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A day before the official release of India's Gross Domestic Product (<keyword id="35050" type="General" weightage="20" keywordseo="GDP" source="Orion">GDP</keyword>) figures for <keyword id="21593310" type="General" weightage="20" keywordseo="Q1-FY25" source="keywords">Q1 FY25</keyword>, a report by <keyword id="20548750" type="General" weightage="20" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="261" meta.entityid="Anand Rathi">Anand Rathi</keyword> research estimates the GDP to grow by 7 per cent, primarily driven by the robust performance of the services sector. The financial advisory firm also maintains its full-year <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> projection at 7 per cent, though it warns of potential downside risks. Utilities GVA is expected to rise by 11.5 per cent, while the construction sector has slowed due to election-related disruptions and the impact of heat. The mining sector remains strong, supported by increased coal production. The services sector is expected to be the primary driver of GDP growth in Q1 FY25. Despite reduced <keyword id="20155204" type="General" weightage="20" keywordseo="government-spending" source="keywords">government spending</keyword> ahead of the elections, which is likely to dampen growth in some service sectors, financial, real estate, and professional services are expected to have performed well. This performance is attributed to strong market activity and credit growth. However, the trade and transport sectors present a mixed picture, with some indicators showing improvement while others remain moderate. Overall, Services Gross Value Added (GVA) is expected to grow by 8.2 per cent in Q1 FY25. As per the report, Investment was a key growth driver in FY24, fuelled by government infrastructure projects and a real estate upswing. However, the momentum appears to have slowed in Q1 FY25 due to pre-election restrictions. Despite this, the report predicts a significant rise in government capital expenditure in the coming months, supported by greater budget allocations. The report highlights the changing dynamics of private consumption in India. FY24 saw weak consumption, especially in rural areas, with final consumption expenditure growing by just 3.8 per cent. However, as FY25 begins, there are signs of a rural revival. Indicators such as increased two-wheeler sales and improving Fast-Moving Consumer Goods (FMCG) volume growth signal a rebound in rural demand. In contrast, urban demand continues to show signs of sluggishness. The muted sales of passenger vehicles, weaker retail credit transfers, and flat Goods and Services Tax (GST) collections underscore this trend. While consumption is not expected to see a significant rise in Q1 FY25, the outlook for the remainder of the year appears positive. This optimism is bolstered by anticipated higher agricultural output and sharper government focus on rural areas. The agriculture sector is expected to post a subdued growth of 2.1 per cent in Q1 FY25, affected by scorching heat and uneven rainfall last year, which led to lower reservoir levels and hindered farming activities. However, the outlook is more promising for the remainder of the fiscal year, with better rains and improved sowing conditions expected to boost agricultural output Additionally, a rebound in stamp duty collections suggests buoyant real estate sales. Private capital expenditure, which was previously subdued, is expected to expand in FY25, driven by rising capacity utilisation and strong order books. The industrial sector, which grew by 9.5 per cent in FY24, is expected to see a shift in growth drivers in Q1 FY25. The focus is now moving towards utilities and mining, with manufacturing growth slowing. While government infrastructure projects and private capital expenditure will continue to support industrial growth, the global growth slowdown poses potential risks.

Anand Rathi anticipates Q1 FY25 GDP growth at 7%, a little lower than RBI's estimate of 7.1%

New Delhi: The <keyword id="20072894" type="General" weightage="20" keywordseo="rural-economy" source="keywords">Rural economy</keyword> of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has emerged as a significant driver of <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>, outpacing urban areas largely due to increased <keyword id="20155204" type="General" weightage="20" keywordseo="government-spending" source="keywords">government spending</keyword> in the recent quarters, highlighted a report by <keyword id="20548750" type="General" weightage="100" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="153" meta.entityid="Anand Rathi">Anand Rathi</keyword>, a financial service company. "<keyword id="20109648" type="General" weightage="20" keywordseo="rural-india" source="keywords">Rural India</keyword> continues to outpace urban areas in growth, largely due to a significant rise in government spending in rural regions in the last quarter," said the report. For the coming months, the report stated that the growth trend in the rural economy is expected to continue, although a moderation in growth may occur. It also added that the favourable monsoon conditions and improved sowing data are anticipated to sustain the upward trajectory in <keyword id="19931574" type="General" weightage="20" keywordseo="rural-demand" source="keywords">rural demand</keyword>, providing a buffer against potential economic uncertainties. "We expect this growth to moderate following the elections, favourable monsoon conditions and improved sowing data should sustain the upward trend in rural demand". The report also highlighted that the government's ambitious capital expenditure plans, amounting to Rs 11.1 trillion, are expected to stimulate infrastructure development, further enhancing rural economic prospects The rural economy plays a crucial role in the development of the country because a majority of the population still resides in rural areas. As per the Economic Survey of 2022-2023 around 65 per cent of India's population lived in rural areas in 2021. The report also highlighted that India stands out among emerging economies due to its strong GDP growth. Last year, India grew by more than 8 per cent, and the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="153" meta.entityid="RBI">RBI</keyword> expects a 7.2 per cent growth rate for FY25. The financial outlook is positive, with efforts to cut the fiscal deficit to 4.5 per cent. The report also noted that India's credit rating may improve because of the strong tax revenue and a large dividend from the RBI which will lead to a lower fiscal deficit than expected. "The fiscal outlook appears promising, with continued focus on reducing the fiscal deficit toward the 4.5 per cent target. Strong tax collections and a substantial RBI dividend may enable the fiscal deficit to come in lower than expected, which could potentially lead to an improved sovereign rating" said the report.

