold significance in Hindu mythology, believed to be essential before commencing any auspicious work. (With inputs from The Times of India)

95% of PM Modi’s assets are in fixed deposit! From investments to education, here are key takeaways from his nomination filing

The mound burial system of the <keyword id="22477664" type="General" weightage="20" keywordseo="Ahom-dynasty" source="keywords">Ahom dynasty</keyword> in <keyword id="19911206" type="General" weightage="20" keywordseo="Assam" source="keywords">Assam</keyword>, <keyword id="22553829" type="General" weightage="20" keywordseo="Moidams" source="keywords">Moidams</keyword> was included in the <keyword id="20413005" type="General" weightage="100" keywordseo="UNESCO-World-Heritage-List" source="keywords">UNESCO World Heritage List</keyword> under the category of Cultural Property on Friday. The decision was taken during the ongoing 46th <keyword id="191427" type="General" weightage="20" keywordseo="World-Heritage-Committee" source="Orion">World Heritage Committee</keyword> (WHC) session held in the national capital, Delhi. <keyword id="19908797" type="General" weightage="20" keywordseo="UNESCO" source="keywords" meta.keywordsubtype="org" meta.entityname="UNESCO" meta.hostid="153" meta.entityid="UNESCO">UNESCO</keyword> will examine the proposals of 27 sites for inscription on the World Heritage List, the state of conservation of 124 sites already inscribed on the World Heritage List, and the List of World Heritage in Danger. The World Heritage Committee is one of the two bodies governing the Convention for the Protection of the World's Cultural and Natural Heritage. It is composed of the representatives of 21 states, elected from the 195 states parties to the Convention. In the ongoing session, from July 23 to July 25, the Committee will examine the state of conservation of the 124 sites already inscribed on the World Heritage List, 57 of which are also on the List of World Heritage in Danger. Similarly, from July 26 to July 29, the Committee will examine the dossiers of 27 sites proposed for inscription on the World Heritage List. The sites will be examined according to three categories. The three categories are natural, mixed, and cultural. Reacting to the news Assam Chief Minister Himmant Biswa Sharma said, "The Moidams make it to the UNESCO World Heritage list under the category Cultural Property. A great win for Assam. Thank You Prime Minister Narendra Modi ji, members of the UNESCO World Heritage Committee and the people of Assam." "The Moidams of <keyword id="21130638" type="General" weightage="20" keywordseo="Charaideo" source="keywords">Charaideo</keyword> embody the deep spiritual belief, rich civilisational heritage and architectural prowess of Assam's Tai-Ahom community. Apart from the fact this announcement has been made from the soil of Bharat, its entry also stands out for 2 more reasons," he added in a post on X. "It is the first time a site from the North East has made it to the UNESCO World Heritage List under the Cultural Category. After Kaziranga and Manas National Parks, it is Assam's 3rd World Heritage Site. I urge all of you to come and experience Awesome Assam," he further said. The Moidams are the burial mounds of the <keyword id="22558033" type="General" weightage="20" keywordseo="Ahom-kings" source="keywords">Ahom kings</keyword>, queens and nobles. The word Moidam is derived from the Tai word Phrang-Mai-Dam or Mai-Tam. Phrang-Mai means to put into the grave or to bury and Dam means the spirit of the dead. Though Moidams are found in all the districts of upper Assam, Charaideo, the first capital of the Ahoms was the necropolis of almost all the Ahom Royals. Charaideo is situated 28 km east of Sivasagar. The first king of the Ahoms Chau-lung Siu-ka-pha was buried at Charaideo after his death observing all the Tai-Ahom religious rites and rituals.

