2024-03-29 15:33:05
New Delhi: India’s achievements have been especially highlighted in the new list of billionaires in the world released this year. This is the first time that Mumbai has replaced Beijing as the Asian capital of billionaires. But it needs to be viewed carefully. Hurun Global Rich List 2024 has been released at a time when there is tremendous bullishness in the Indian stock market after the Corona epidemic and the benchmark indices here are close to record highs. On the other hand, China’s economic growth has already slowed down and it seems to be struggling to increase it. Therefore, the status that Mumbai has got is not permanent. One reason for this is that the market cap (value) of the Indian stock market is high and overvalued in comparison to the GDP, whereas the value of the Chinese stock market is much low and undervalued in comparison to its GDP. Obviously, sooner or later the market will change its course and then this situation will also change.Indians are crazy about these brands before Holi, they are selling a lot
economy size
This can be better understood from the example of the Hong Kong Stock Exchange, which was left behind by the Indian market for some time. But Hong Kong again became the world’s fourth largest stock exchange in terms of market cap. Apart from this, India’s nominal economy in dollar terms is only 22% of China’s economy. Even in per capita income, India is only 21% of China.
India’s contribution
This does not mean that India’s achievements are not important from the global perspective. India is among those countries which are contributing the most to the list of world’s billionaires. His contribution is likely to continue in the times to come.
This share of Anil Ambani is no less than a philosopher’s stone, from Rs 10 it directly crossed Rs 275, there is a rush to buy it.
out of comfort zone
Two things are especially worth noting in this context. One is that if they want to continue entering the club of billionaires at the global level, then Indian entrepreneurs will have to come out of the comfort zone of the domestic market. To take advantage of the potential of the global market, they will have to take big risks.
issue of inequality
Secondly, as a society and country we will also have to address the issue of increasing inequality. According to a recent study by renowned economist Thomas Piketty, the gap between rich and poor in India was decreasing from independence till the beginning of the eighties. But after that it started increasing and especially after 1990-91 it increased significantly. Although questions have been raised on Piketty’s figures, hardly anyone can deny the increasing inequality in the country. Obviously, along with wealth creation, attention will also have to be paid to eliminating this inequality.