Rural economy is driving India's growth, Govt capex in infra will stimulate it: Anand Rathi report

India's economy is expected to grow at 7-7.2 per cent in the current fiscal year driven by robust economic fundamentals and continuity in domestic policy reforms, <keyword id="20006170" type="General" weightage="100" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword> said on Monday. The August update of <keyword id="19896400" type="General" weightage="20" keywordseo="deloitte" source="keywords">Deloitte</keyword>'s India Economic Outlook said several initiatives in the <keyword id="19908389" type="General" weightage="20" keywordseo="union-budget" source="keywords">Union Budget</keyword> 2024-25 toward improving agriculture productivity, creating jobs for the youth, and in manufacturing and addressing the challenge of access to finance for micro, small, and medium enterprises (MSMEs), would help improve supply-side demand, curb inflation, and prop up <keyword id="20139791" type="General" weightage="20" keywordseo="consumer-spending" source="keywords">consumer spending</keyword>, especially in rural areas. Deloitte India Economist Rumki Majumdar said, India will witness robust growth in the second half after a period of uncertainty in the first six months of the year. "Key contributing factors include the continuity in domestic policy reforms, reduced uncertainties in the US post-elections, and more synchronous global growth within a low inflation regime. "Additionally, improved global liquidity conditions, as central banks in the West ease their monetary policy stance, will enhance capital flows and drive higher investments, particularly in the private sector," Majumdar said. Observing that strong economic fundamentals would drive <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> between 7 per cent and 7.2 per cent in FY25, the Economic Outlook report said effectively addressing the urban-rural consumer spending gaps, inflation, and employment concerns can significantly enhance the affordability of aspirational rural consumers. "The much-desirable policy pivot was evident in the Union Budget presented last month. Reducing the urban and rural spending gap in the coming years will ensure sustained consumer demand from a larger consumer base," it added. Deloitte India's growth projection is at par with that of RBI, which projected FY'25 growth at 7.2 per cent. It is higher than Finance Ministry's Economic Survey which estimated GDP expansion between 6.5-7 per cent. The <keyword id="19948184" type="General" weightage="20" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> grew at 8.2 per cent in 2023-24 fiscal year. The report further said despite strong growth, private consumption spending has remained modest over the past five years. The pandemic, high global and domestic inflation, consequent tightening of financial conditions, and the effects of poor agriculture output on rural demand seem to have capped private consumption growth in India. But a Deloitte research showed that India is witnessing distinct and broad-based shifts in consumption patterns. There is a broad-based shift in the composition of consumption towards more non-food and discretionary items, reflecting changing lifestyles and preferences that are here to stay. According to the Household Consumption Expenditure Survey, spending on discretionary goods and services (including conveyance) has gone up both in rural and urban India, with the former quickly catching up in spending on discretionary durable goods (including automobiles, electric and electronic goods) with the latter in just one decade. "Demand for processed food has been among the highest in most states, suggesting a shift towards ready-to-eat options. Rapid urbanization, increasing women's participation in the workforce, and enhanced marketing and availability are driving these changing dietary habits," the report said. According to Deloitte research, if increasing income in states results in a relatively equitable distribution and higher rural spending, businesses can tap into a larger proportion of the state's population that resides in rural areas. This gives businesses access to a large consumer base and a sustainable consumer spending demand, as compared to states with a widening gap.

Indian economy likely to grow at 7-7.2 percent in FY25,Deloitte India says

<ul><li>Experts believe that the market has mostly priced <keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>’s win as a single party as well as a BJP-led coalition.</li><li>If BJP gets a single-party majority, progress could be seen in clean energy, and higher infra spending, says <keyword id="19996294" type="General" weightage="20" keywordseo="ubs" source="keywords">UBS</keyword>.</li><li>Women-centric policies have been improving, especially after female turnout was higher than that of males in 2019. </li></ul>As <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> marches towards elections, research firms are projecting various scenarios based on possible outcomes. As per a report by the multinational investment bank UBS, if the ruling BJP gets a single-party majority, there could be policy continuity, which can bode well for business sentiment. Even the elusive private capex recovery might also receive a push. “Further progress in supply-side reforms could be seen, including the clean energy transition, higher infrastructure spending - both digital and physical, a manufacturing push and other targeted policy initiatives towards the youth, poor, women and farmers,” says UBS. Alternate scenarios Experts believe that the market has mostly priced BJP’s win as a single party as well as a BJP-led coalition. If a scenario where the BJP fails to get a majority on its own and a BJP-led coalition comes to power, reform momentum could broadly remain similar. However, some tough policy decisions may not progress and/or are likely to be put on hold, including disinvestments, the land bill, and a uniform civil code. “However, comfort about fiscal discipline could be less of a concern for investors in this scenario,” says UBS about a BJP-led coalition winning. The third outcome could be a weak coalition led by the INDIA alliance. Even in the third case, the economic policy approach would be largely aligned. However, in such a scenario, markets could have concerns about fiscal discipline and a less decisive government, leading to lags in implementing supply-side reforms. “There could also be a delay in the private corporate capex recovery due to weaker business confidence caused by the surprise political outcome,” opines UBS. Rural economy on backfoot Even as the broader economy’s growth has been on track — GDP is expected to grow at 7.6% as per government forecasts — the rural economy has been on a backfoot. Based on FMCG companies’ quarterly earnings, rural market recovery has remained elusive for most of the financial year, barring a few short-lived upticks. Apart from tepid rural wage growth and the government's supply-side measures to contain inflation, rural demand was also impacted by weather-related uncertainty, including the subpar rainfall last year due to El Niño conditions. “However, the Modi government did not announce any substantial pro-rural populist schemes in the run-up to the 2024 elections to entice voters. Instead, the government focused on inclusive growth (partly to cover pandemic shock) with expenditure on rural-focused schemes (including drinking water, employment support, housing and rural roads) up 16% CAGR over FY19-24,” said UBS. Women-centric approach Moreover, the BJP-led government has been focussing on women with policies centred around them, since 2023. This could be also due to the rising percentage of women in the electorate. Particularly, in the 2019 election, female voter turnout was higher than that of males. India has around 970 million people who are above 18 years of age and eligible to vote. Based on the 2019 election turnaround, it’s expected to have 317 million women voters and 340 million men voters in the 2024 election. “The growing inclination of political parties to offer targeted welfare benefits to women (cash support, free bus travel, cooking gas subsidies, women-centric legislation amongst others) is closely linked to the rising percentage of women participating in the electoral process over the years,” says the UBS report. The <keyword id="19895876" type="General" weightage="20" keywordseo="election-commission-of-india" source="keywords">Election Commission of India</keyword> has recently announced that the 2024 general election will be held in seven phases between 19 April and 1 June. The counting of votes will be held on June 4.