Moidams of Assam included in the UNESCO World Heritage List

<ul><li>Integrated platform to be set up under insolvency and bankruptcy board to benefit stakeholders</li><li>IBC has recovered Rs 3.3. lakh crore for creditors, 28 cases worth Rs 10 lakh crore also dismissed </li><li>Additional tribunals will be notified</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the Union <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> in the parliament at 11 am today and has arrived at the parliament with the paperless Bahi-Khata, a practice first followed by the minister while presenting the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union budget</keyword> for 2021-22. This will be the seventh time FM Sitharaman will be presenting the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">budget</keyword>, inching past the record of former <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Minister" meta.hostid="261" meta.entityid="Finance Minister">finance minister</keyword> Morarji Desai, who had 5 full-fledged and 1 interim budget presentation to his credit. President <keyword id="20109163" type="General" weightage="20" keywordseo="draupadi-murmu" source="keywords">Draupadi Murmu</keyword> had described this budget as historic, in terms of the reforms and announcements it will lay forth. Earlier in the day, the FM had met the president with a copy of the budget. The budget will set forth the tone for Modi's third tenure, and will be an important cornerstone for his vision for India's Amritkal, leading India towards becoming a developed nation, or Viksit Bharat. Sitharaman will begin her budget speech at 11 am in the Lok Sabha. You can watch the presentation live on the official Youtube channels of the government. After her speech, all budget-related documents will be available at indiabudget.gov.in <h2>FM Sitharaman tables <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword></h2>FM Sitharaman, "India's inflation continues to be low, stable, moving towards 4% target. We need to focus on Gareeb, Mahila, Yuva and Annadata (Poor, Women, Youth and Farmers). Budget to focus on employment, skilling, MSME and middle class. Allocations of Rs 1.48 lakh crore have been made for education and skilling in this budget". Productivity and Resilience in Agriculture <ul><li>Aim to develop climate resilient crop varieties. Over next 2 years, 1 crore farmers will be initiated into natural farming through structural support. 10,000 need based bio-resource centers will be established. </li><li>Financing for shrimp farming, processing and export will be facilitated through NABARD </li><li>Rs 1.25 lakh crore set aside for agriculture and allied activities. </li></ul> Employment and Skilling <ul><li>Scheme A: One month wage to all those entering the formal workforce across all sectors. The scheme is expected to benefit 210 lakh youngsters</li><li>Job creation in manufacturing: Incentives given to both employee and employer in the first 4 years of the employment, basis their EPFO contribution.</li><li>Support to employers: The govt. will reimburse Rs 3,000 per month for 2 years for each additional employee hired by employer. The scheme is expected to benefit 50 lakh people</li><li>Establish working women hostels and creches to facilitate women participation in workforce</li></ul>Infrastructure Development <ul><li>Bihar and Andhra Pradesh to receive additional monetary support in the current financial year. Development of new airports, roadways and sports infrastructure to be undertaken in Bihar.</li><li>Grants for backward regions in Andhra Pradesh will be provided</li><li>3 crore additional houses in rural and urban India have been made under PM Aawas Yojana.</li><li>Women led development schemes have received an allocation of over Rs 3 lakh crore.</li><li>Credit support to MSMEs during stress periods</li><li>SIDBI to open new branches in MSME clusters within 3 years and offer direct credit to them. 24 new branches to be opened this year, covering 168 MSME clusters</li><li>To enable MSMEs and artisans to sell products in international markets, hubs to be set up under public-private partnership model. </li><li>Encourage moderation of stamp duties, also consider lowering duties for properties purchased by women.</li><li>Infra investment in economy to stand at 3.4% of GDP</li></ul>Tourism <ul><li>Development of Vishnu Path, Mahabodhi temple corridor</li><li>Support development of Nalanda as a tourist center</li><li>Development of Orissa as a popular tourist destination.</li></ul>Research, Innovation and New Gen reforms <ul><li>Expanding space economy by 5x in the next 10 years via a venture fund of Rs 1,000 crore</li><li>Land management and urban planning to incentivised for timely completion</li><li>Digitisation of terrestial maps will be undertaken</li><li>Establishing land registry and linking to farmer registry as well </li><li>E-shram portal to be integrated with other relevant portals for seamless services </li><li>Shram Suvidha and Samadhan portal will be revamped to enhance ease of compliance</li></ul>Investments Introduction of NPS Vatsalya: Investments can be made on behalf of child. Once they turn 18, this can be converted into a normal NPS account. Budget Estimates 2024-25 Total receipts (sans borrowings) Rs 32.07 lakh crore Tax receipts; Rs 25.83 lakh crore Fiscal deficit at 4.9% of GDP Solar Energy Increase in list of exempted capital goods used for manufacturing solar products No extension in exemption of custom duty for foreign products used for solar manufacturing Income Tax A comprehensive review of the Income Tax Act, of 1961 is in order Merger of two exemptions for charities of donations TDS rate on e-commerce operations to reduce to 0.1% Provisions for reassessment to be simplified. Also read: <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" data-type="tilCustomLink" target="_blank">Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation</a> Simplification of capital gains STCG on specified financial assets to be at 20% Other financial and non-financial assets to be taxed at applicable rates Long term capital Gains on financial and non-financial assets to be at 12.5% Annual limit on exemption raised from Rs 1,00,000 Rs 1,25,000 Listed financial assets will be considered long-term if held for more than 12 months. Other taxation highlights Angel Tax to be scraped away Simpler tax regime for foreign shipping companies Security transaction rates on trading in future and options to be increased Standard deduction to increase to Rs 75,000 from Rs 50,000 under new tax regime Deduction for pensioners enhanced from Rs 15,ooo to Rs 25,000 Tax slabs under new regime revised. Employee can save up to Rs 17,500 in income taxes annually. Total revenue foregone is about Rs 8 lakh crore.