Political continuity could bode well for clean energy & infra spending: UBS

<ul class="summary-list"><li>Luxury sales in Japan surged due to a weakened yen and increased tourist spending.</li><li>The luxury industry faced a decline in China, making Japan's market growth crucial.</li></ul>If you were looking to shop luxury in <a target="_blank" class="" href="https://www.businessinsider.com/japan-airlines-free-flights-initiative-could-backfire-experts-2024-10">Japan this summer</a>, you had to get in line.According to Amrita Banta, managing director of luxury insights firm Agility Research &amp; Strategy, luxury stores started admitting customers by appointment only to cope with the meleé of <a target="_blank" class="" href="https://www.businessinsider.com/things-american-wishes-she-knew-before-visiting-japan-mistakes-2024-9">tourists</a> flocking to Japan to take advantage of the <a target="_blank" class="" href="https://www.businessinsider.com/japan-weak-currency-yen-boosts-foreign-tourism-luxury-purchases-travel-2024-4">weakened yen</a> and cheaper prices on high-end products.The sales surge in Japan has been a much-needed boost for the luxury industry, which has been hard hit by <a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">a drop in demand in China</a>.In the second quarter of 2024, LVMH's sales in Japan were up 57%, far outpacing its other markets. Gucci owner Kering also saw a 27% uptick in sales in Japan in Q2, while its sales plunged in other markets.<div type="image" title="Shibuya Shopping District, Tokyo, Japan" height="3600" width="5400" msid="114913669" hostid="261" sizebytes="2019376"></div>But in Q3, both LVMH and Kering reported a slowdown in luxury spending in Japan.A mix of the strengthened yen due to Japanese government intervention and economic uncertainty abroad appears to have slowed Japan's shopping boom.Still, while the tourist spending may have faded somewhat, experts say Japanese consumers are emerging from a frugal era and spending on luxury themselves."There's a lot of optimism about Japan in the market," Jelena Sokolova, a luxury analyst at Morningstar, told BI.A combination of wage increases and the strengthening of the yen is driving consumer spending confidence in Japan, Daniel Langer, CEO of brand development and strategy firm Équité and a Pepperdine University luxury professor, told BI over email.But the Japanese aren't just splashing their cash anywhere — a bitter pill for some luxury brands to swallow.<h2 id="493fbccc-5f4a-41a5-8130-deff4524ff2f">Low-key luxury aligns with Japanese values</h2><a target="_blank" class="" href="https://www.businessinsider.com/hermes-escapes-luxury-industry-slump-lvmh-kering-struggle-2024-10">Hermès</a> is one example of a brand that continues to report strong momentum in Japan.This is partly because its image is in sync with core Japanese values, Martin Roll, global business strategist and senior advisor at consulting giant McKinsey, told BI.Consistency, craftsmanship, and "quality over loud branding" — attributes <a target="_blank" class="" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">the Birkin bag maker</a> is known for — align with "Japanese consumers' desire for subtle luxury that conveys a sense of heritage and exclusivity without overt showiness," he said."Hermès and similar brands appeal here because they prioritize quality, subtlety, and minimalism over ostentation, which is key to succeeding in the Japanese luxury space," Roll said.<h2 id="a1d7bb15-45d8-46a7-ae5e-65b8f931680d">The nuances of a Japanese audience</h2>While trend-forward brands have historically done well in regions like India and China with younger populations, "Japan is more of a stable, mature market," Banta said, especially given the country's <a target="_blank" class="" href="https://www.businessinsider.com/japan-company-shifts-adult-diapers-due-low-birth-rates-babies-2024-3">aging population</a>.Banta said brands like Prada, Louis Vuitton, and Hermès, which have long been seen as epitomizing luxury and have select products with cult followings, will maintain momentum with locals.Still, the young, affluent Japanese consumers — while more likely to self-indulge — retain many of the same values as their elders, Roll said."This group is more willing to invest in high-quality goods that blend tradition with modern self-indulgence, appreciating brands that offer a sophisticated but not overtly showy luxury experience," Roll added.<div type="image" title="The Chanel Store in Tokyo's Ginza district." height="853" width="1280" msid="114913672" hostid="261" sizebytes="149866"></div>Luxury brands that didn't participate in <a target="_blank" class="" href="https://www.businessinsider.com/recession-economic-outlook-greedflation-inflation-corporate-earnings-slowdown-societe-generale-2024-1">"greedflation"</a> and hiked prices after the pandemic have also fostered trust with Japanese consumers, Langer said.Although Japan has always been an important market for luxury brands, it was eclipsed by China as the world's largest in the early 2010s.But now that China is seemingly no longer the luxury cash cow it once was, brands looking to pivot their attention back to Japan will have to double down on respecting and understanding the locals."Cultural capital is the name of the game in today's world," Langer said."Brands need to be able to inspire Japanese audiences, and this means giving them something they desire," he added. "Brand storytelling, timelessness, and meticulous quality are critical in this market."

Japanese shoppers are entering their spending era. Not all luxury brands stand to benefit.

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, Overall ad spending in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is estimated to reach $16-17 billion in FY24, growing at 6 per cent in the fiscal year, a report showed on Thursday. <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">Digital</keyword> advertising which accounts for 55 per cent of total spending is set to grow at 6-7 per cent in FY24, according to the report by market research firm Redseer <keyword id="20257965" type="General" weightage="20" keywordseo="strategy-consultants" source="keywords">Strategy Consultants</keyword>. With consumption set to rebound in the next 4 or 5 years, advertising spend is projected to grow at 9-10 per cent Compound Annual Growth Rate (CAGR) over the course of next 4 years, with digital advertising growing at 11-12 per cent in the same period, the report mentioned. "As digital natives shape consumption patterns across the nation, brands have a never-before opportunity to address a much-larger and diverse consumer pool through advertising," said <keyword id="19923640" type="General" weightage="20" keywordseo="mukesh-kumar" source="keywords">Mukesh Kumar</keyword>, Associate Partner at Redseer. "It will be fascinating to witness cutting-edge creative strategies take shape across platforms especially with the possibilities that programmatic advertising and GenAI can offer for the sector," Kumar added. The growth in advertising spend in FY24 is impacted by the slowdown in consumption over the past 5 or 6 quarters and a dip in private equity/venture capitalist funding. According to the report, most consumer sectors have optimised their ad spending and the e-commerce sector is the only sector to see ad spending increase by 15 per cent in FY24. Despite slowdown in ad spending, advertisers increased their ad spending on platforms like retail media (ecommerce, quick-commerce etc.), and content platforms (OTT audio) owing to high conversion potential and wider reach among Tier-2 audiences, respectively.