Union Budget 2024-25 key highlights: Angel tax to be scraped

Billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries and <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="153" meta.entityid="Tata Group">Tata Group</keyword> have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list. TIME listed Reliance in the 'Titans' category (one of the five categories under which the companies were divided, other being Leaders, Disrupters, Innovators, and Pioneers). Tata was listed in 'Titan's' category while Serum under 'Pioneers'. "Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said. Now led by Dhirubhai's son Mukesh, the Mumbai-based company has ventures in energy, retail, and telecommunications, among others, and has made its chairman Asia's richest man, it said. The publication went on to stated that in February, Reliance came out on top in a fiercely competitive race to dominate India's burgeoning streaming market by striking a USD 8.5 billion merger deal with Disney's India business. "The deal will bring together more than 100 television channels and give the combined group around a 31 per cent share of India's streaming market compared to rivals Netflix and Amazon Prime with 8 per cent each," according to analytics firm Comscore. Reliance has revolutionised several economic sectors in the world's most populous country by making world-class products and services available at affordable prices with multiple innovations. Under Mukesh Ambani, the firm's telecom arm Jio revolutionised India's digital landscape and drove digital inclusion on an unprecedented scale with the most affordable mobile data tariffs in the world. It set up the world's largest single location refining complex. Reliance Retail is ranked among the top 100 retailers globally and in FY24 it registered 1.06 billion footfalls across its 18,800+ stores (67 per cent of which are in small towns and villages). Reliance is investing USD 10 billion in building the most comprehensive ecosystem for new energy and new materials in India and has set an ambitious goal to reach net-zero carbon by 2035. TIME described Serum as the world's biggest vaccine maker, churning out billions of vaccines. The company makes 3.5 billion doses every year, including for measles, polio, and most recently, HPV. "Serum's CEO Adar Poonawalla says the company's success can largely be chalked up to its private ownership. Not being beholden to shareholders allows it to keep vaccine prices low (the R21 will cost USD 4 a shot)," the publication said. Tata Group, it said, was founded in 1868 and has a vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels. "But as rivals have aggressively courted new businesses, it struggled to keep up with stiff competition. In 2017, after over a century of family management, N Chandrasekaran took over as chairman despite having no personal ties to the family -- highly unusual when India's business landscape is ruled by family succession plans," TIME said. As chair, he has transformed the group by investing in tech manufacturing, AI, and semiconductor chips. In 2023, it became the first Indian company to assemble iPhones, and is building another plant, it said, adding that in September, Tata announced a partnership with Nvidia to develop an AI cloud in India. "And this year, it announced plans for the country's first major semiconductor manufacturing facility. The moves seem to be paying off: in February, Tata's combined market capitalisation reached a whopping USD 365 billion, more than the entire economy of India's neighbour and rival, Pakistan," it added. This is the fourth edition of annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then, TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