Ad spending in India to reach $17 bn in FY24, consumption to rebound: Redseer

Beverage major Coca-Cola is going to have its highest-ever spending on brands in the second half of 2023 in India, when the ICC Men's <keyword id="3859" type="General" weightage="20" keywordseo="cricket-world-cup" source="Orion">Cricket World Cup</keyword> is coinciding with the festive season, which is expected to boost the consumption, a top company official said on Friday. Though the company has not shared the quantum of spending but said it is a "big part of overall <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>" that they are going to make during the ICC World Cup, which provides "a very big platform" for their business expansion, Coca-Cola India and South-West Asia Vice President, Marketing Arnab Roy, said. Coca-Cola, which had a "challenging summer" this year due to unseasonal rains, expects people will spend money across categories during the festive season despite challenging macro conditions, and affordable packages would do well. When asked if Coca-Cola can make up for a slower second quarter, Roy said: "Probably based on the trends we are seeing both in Q3 and the beginning of Q4, we feel very positive and encouraged, with the way we hopefully end this year." <keyword id="49792" type="General" weightage="20" keywordseo="festival-season" source="Orion">Festival season</keyword> has already begun in some parts of the country, where Coca-Cola has started off brand activation. Coca-Cola is also doing the same in neighbouring markets such as Nepal, Bangladesh and Sri Lanka during the ICC Cricket World Cup, he said. "This is going to result in one of the largest investments we have ever done in Q3 and Q4 combined, in the history of our company in India," Roy said at a virtual media round table. The investment would be from Coca-Cola and its bottling arm Hindustan Coca-Cola Beverages, he added. When asked about the investments, Roy said: "<keyword id="389052" type="General" weightage="20" keywordseo="ad-spends" source="Orion">Ad spends</keyword> in the December quarter as a percentage of overall spending are 5-7 per cent higher compared to a year ago." Coca-Cola India's Advertising promotional expenses were at Rs 737.97 crore in FY22, according to the financial data accessed by the business intelligence platform Tofler. Coca-Cola, which is the exclusive non-alcoholic beverage partner of the ICC until 2023, has activated its brand Thums Up along with Limca Sportz, the hydration drink from Coca-Cola India's home-grown brand Limca, as the event is in India, he added. It is also adding Sprite, a lime-flavoured beverage, the second brand in India to breach the USD 1 billion mark in annual sales. "The ICC World Cup is in India, which is the largest sporting event in the country after almost 11-12 years. So it is very big for us... to activate our brands, our entire system and obviously ensure that we are able to leverage this big platform to continue the business momentum," Roy said. According to Roy, this is not only for "classic brand marketing investments but also the investments on shopper marketing, trade marketing, working with our customers, working with retailers or distributors. So the whole ecosystem it was important for us to activate" taking over all DME (Direct Marketing Expense) higher. It is a combined effort between two brands as "Thums Up is leading all the work in ICC World Cup and brand Coca-Cola... around the festivals" with a regional approach. Coca-Cola faced a "challenging summer" this year due to early rains but Roy said, "long-term metrics are looking very strong, therefore it was very important for us to continue investing in the business ...in our brands, so that we do not lose the momentum." Regarding the benefits, Roy said typically in the second half of a year, you do not have business expansion. But "with the ICC World Cup, especially as you go to small town and rural India, whether you can start increasing your numeric distribution from what you have had in the past, in this particular period." On the demands, Coca-Cola sees it to be "very robust" across both urban and rural. The company is optimising its demand through affordable packs, giving a quantitative push. Coca-Cola is expanding its returnable glass bottle business across parts of India, which is important to hold and ensure the market at Rs 10 and 20 price points. "We would have to optimise everything in our supply chain and work on pack mix so that your overall profitability is not going down. So Rs 10 and Rs 20 ...will continue to be important in the year 2024," he said. Besides, Coca-Cola is also a lead sponsor of Disney Star which has exclusive broadcast and media rights for linear and digital platforms of ICC Men's Cricket World Cup. It has signed for both linear and digital streaming for OTT platform Disney+ Hotstar.

Coca-Cola India's spending on brands to be highest in H2

India was the fourth largest military spender globally in 2023 with an expenditure of USD 83.6 billion, behind the US, China and Russia, according to a report by an independent international think-tank. The report by Stockholm International Peace Research Institute (SIPRI) shared on its website in April also said the "rise" in global military spending last year can be attributed "primarily to the ongoing war in Ukraine and escalating geopolitical tensions in Asia and Oceania and the Middle East". The military expenditure went up in all five geographical regions, with major spending increases recorded in Europe, Asia and Oceania and the Middle East, it said. The report comes amid ongoing conflicts in various parts of the world such as the ones involving Israel-Hamas, Iran-Israel, Russian-Ukraine besides volatility in the Red Sea region. "World military expenditure increased for the ninth consecutive year in 2023, reaching a total of USD 2443 billion. The 6.8 per cent increase in 2023 was the steepest year-on-year rise since 2009 and pushed global spending to the highest level SIPRI has ever recorded," according to the report. The <keyword id="21404979" type="General" weightage="20" keywordseo="world-military-burden" source="keywords">world military burden</keyword> -- defined as military spending as a percentage of global gross domestic product (GDP) -- increased to 2.3 per cent in 2023. Average military expenditure as a share of government expenditure rose by 0.4 percentage points to 6.9 per cent in 2023 and world military spending per person was the highest since 1990 at USD 306, it added. With military expenditure of USD 83.6 billion in 2023, India was the "fourth largest spender globally". Indian spending was up by 4.2 per cent from 2022 and by 44 per cent from 2014. The increase in India's military spending was "mainly a result of growing personnel and operations costs" which made up almost 80 per cent of the total military budget in 2023, the <keyword id="20911352" type="General" weightage="20" keywordseo="SIPRI-report" source="keywords">SIPRI report</keyword> claimed. "This aligns with the government's priority to strengthen the operational readiness of the armed forces amid ongoing tensions with China and Pakistan. In comparison, capital outlays to fund military procurement remained relatively stable at around 22 per cent of the budget in 2023," it said. A total of 75 per cent of these outlays went towards equipments produced domestically, which was the highest level ever and up from 68 per cent in the previous year. The continued shift towards domestic procurement reflects India's goal of becoming self-reliant in arms development and production, the think-tank said in its repot fact sheet shared on its website. The Indian Army has maintained that deployment of its troops and other elements along the LAC is "extremely robust" and "balanced". The eastern <keyword id="21271073" type="General" weightage="20" keywordseo="Ladakh-border-standoff" source="keywords">Ladakh border standoff</keyword> erupted on May 5, 2020, following a violent clash in the Pangong Lake area. The ties between India and China nose-dived significantly following the clash in the Galwan Valley in June 2020 that marked the most serious military conflict between the two sides in decades. SIPRI is an independent international institute dedicated to research into conflict, armaments, arms control and disarmament. Established in 1966, it provides data, analysis and recommendations based on open sources to policymakers, researchers, media and the interested public. The Stockholm-based think-tank monitors developments in military expenditure worldwide and maintains the most comprehensive, consistent and extensive publicly available data source on military expenditure, according to its online portal. The US military spending was USD 916 billion in 2023, which was 2.3 per cent more than in 2022 and 9.9 per cent more than in 2014, the report said. The US remained by far the largest spender in the world, allocating 3.1 times more to the military than the second largest spender China. "The biggest percentage increase among all US military spending categories in 2023 was for 'research, development, test and evaluation (RDT&amp;E)". The Stockholm-based think-tank also said in its report that Ukraine was the "eighth largest spender" in 2023 after a spending surge of 51 per cent to reach USD 64.8 billion. This gave Ukraine "a military burden of 37 per cent and represented 58 per cent of total government spending". "Ukraine's military spending in 2023 was 59 per cent the size of Russia's. However, Ukraine also received at least USD 35 billion in military aid during the year, including USD 25.4 billion from the US. Combined, this aid and Ukraine's own military spending were equivalent to about 91 per cent of Russian spending," the report claimed. According to the report, Russia's military spending increased by 24 per cent to an estimated USD 109 billion in 2023. "China, the world's second largest military spender, allocated an estimated USD 296 billion to the military in 2023, an increase of 6 per cent from 2022. This was the 29th consecutive year-on-year rise in China's military expenditure. China accounted for half of total military spending across the Asia and Oceania region. Several of China's neighbours have linked their own spending increases to China's rising military expenditure," the Stockholm-based think-tank claimed in its report. In 2023, the 31 <keyword id="20763732" type="General" weightage="20" keywordseo="NATO-members" source="keywords">NATO members</keyword> accounted for USD 1,341 billion, equal to 55 per cent of the world's military expenditure, the report said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