Reliance, Tata on TIME's list of world's most influential companies

New Delhi [India], July 24 (ANI): A <keyword id="4261957" type="General" weightage="20" keywordseo="general-discussion" source="Orion">general discussion</keyword> on the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> and the budget for the Union Territory of Jammu and Kashmir for the fiscal year 2024-25 will be held in the <keyword id="19895369" type="General" weightage="100" keywordseo="Rajya-Sabha" source="keywords">Rajya Sabha</keyword> later on Wednesday. <keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented both the Union Budget and the <keyword id="22525621" type="General" weightage="20" keywordseo="Jammu-and-Kashmir-Budget" source="keywords">Jammu and Kashmir Budget</keyword> in the House on July 23. The discussion is crucial as both the budgets shape the financial direction of the country and the Union Territory, respectively. The Union Budget outlines the government's revenue and expenditure plans for the upcoming fiscal year, while the budget for the Union Territory of Jammu and Kashmir is a significant event considering the developmental needs. As per the list of businesses of the Rajya Sabha, the discussion on these two budgets will be convened later in the day. The discussion over these two budgets is expected to start in the second half of the day. According to the list of business of the Rajya Sabha, the ministers that are set to lay the papers on the table are Jayant Chaudhary for the Ministry of Education; Pankaj Chaudhary for the Ministry of Finance; Nityanand Rai for the Ministry of Home Affairs; and Sukanta Majumdar for the Ministry of Education. Besides, Rajya Sabha Secretary General PC Mody will lay on the table the Public Accounts Committee reports. This includes the 124th Report on Construction of Toilets in Schools by CPSEs; the 125th Report on Rejuvenation of the Ganga (Namami Gange); the 126th Report on Avoidable Payment due to Non-Charging of Service Tax/GST from the Passengers; and the 127th Report on Action Taken by the Government on the Observations and Recommendations of the Committee contained in their 46th Report (16th Lok Sabha) on Implementation of the Public-Private Partnership Project at Chhatrpati Shivaji International Airport, Mumbai, among others. The reports were presented to the Speaker on February 23 and April 29, 2024, and to the Chairman, Rajya Sabha, on February 28 and May 13, 2024, before the dissolution of the 17th Lok Sabha. The Speaker had ordered the printing, publication and circulation of the reports. As per the business list of the Rajya Sabha, Union Minister for Parliamentary Affairs Kiren Rijiju will move the motion for election to the committee on the welfare of other backward classes. Kiren Rijiju will also move the motion for nomination to the committee on the welfare of scheduled castes and scheduled tribes. The motion for nomination to the committee on public accounts will also be moved by Union Minister Rijiju in the House today. Moreover, Kiren Rijiju will move the motion for nomination to the committee on public undertakings. Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 on Tuesday during the Monsoon Session of <keyword id="19895397" type="General" weightage="20" keywordseo="Parliament" source="keywords">Parliament</keyword>. Nirmala Sitharaman became the first finance minister to present seven consecutive budget speeches, surpassing former prime minister Morarji Desai's record of six consecutive budgets as finance minister between 1959 and 1964. In her seventh budget, Nirmala Sitharaman outlined key priorities aimed at fostering economic growth and creating ample opportunities. These included productivity and resilience in agriculture, employment, and skilling and services. Prime Minister Narendra Modi on Tuesday hailed the Union <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> presented by Finance Minister Nirmala Sitharaman. "This budget strengthens every section of society. It takes the country's poor, village and farmers on the path of prosperity," the prime minister said in a video message. The Prime Minister praised the budget, emphasising its potential for job generation by incentivizing the top 500 companies to recruit more youth and also induct interns. The PM said the budget would help India achieve its objective of becoming the third largest economy, besides laying a strong foundation for Viksit Bharat. Union Home Minister Amit Shah on Tuesday also said the Union Budget 2024-25 is game-changing and will go down in history for coupling Bharat's economic growth with the torque of its youth power. He also lauded the government's decision to provide training and internship programmes to youth. The Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, welcomed the Union Budget 2024 laid before Parliament on Tuesday. Calling the Union Budget 2024 a 'visionary document', Sonowal said, "The Union Budget, 2024 lays the roadmap for renewed and holistic growth towards Viksit Bharat. This visionary budget is aimed at empowering the 'Garib' (poor), 'Mahilayen' (women), 'Yuva' (youth), and Annadata' (farmers) so that the process of development reaches every citizen of the country." Assam Chief Minister Himanta Biswa Sarma said on Tuesday that Union Budget 2024 stands out for its unprecedented push towards employment generation and powering small businesses.

Rajya Sabha to hold general discussion on Union Budget, Jammu and Kashmir Budget today