India fourth largest military spender globally in 2023: SIPRI report

<ul class="summary-list"><li>Elon Musk's ownership has shifted X's political stance, affecting Democratic ad spending.</li><li>Some Democratic ad campaigns still see opportunities in ads on X, formerly known as Twitter.</li></ul>While some Democratic political advertisers — including Kamala Harris' presidential campaign — have stopped spending on X altogether, a small number are holding firm.Two years after billionaire Elon <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-twitter-reach-agreement-to-close-acquisition-deal-2022-10">Musk bought X</a>, the social media site formerly known as Twitter leans far more conservative. Musk has <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-support-reflects-business-approach-tesla-2024-10">fundraised for Trump</a>, <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-rally-elon-musk-save-department-government-efficiency-2024-10">revved up supporters</a> at his rallies, and apparently has an open spot in the <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-cabinet-election-x-2024-9">former president's cabinet</a> should he win next week's election.That hasn't stopped some Democratic campaigns from advertising on X. <a target="_blank" href="https://www.businessinsider.com/colin-allred-interview-ted-cruz-texas-senate-race-2024-10">Rep. Colin Allred</a> ran ads this month to drum up donations as he seeks to defeat Sen. Ted Cruz in the Texas Senate race. The @ColinAllredTX account has spent almost $322,000 on X ads this year, per an analysis of X's US political and campaigning ads disclosure report. The public archive was last updated on October 26.Elsewhere, Sen. Jon Tester of Montana has run an ad in the style of an iPhone Notes app message featuring a picture of him holding a jar of pickles."There's no denying it—we're in a pickle," read the ad, which seeks donations for Tester's reelection campaign. The account has spent about $259,000 in the year to date, the X ad disclosure reported.X didn't respond to a request for comment for this story.<h2 id="1aae6362-1585-415f-8352-1b0033713ae0">X remains a town square for news</h2>Political ad experts said X remains an essential platform for reaching voters in the tightly fought election period. Notable users are still posting, and it's still one of the <a target="_blank" class="" href="https://www.businessinsider.com/twitter-x-elon-musk-startup-competitition-town-square-election-2024-10">first places</a> where people of all political leanings go to catch up on breaking news. Harris still posts frequently on X, even though her campaign isn't buying ads.X CEO Linda Yaccarino <a target="_blank" class="" href="https://x.com/lindayaX/status/1823115684479414761">tweeted in August</a> that 37 million Democrats, 32 million Republicans, and 34 million swing voters use X, citing <a target="_blank" class="" href="https://digiday.com/marketing/the-rundown-what-is-causeway-solutions/">Causeway Solutions</a>, a data firm with Republican links that applies predictive modeling to publicly available data."One side of the aisle may be more comfortable advertising on X, but that doesn't mean you can leave a vacuum on the other side," said Tyler Goldberg, director of political strategy at the media agency Assembly Global. "There's a reason why you see Democrats on Fox News buying ads."Mike Nellis, CEO of the Democratic campaign firm Authentic, said X has performed particularly well for fundraising pushes for "name brand" Democrats. Nellis, who organized the <a target="_blank" href="https://www.businessinsider.com/white-dudes-for-harris-twitter-account-elon-musk-donald-trump-2024-7">"White Dudes for Harris" online fundraiser</a>, also said X had improved its offering for creators who pay to be verified to boost their reach and access tools like analytics and its Media Studio."I have a love-hate relationship with this website. It has a vibrancy to it I don't think has been there for a very long time, and I'm enjoying that aspect in the middle of a close election," Nellis said. "At the same time, I've been doxxed on this website."X has made a dedicated effort to bring in political campaign ad buyers. Last November, it convened a group of them for cocktails at the Riggs Hotel in Washington, DC.Led by Matthew Madrazo, X's lead client partner for Republican accounts, and Jonathan Phelps, X's lead client partner for the Democratic side, the X political ads team pitched advertisers on the site's audience, the evolution of its ads offering, and how X intended to show up for US elections.Attendees described a room packed with political agencies and campaign honchos from both sides of the aisle — as well as multiple ID checks and super-tight security prowling the room to enforce the strict "no recording" policy. There was no Q&amp;A.<h2 id="42ea127c-9e5a-44d4-aefd-d16f557dd547">X is falling short on lost advertising revenue</h2>Republicans far outspend Democrats on X. @TeamTrump alone has spent close to $1 million this year; @LaraLeaTrump, @tedcruz, and @RandPaul are among the Republican accounts that have spent more than $500,000, X's ad disclosure said.The roughly $15 million spent so far by all political advertisers this year falls dramatically short of the $100 million target X had reportedly set itself for the 2024 US election cycle, <a target="_blank" href="https://www.ft.com/content/b7845bef-55d5-4297-a15a-db37f71e014e">the Financial Times reported</a>.Pre-Musk, Twitter generated under $3 million in political ad spend for the 2018 US midterms, <a target="_blank" href="https://x.com/nedsegal/status/1189651487065923584?lang=en-GB">according to Ned Segal, its former chief financial officer</a>. It ceased taking political advertising in 2019 under former CEO Jack Dorsey; Musk <a target="_blank" class="" href="https://www.businessinsider.com/political-advertisers-cheer-elon-musk-twitter-political-ad-ban-reversal-2023-1">reversed</a> that decision last year.Political advertising on X had always been a tiny portion of the total. The research firm EMARKETER predicted that political ad spending in the US will <a target="_blank" class="" href="https://www.emarketer.com/content/what-marketers-learn-political-campaign-ad-spending-strategies">top $12 billion</a> this year. TV advertising, at $7 billion, accounts for most of that outlay. Meta and Google are forecast to be the big online winners, bringing in around $569 million and $553 million from political ads, respectively.In August, ad spending on X was down 68% versus the prior year, according to Guideline, an analytics firm that tracks spending from major advertising agencies.X has been banking on the US election season to recoup revenue lost after several major brands dialed down their spending on the site or <a target="_blank" class="" href="https://www.businessinsider.com/ebiquity-data-most-advertisers-stopped-spending-x-twitter-2023-10">exited altogether</a> amid concerns about content moderation and its general reliability and effectiveness. Some Democratic advertisers said X is a no-go zone for similar reasons."Between the hate speech that's going unpoliced to the ad placements that are being shown alongside it to Elon himself, it's at the point where it's not a great fit for many clients," said Mark Jablonowski, president of the Democratic political adtech firm DSPolitical.Andy Kiersz contributed reporting for this story.

Some Democratic political advertisers are still betting on X, despite Elon Musk's allegiance with Donald Trump