<keyword id="19951168" type="General" weightage="100" keywordseo="RBI-governor-Shaktikanta-Das" source="keywords">RBI governor Shaktikanta Das</keyword> was awarded an A+ grade, the highest of the lot, for the second time in a row by the <keyword id="22855254" type="General" weightage="20" keywordseo="Global-Finance-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Global Finance Magazine" meta.hostid="261" meta.entityid="Global Finance Magazine">Global Finance Magazine</keyword>'s <keyword id="22862849" type="General" weightage="20" keywordseo="Central-Banker-Report-Card-2024" source="keywords">Central Banker Report Card 2024</keyword>. While the full list will be available in October, Das was ranked the highest, along with Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan. Fed chairman Jerome Powell scored an A- on the list. Before Das, former RBI governor Raghuram Rajan had also made to this list in 2015, securing A grade. Taking to X, PM <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> and <keyword id="19982618" type="General" weightage="20" keywordseo="Anand-Mahindra" source="keywords">Anand Mahindra</keyword>, who heads Mahindra and Mahindra, congratulated Das, with the billionaire calling him "a <keyword id="21663281" type="General" weightage="20" keywordseo="gold-medalist" source="keywords">gold medalist</keyword> in central bank Olympics". <div type="twitter" handle="narendramodi" handlename="narendramodi" favoritecount="0" retweetcount="0" id="1826100085672857771"></div> <div type="twitter" handle="anandmahindra" handlename="anandmahindra" favoritecount="0" retweetcount="0" id="1825919281957159052"></div> Brazil's Roberto Campos Neto, Chile's Rosanna Costa, Sri Lanka's Nandalal Weerasinghe and Vietnam's Nguyen Thi Hong received a A grade, while EU's Christine Lagarde, Cambodia's Chea Serey and Sweden's Erik Thedéen were amongst those receiving the A-grade. Since 1994, Global Finance has been grading the central bank governors of nearly 100 countries. They are rated at a scale of A+ (excellent) to F (failure) depending on their success across specific parameters such as inflation control, economic growth goals, currency stability and interest rate management. <h2>Who is Shaktikanta Das? </h2>With a seasoned bureaucratic legacy of 35 years, Das is an IAS officer from the 1980 Tamil Nadu cadre. He graduated from St. Stephens College, Delhi with a degree in history, and was appointed as the 25th governor of the apex bank five years ago, on December 12th, 2018. Prior to assuming this position, Das had also served as secretary in the Department of Revenue and also, Economic Affairs under the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>. He also served as the DM (district magistrate) for Dindigul and Kanchipuram. Having worked with 4 different finance ministers (Pranab Mukherjee, Arun Jaitley, P Chidambaram and Nirmala Sitharaman), Das had previously also been a member, 15th Finance Commission, along with being a G20 Sherpa in 2017. Das had been instrumental in preparation of India's last 8 union budgets, along with serving as India's alternate governor at various fora, like World Bank, Asian Development Bank, New Development Bank, Asian Infrastructure Investment Bank and more. Das has several economic laurels to his name. From drafting the Insolvency and Bankruptcy Code to executing tax devolution under GST for states and demonetisation, , Shaktikanta Das has played a crucial role in shaping India's overall economic health

Gold medalist in central bank Olympics-All you need to know about RBI governor Shaktikanta Das

Prime Minister Narendra Modi is likely to address the high-level <keyword id="20270884" type="General" weightage="20" keywordseo="UN-General-Assembly" source="keywords">UN General Assembly</keyword> session here on September 26, according to a provisional list of speakers issued by the UN. The high-level General Debate of the 79th session of the UN <keyword id="20282473" type="General" weightage="20" keywordseo="General-Assembly" source="keywords">General Assembly</keyword> will take place from September 24-30. As per the provisional list of speakers for the General Debate issued by the UN on Monday, India's "Head of Government" is scheduled to address the high-level session in the afternoon of September 26. The list is not final and the UN releases updated provisional lists of speakers in the weeks leading up to the high-level session to reflect any modifications in attendance, schedules and speaking slots of leaders, ministers and ambassadors. Brazil, traditionally the first speaker at the debate, will open the high-level session on September 24, followed by the US, with American President Joe Biden delivering his current term's final address to global leaders from the iconic UN podium before his country heads to presidential elections in November. Modi, who was sworn in last month as India's Prime Minister for a historic third term, last addressed the annual high-level <keyword id="22426527" type="General" weightage="20" keywordseo="UNGA-session" source="keywords">UNGA session</keyword> in September 2021. Prime Minister Modi visited the UN headquarters on June 21 last year, leading the historic Yoga Day commemoration at the North Lawn of the world body's headquarters before heading to Washington DC for a State Visit hosted by Biden. UN Secretary-General Antonio Guterres will present his report before the start of the General Debate, followed by an address by the President of the 79th session of the General Assembly. Guterres is also convening the ambitious Summit of the Future at UN Headquarters during the high-level week, with the action days slated for September 20-21 and the Summit scheduled on September 22-23. World leaders will convene at the <keyword id="19896118" type="General" weightage="20" keywordseo="United-Nations" source="keywords" meta.keywordsubtype="org" meta.entityname="United Nations" meta.hostid="83" meta.entityid="United Nations">United Nations</keyword> to adopt the Pact for the Future, which will include a Global Digital Compact and a Declaration on Future Generations as annexes. "The Summit is a high-level event, bringing world leaders together to forge a new international consensus on how we deliver a better present and safeguard the future," the UN said. "Effective global cooperation is increasingly critical to our survival but difficult to achieve in an atmosphere of mistrust, using outdated structures that no longer reflect today's political and economic realities," it added. SEE ALSO:<a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-increase-platform-fee-by-20-food-deliveries-to-get-costlier/articleshow/111758782.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-increase-platform-fee-by-20-food-deliveries-to-get-costlier/articleshow/111758782.cms" target="_blank">Zomato and Swiggy increase platform fee by 20% – food deliveries to get costlier</a><a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-6-5-in-q2-2024-xiaomi-records-highest-growth/articleshow/111749023.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-6-5-in-q2-2024-xiaomi-records-highest-growth/articleshow/111749023.cms" target="_blank">Global smartphone shipments grow 6.5% in Q2 2024, Xiaomi records highest growth</a><a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-four-ipos-to-hit-the-street-this-week/articleshow/111745283.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-four-ipos-to-hit-the-street-this-week/articleshow/111745283.cms" target="_blank">IPOs this week – four IPOs to hit the street this week</a>