<ul class="summary-list"><li>Rep. Shri Thanedar's face is splashed across several billboards in the Detroit area.</li><li>They're funded with at least $45,460 in taxpayer dollars via a practice known as "franking."</li></ul>If you're driving down a highway in the Detroit metro area, you're likely to come across at least one of them: a shiny billboard featuring Democratic Rep. Shri Thanedar's smiling face."REACH CONGRESSMAN SHRI 24/7," the tower advertisement typically blares alongside a link to Thanedar's official House website.But while the billboards are likely to boost Thanedar's profile and name recognition as he faces a competitive primary in Michigan's 13th congressional district, they're not paid for by his campaign.They're paid for by Thanedar's congressional office — which is funded via <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/which-lawmakers-spend-taxpayer-dollars-twitter-2023-9">taxpayer dollars</a>.It's unclear exactly how much of his office budget is going toward billboards. The congressman did not provide an exact figure to Business Insider, and records filed with the House of Representatives covering 2023 aren't entirely clear.But those records show that Thanedar's office spent nearly $327,000 on advertising in 2023, $45,460 of which went directly to two billboard companies: Lamar and Outfront Media.<div type="image" title="One of Thanedar's billboards in the Chadsey Condon neighborhood of Detroit." height="1500" width="2000" msid="108687667" hostid="261" sizebytes="728556"></div>Lawmakers have to communicate with their constituents, and that does cost money. But Thanedar's spending habits highlight the gray area that's long existed when it comes to so-called "franking" — an antiquated term that once referred to a lawmaker's signature on a piece of mail but now refers to all forms of taxpayer-funded mass communication by congressional offices.In a statement to Business Insider, Thanedar attributed the billboards and other mass communications to the state's 2022 redistricting, noting that his current district includes portions of previous districts represented by Democratic Reps. Rashida Tlaib and Debbie Dingell, as well as former Democratic Rep. Brenda Lawrence."My office received calls from constituents of neighboring congresswomen and vice versa," said Thanedar. "To address this, we significantly ramped up our outreach efforts through various media."Daniel Schuman, the director of governance at the POPVOX Foundation, said that the appropriateness of such spending comes down to factors like timing and the particular circumstances of the district's geography."Is it appropriate for a member to buy a billboard?" said Schuman. "The answer, I think, is that it depends."House records show that Thanedar's taxpayer-funded payments to billboard companies began in October, after it had <a target="_blank" href="https://www.politico.com/live-updates/2023/09/14/congress/house-dems-michigan-primary-challenge-thanedar-00115738">become clear</a> that he would face a challenge from State Sen. Adam Hollier, who Thanedar defeated in the crowded 2022 Democratic primary.<h2>The rules around 'franking'</h2>"Franking" has long been a gray area within American politics. The practice dates back to the country's founding, when government officials could use their signatures to disseminate information via the postal system without having to pay for stamps.Lawmakers still <a target="_blank" href="https://www.businessinsider.com/mike-garcia-earmarks-omnibus-government-spending-2024-1">send mail to their constituents</a>, but that's not all they can do with taxpayer money. They can also send texts and emails, cut radio ads, and even create billboards and TV ads.There are <a target="_blank" href="https://cha.house.gov/_cache/files/0/0/007fab34-97cc-419b-b063-70b9299445e7/0F8965C39CA29112125299E43FDF595C.communications-standards-manual---updated-9.21.23-34-.pdf">clear rules</a> barring members of Congress from using franking for overt political or campaign purposes, which are enforced by the House Communications Standards Commission and the Senate Ethics Committee.In other words, lawmakers can't use taxpayer money to create materials asking voters to support them in an upcoming election.Furthermore, lawmakers are prohibited from sending unsolicited mass communications for 60 days before any primary or general election — meaning Thanedar's billboards will have to come down by June 7, which is 60 days before Michigan's August 6 primary elections.<div type="image" title="Thanedar's billboard in Lincoln Park, Michigan." height="1500" width="2000" msid="108687668" hostid="261" sizebytes="252968"></div>There are currently no strict guidelines around the amount of money that members of Congress can spend on advertising — they just have to balance it against other expenses, including staff compensation, in their office budgets, which average roughly $1.9 million in the House and $4.1 million in the Senate.The Michigan congressman is by no means the only member of Congress to blur the lines when it comes to franking.Republican Rep. Bill Timmons of South Carolina has <a target="_blank" href="https://www.postandcourier.com/greenville/politics/william-timmons-adam-morgan-congress-sc-billboard-ads-mailers-franking/article_843e6928-db17-11ee-8faf-e7cfdff45251.html">reportedly increased</a> his own congressional office spending as he's faced a primary challenge from the right, and Democratic Rep. Sheila Cherfilus-McCormick is facing a House Ethics Committee probe that may relate to <a target="_blank" href="https://www.insideelections.com/news/article/the-congresswoman-cherfilus-mccormick-the-taxpayer-funded-tv-ads">taxpayer-funded TV ads</a> that closely resemble her campaign ads.But Thanedar's office appears to spend way more than the average House office on "franking." And there's little doubt the billboards help boost his profile."If it's just a billboard with your name and the URL… maybe that's a way of encouraging people to contact the office," said Schuman. "Does that work? I don't know. It could be just about name recognition."<h2>'Money spent on this takes away from other things'</h2>According to data from Legistorm, the average House office spent almost 78% of its budget on staffer compensation in 2023 — which accounted for just 38% of Thanedar's budget. On the other hand, the Michigan congressman spent 31.4% of his budget on printing and reproduction, nearly 10 times more than the average of 3.4%."My perspective is that there should be limits for the amount of money that you can spend on [franking]," said Schuman. "Money spent on this takes away from other things, like staff salaries."<div type="image" title="A chart comparing Rep. Shri Thanedar's office expenses to the average House member in 2023." height="810" width="1906" msid="108687669" hostid="261" sizebytes="44956"></div>HuffPost previously reported that Thanedar has <a target="_blank" href="https://www.huffpost.com/entry/shri-thanedar-detroit-congress-controversy_n_6580a94fe4b08e9b410b881d">faced scrutiny</a> over the large amounts of money he puts towards advertising, with sources telling the outlet that the billboards felt "more like campaign self-promotion than official communication."Thanedar now faces a primary challenge from Hollier, who's been endorsed by Michigan Secretary of State Jocelyn Benson, former Rep. Brenda Lawrence, and a bevy of state lawmakers and local officials.The congressman has faced allegations from neighboring Rep. Rashida Tlaib of providing <a target="_blank" href="https://www.businessinsider.com/rashida-tlaib-shri-thanedar-busy-posting-memes-israel-hamas-2023-10">poor constituent services</a>, and detractors of the congressman argue that the majority-Black district Detroit district should be represented by a member of that community."While he is busy posting memes, his residents are calling my office asking for my assistance because he is absent from doing his job," Tlaib told the Detroit News in October.Thanedar countered that in a statement to Business Insider on Thursday, saying his office has "quadrupled constituent calls" in the last year and resolved 84% of the more than 1,400 constituent cases his office has received."We are proud of our communications to our constituents, and in recent surveys, over 70% of our constituents rated our service fair to excellent," said Thanedar.