PM Modi likely to address high-level UNGA session on Sep 26

<ul class="summary-list"><li>Indian Prime Minister Narendra Modi seemed to divert some attention from the lavish Ambani wedding in Mumbai.</li><li>Posters bearing the PM's face lined the route to the ceremony for Anant Ambani and Radhika Merchant's wedding.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">Indian Prime Minister Narendra Modi</a> has seemingly stolen some of the attention away from the lavish Ambani wedding in Mumbai this weekend.While guests on the star-studded wedding invitation list — which includes names such as Kim Kardashian, Mike Tyson, and John Cena — make their way to the ceremony, they will be greeted by posters bearing the face of the prime minister, who is in the area to kick off a project."Heartfelt welcome to India's beloved and respected Prime Minister Narendra Modi in Mumbai," the posters lining the way to the event read, per Reuters.Keshav Upadhye, the chief spokesperson for Modi's ruling Bharatiya Janata Party in the state of Maharashtra, said the posters had been put up by some "excited party workers," not the party itself, per Reuters.<div type="image" title="People walk past posters of India's Prime Minister Narendra Modi outside Jio World Convention Centre, the wedding venue of Anant Ambani, son of Indian billionaire Mukesh Ambani, in Mumbai, India, July 12, 2024." height="1702" width="2552" msid="111717560" hostid="261" sizebytes="729868"></div>After months of headline-making pre-wedding celebrations, <a target="_blank" href="https://www.businessinsider.in/india/news/anant-ambani-and-radhika-merchant-to-wed-at-the-jio-world-convention-centre-in-mumbai-on-july-12/articleshow/110562426.cms">Anant Ambani</a> — the son of Asia's richest man <a target="_blank" href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Mukesh Ambani</a> — and <a target="_blank" href="https://www.businessinsider.in/india/news/anant-ambani-and-radhika-merchant-to-wed-at-the-jio-world-convention-centre-in-mumbai-on-july-12/articleshow/110562426.cms">Radhika Merchant were</a> married early Saturday at the Jio World Convention Centre.While it's not certain whether Modi will attend the wedding celebrations, it is thought he may briefly make an appearance.Activities are scheduled for July 13, and the reception is set to take place on July 14.Modi's potential presence at the event, which has <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/ambani-billionaire-lavish-wedding-angers-locals-road-closures-traffic-mumbai-2024-7">drawn criticism from locals</a>, could cause backlash from the opposition and the public, as the 73-year-old leader has previously been accused of being too close to business tycoons like the Ambanis.Modi, who was recently <a target="_blank" class="" href="https://www.businessinsider.com/narendra-modi-sworn-in-third-term-indias-prime-minister-photos-2024-6">reelected for a third term in office</a>, has denied such allegations.<div type="image" title="Mukesh Ambani, the Chairman of Reliance Industries, his wife Nita Ambani and their son Anant Ambani pose during the pre-wedding celebrations of Anant and Radhika Merchant, daughter of industrialist Viren Merchant, in Jamnagar, Gujarat, India, March 2, 2024" height="853" width="1280" msid="111717567" hostid="261" sizebytes="73150"></div><a target="_blank" class="" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani is the 11th richest person in the world</a>, with a net worth of $121 billion, according to the <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/profiles/mukesh-d-ambani/">Bloomberg Billionaires Index</a>.He's the chairman and managing director of Reliance Industries, a conglomerate with interests in a variety of sectors, including petrochemicals, telecom, and energy.The Ambanis made headlines in 2018 for throwing another huge celebration for the wedding of Isha Ambani and Anand Piramal. It included a private Beyoncé concert and high-profile guests such as Nick Jonas and Hillary Clinton.Earlier this year, the family also hosted an extravagant three-day pre-wedding celebration for Anant's wedding. Tech heavyweights such as Bill Gates and Mark Zuckerberg were just two of the 1,200 guests invited.

Indian PM Modi steals limelight at lavish Ambani wedding as route to the ceremony lined with posters

<ul class="summary-list"><li>Narendra Modi's party won far fewer seats than expected in India's election.</li><li>Modi's weakened majority may make it tougher for his government to push through reforms.</li></ul>Narendra Modi looks set to secure a historic third term leading Indian despite his party winning <a target="_blank" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">far fewer seats than exit polls had suggested</a>.The outcome sent <a target="_blank" href="https://markets.businessinsider.com/news/stocks/india-stock-market-news-narendra-modi-election-nse-nifty-50-2024-6">Mumbai-listed stocks plummeting</a> — and Modi's significantly weakened majority could be a source of concern for American businesses, too.Modi's decade as Prime Minister has often been controversial, with his vision of building a "divine India" fueling <a target="_blank" href="https://edition.cnn.com/2024/02/05/india/india-modi-ram-temple-analysis-intl-hnk/index.html">a rise in Hindu nationalism</a> that's threatened to marginalize other religious groups.But his pro-growth, pro-business policies have boosted growth and drawn in huge amounts of foreign investment — as well as winning the support of some of the <a target="_blank" href="https://www.businessinsider.com/modi-india-election-economy-russia-oil-wealth-dimon-cook-musk-2024-5">loudest voices on Wall Street</a>."Modi has done an unbelievable job in India," JPMorgan boss Jamie Dimon told <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">the Economic Club of New York</a> in April. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Elon Musk has also <a target="_blank" href="https://x.com/elonmusk/status/1781541775183610310">posted on X</a> about his desire to visit India and meet with Modi. The pair are expected to discuss Tesla's plan to build a multibillion-dollar new factory in the world's most-populated country.Meanwhile, Apple CEO Cook said on a November earnings call that India is an "incredibly exciting market" and a "major focus of ours" given the explosive growth in potential customers as locals get richer. Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai in recent years.<h2 id="cc1fb394-3381-4ed0-9ccc-2a81f77556e6">Political stability</h2>"I think most investors have read the tea leaves and have realized that some of the political stability and predictable policies that they expect, that they desire when it comes to making investment decisions, is likely to be available in India," Rajesh Kumar Singh, a trade official for India, told Business Insider in January at <a target="_blank" href="https://www.businessinsider.com/davos-global-elite-saying-about-ai-behind-closed-doors-2024-1">the World Economic Forum in Davos</a>."I think the trick for India is going to be political stability, going forward for a period of time — because I think a lot of the economic fundamentals are there," Andy Baldwin, a partner at EY, said at the same conference.But Modi's significantly reduced majority could erode that sense of stability and make it tougher for him to pass further pro-market reforms, analysts said on Tuesday.<h2 id="f9ebf5af-aee7-426d-b5c8-03320c6cb9dc">China hedge</h2>"The fear will be that if he has to rely on alliances with smaller parties, any market-friendly policies will be diluted," Russ Mould, investment director at AJ Bell, wrote in a research note."Some may now worry that India's lofty earnings rating leaves it exposed on the downside now that the political narrative may not be quite as clear cut as once thought," he added.One appeal of India for the likes of Dimon, Musk, and Cook will likely have been Modi's firm grip on power, as USA Inc aims to hedge its bets on China given its strained relationship with the US and post-pandemic economic woes.The surprise election result could undermine that confidence.