The questionable way lawmakers get taxpayers to fund borderline-political ads 

<ul class="summary-list"><li>Elon Musk is breaking ground as a pro-Trump megadonor.</li><li>While he may not donate the most money this cycle, Musk is behaving unlike any of the uber wealthy Americans before him.</li></ul>America has never seen a megadonor quite like <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-campaign-trail-pennsylvania-donald-trump-key-swing-state-2024-10">Elon Musk</a>.On Thursday, the world's richest man held a town hall event in Pennsylvania, the largest swing state in the 2024 race. The Tesla CEO has pledged to hold more events to promote former President Donald Trump's election. Musk has also seeded at least<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-america-super-pac-2024-10"> $75 million</a> into a pro-Trump super PAC. His pro-Trump group, <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/elon-musk-trump-america-pac-targets-young-men-vote-2024-9">America PAC</a>, even offers to pay people $47 if they get supporters to sign a petition, which in turn gives the outside group valuable data on potential swing voters. On Friday, Musk upped the offer even further, pledging $100 for every Pennsylvania voter."Elon Musk is sort of a natural for Donald Trump, " journalist Roger Lowenstein, who wrote a biography about Warren Buffett, told Business Insider.Musk, despite his $247 billion estimated net worth, isn't the biggest donor this presidential election cycle. According to <a target="_blank" class="" href="https://www.opensecrets.org/outside-spending/top_donors">OpenSecrets</a>, among disclosed donors, that title belongs to banking heir <a target="_blank" class="" href="https://www.businessinsider.com/who-timothy-mellon-robert-kennedy-donald-trump-billionaire-2024-6">Timothy Mellon</a>, who has spent a staggering $165 million on boosting Trump and Robert F. Kennedy Jr. (We won't know the full extent of 2024 donations until after the election, and that excludes so-called "dark money" groups, which, unlike super PACs, do not have to disclose their donors.)But where Musk stands out is among the richest of the rich. While there have been plenty of wealthy mega-donors -- the Koch brothers, the Adelsons, Michael Bloomberg, and others have spent hundreds of millions on super PACs -- the men who recently preceded Musk as the wealthiest American and the world's richest person have not been nearly as involved. Musk is taking a far different tact than Bill Gates, Jeff Bezos, and Warren Buffett."The richest man in the world fluctuates over time but not all of them have been able or even wanted to spend money in politics in the past four presidential elections," Ciara Torres-Spelliscy, a law professor at Stetson University, who has studied big money in politics, told Business Insider.Lowenstein pointed out how even Musk's temperament differs exceptionally from someone like Buffett."Warren just couldn't be more different," Lowenstein said. "This isn't affected by the fact that Warren was measured to be the richest person in the world. He is very careful about what he says. He does not like personal confrontations. He has always been fascinated by the pragmatic issues of policy. He doesn't get out there and say, you know, so and so is running the country or all the name-calling that is the political system these days. It's just not his bag."Even Musk has changed. Before this cycle, the largest single political donation he had ever given was $75,000 to Californians for Clean Alternative Energy in 2006. His final 2024 total is already more than 1,000 times that.<div type="image" title="Elon Musk with former president Donald Trump" height="2633" width="3949" msid="114397395" hostid="261" sizebytes="148502"></div>It remains to be seen what the South African-born tech titan has in store, but already he is showing an openness to rely on his fortune and his businesses in distinct ways the other three have not.Just look at how Musk has shaped X, formerly known as Twitter. It begins with his own account, which has roughly 202 million followers.Musk, who once said he voted for Barack Obama, has pushed memes and misinformation on the platform as he's become increasingly vocal about his views. He also lifted bans on Trump and other right-wing voices. According to The New York Times, X blocked links to a report with hacked information about Sen. JD Vance, Trump's running mate, after the Trump campaign reached out. Recently, Musk's company seized the @America handle to boost his super PAC.In the post-<a target="_blank" class="" href="https://www.businessinsider.com/citizens-united-supreme-court-precedent-political-hypocricy-desantis-disney-feud-2023-4">Citizens United</a> world, the nation's billionaires have dug deep to support outside organizations whose ad spending blitzes can shape elections. Over time, the hard ban on campaigns coordinating with super PACs, a limit that always allowed for some creative loopholes, has been further eroded. Super PACs can now explicitly partner with the campaigns on get-out-the-vote efforts for the first time. Trump's campaign is relying on America PAC along with other outside groups to make up the difference for this once critical role for campaigns.<h2 id="254490b1-6509-4044-ae33-54464a618e95">Citizens United blew open the door to big money in politics.</h2>The Supreme Court's 2010 landmark decision and related lower court rulings opened the door to super PACs. There was almost immediate concern about how the nation's wealthiest would shape elections, especially presidential races. According to reporter Ken Vogel's 2012 book, "Big Money," President Barack Obama told a room that included Bill Gates, then-the wealthiest American and previously the world's richest person, that he and a small group of people now had outsize power."You now have the potential of 200 people deciding who ends up being elected president every single time," Obama told the room that also included Steve Ballmer, who later replaced Gates as Microsoft CEO.Around the same time, Buffett, who briefly replaced Gates as the world's richest person in 2008, made clear that he would stay out of the super PAC business."I don't want to see democracy go in that direction," Buffett told Berkshire Hathway shareholders during an open Q and A at the multinational's 2012 meeting in Omaha. "You have to take a stand some place."It wasn't that Buffett and Gates didn't have political power.The Oracle of Omaha was the face of the Obama administration's push to raise taxes on the wealthy, the so-called "Buffett rule." And during a 2008 presidential debate, both Obama and Republican presidential nominee John McCain floated the investor as a potential Treasury secretary. (Buffett never joined the Obama administration.)Buffett also publicly endorsed Hillary Clinton in 2016 and Joe Biden in 2020. He held a fundraiser for Obama in 2012. Thanks to Nebraska's way of awarding Electoral College votes, he's also lived through the era in which the <a target="_blank" class="" href="https://www.businessinsider.com/trump-nebraska-2nd-electoral-college-vote-omaha-harris-mcdonnell-2024-9">Nebraska 2nd Congressional Distric</a>t, which covers Omaha and some of the metro area, has become a fierce political battleground. The city's oracle has yet to make a 2024 endorsement.<div type="image" title="Warren Buffett speaks at a 2016 rally in Omaha where he talked about his support for Hillary Clinton" height="1472" width="2500" msid="114397396" hostid="261" sizebytes="124894"></div>Gates praised Harris after she replaced Biden earlier this summer. He has also been a more outspoken critic of Trump. Gates, through his and his now-ex-wife Melinda French Gates' foundation, played a major role in shaping the US response to the COVID-19 pandemic. He also arguably held the largest media presence of the American billionaires until Musk rocketed into the top slot.None of the other recent wealthiest men have come close to Musk's super PAC spending. Bezos made the biggest splash in 2018 when they donated <a target="_blank" class="" href="https://www.cnbc.com/2018/09/05/jeff-bezos-donates-10-million-to-super-pacwith-honor-fund.html">$10 million to With Honor</a>, a super PAC that supported veteran candidates. Unlike America PAC, though, With Honor was geared to support candidates from both parties.Both Buffett and Bezos also held or held stakes in media companies. Bezos still owns The Washington Post (which, full disclosure, previously employed me.) But neither man positioned those publications in the way Musk has harnessed X.Of the unofficial group, Buffett was arguably the best positioned for a career in politics. While he's most associated with Nebraska's largest city, he was born in the nation's capital, the son of an avowed anti-Communist congressman. Instead, he has pursued a much softer and less public power flexing."He's a pretty good listening post, and for those who want, a pretty good advice giver," Lowenstein said. "That way, he has a lot of influence. Obviously, that effectiveness wouldn't be there if it became public."

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