Modi's election surprise raises questions about India for USA Inc 

Over 40 Indians were killed and more than 50 others injured after a devastating fire broke out at dawn in a building housing around 195 migrant workers in southern <keyword id="20078631" type="General" weightage="20" keywordseo="Kuwait" source="keywords">Kuwait</keyword>'s Mangaf area, officials said on Wednesday. The total number of people killed in the Al-Mangaf building was 49 and 42 of them are learnt to be Indians; the remaining ones are Pakistani, Filipino, Egyptian and Nepali nationals, they said. Prime Minister Narendra Modi, who described the fire incident as "saddening", reviewed the situation arising out of it at a meeting with External Affairs Minister S Jaishankar, NSA Ajit Doval, Foreign Secretary Vinay Kwatra and Principal Secretary to the PM PK Mishra among others. An official statement said Modi expressed deep sorrow at the "unfortunate incident" and extended condolences to the families of the deceased. He also announced an ex-gratia relief of Rs 2 lakh to each of the families of the deceased Indian nationals from the Prime Minister's Relief Fund. Minister of State for External Affairs Kirti Vardhan Singh is urgently travelling to Kuwait following a direction from the prime minister primarily to oversee assistance to Indians injured in the fire and to ensure early repatriation of mortal remains of those killed. The official statement said Modi wished speedy recovery of those injured and directed that the government of India should extend all possible assistance. "The fire mishap in Kuwait City is saddening. My thoughts are with all those who have lost their near and dear ones. I pray that the injured recover at the earliest. The <keyword id="19949899" type="General" weightage="20" keywordseo="Indian-Embassy" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Embassy" meta.hostid="83" meta.entityid="Indian Embassy">Indian Embassy</keyword> in Kuwait is closely monitoring the situation and working with the authorities there to assist the affected," Modi said on X earlier. Jaishankar also expressed deep shock over the incident and said the Indian embassy in the Gulf nation will render the "fullest assistance" to all concerned. Officials said most of the Indian victims are from Kerala. The fire in Al-Mangaf building was reported to authorities in Al-Ahmadi governorate at 4.30 am and most of the deaths were due to smoke inhalation, Kuwaiti media reported, adding the fire started in a kitchen. Kuwait's Interior Ministry in a statement confirmed that the death toll reached 49. "Deeply shocked by the news of the fire incident in Kuwait city. There are reportedly over 40 deaths and over 50 have been hospitalized. Our Ambassador has gone to the camp. We are awaiting further information," Jaishankar said on X. "Deepest condolences to the families of those who tragically lost their lives. Wish early and full recovery to those who have been injured," he said. Indian ambassador to Kuwait Adarsh Swaika visited several hospitals including where the injured have been admitted. Construction firm NBTC group rented the building for stay of more than 195 workers, most of them Indians from Kerala, Tamil Nadu and northern states, the Kuwaiti media said. The NBTC group is partly owned by an Indian, officials said. Kuwait's Interior Ministry said criminal evidence department personnel are currently working on identifying the victims and revealing the cause of the fire. It said strict measures will be taken against building owners who violate laid down norms. "Unfortunately, we received a report of a fire at... exactly 6:00 am (0300 GMT) in the Mangaf area," Major General Eid Al-Owaihan, head of the interior ministry's General Department of Criminal Evidence said. Kuwait's health ministry said the injured were admitted to several hospitals, with 21 of them sent to Al-Adan Hospital, six to Farwaniya hospital, one to Al-Amiri and 11 to Mubarak hospital. Officials in Delhi said officials from the Indian embassy are going to the hospitals where the victims were taken to. The number of deaths and injured people will be known after they get the details, one of the officials said. "Amb @AdarshSwaika visited the Al-Adan hospital where over 30 Indian workers injured in today's fire incident have been admitted. He met a number of patients and assured them of full assistance from the Embassy," the Indian embassy said on 'X'. "Almost all are reported to be stable by hospital authorities," it said. Indian ambassador Swaika also visited the site of the fire. The Indian embassy said it is in touch with Kuwaiti law enforcement authorities, fire service and health department for necessary action. Interior minister of Kuwait Sheikh Fahad Al-Yousuf Al-Sabah ordered an investigation into the fire incident and issued directions to apprehend the owner and janitor of Al-Mangaf building. "What happened today is a result of the greed of the company and building owners," Al-Sabah was quoted as saying by Kuwait Times Kuwaiti authorities have started an investigation into the fire. Kuwait's Deputy Prime Minister Sheikh Fahad Yusuf Saud Al-Sabah visited the site of the fire and blamed violations of norms and greed by the real estate owners for the incident, reports from Kuwaiti said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/ixigo-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110944526.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/ixigo-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110944526.cms" target="_blank">Ixigo IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/xiaomi-14-civi-vs-oneplus-12r-which-affordable-flagship-should-you-buy/slidelist/110939370.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/xiaomi-14-civi-vs-oneplus-12r-which-affordable-flagship-should-you-buy/slidelist/110939370.cms" target="_blank">Xiaomi 14 CIVI vs OnePlus 12R – which affordable flagship should you buy?</a><a href="https://www.businessinsider.in/tech/news/elon-musk-hits-out-at-apples-partnership-with-openai-threatens-to-ban-apple-devices/articleshow/110902477.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/elon-musk-hits-out-at-apples-partnership-with-openai-threatens-to-ban-apple-devices/articleshow/110902477.cms" target="_blank">Elon Musk hits out at Apple’s partnership with OpenAI, threatens to ban Apple devices</a>

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