Category Archives: Economy

Global rich list: Indians one of the WEALTHIEST

A research company, TNS, has unveiled the results of the biggest global study into the attitudes and investment priorities of the affluent – painting a timely picture of wealth, post global recession.

Based on interviews with 12,000 people across 24 markets including China, Brazil and India, TNS’s Global Affluent Investor study shows that the growth of developing economic powerhouses is already starting to impact personal fortunes, among households with more than $100,000 investable assets.

Fundamental social shifts are unearthed when examining the demographics of the world’s affluent.

While they average 57 years old in North America and Northern Europe, this falls to the early 40s in Australia, Singapore and Hong Kong.

While men are the primary decision makers among affluent households in India (80 per cent) and Central Europe (79 per cent), the balance is spread far more evenly in North America (45 per cent).

TNS’s findings also demonstrate regional contrasts in terms of what the affluent actually invest in.

While the Chinese, Indian and German affluent are keen investors in precious metals (cited by 35 per cent, 33 per cent and 23 per cent of respondents respectively), this falls to just three per cent in Sweden, Norway and the Netherlands, and two per cent in Denmark and Israel.

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India: Statistically speaking

Indeed they do. India — despite its globally prominent outsourcing industry, its well-educated, English-speaking middle class and its comparatively large number of billionaires — is still a poor country. Anyone who has seen “Slumdog Millionaire” can attest to that. In fact, with 1.2 billion people, its economy, at official exchange rates, is smaller than Canada’s, which has a population of 33.5 million.

Even looking at the economy on a purchasing power basis, which provides what many economists consider a fairer comparison between developed and developing nations, India’s gross domestic product is only one-sixth the size of the U.S. economy.
“Forty percent of our fresh fruit and vegetables perish before reaching consumers,” Mr. Mitra said. “We waste more fruits and vegetables than are consumed throughout Britain.”

Enthusiasm, Tempered With Concern, About Business in India. By Tom Redburn. Published: IHT, July 8, 2009

There’s Hope!Obama Puts $3.6 Trillion Where His Mouth Is

By Daniel Politi for Slate
Posted Friday, Feb. 27, 2009, at 6:47 AM ET
President Obama presented his budget and left no doubt that he was being serious when he promised change. The $3.55 trillion spending plan included broad goals and few details, but outlined how Obama plans to finance more spending in health care, energy, and education while increasing the taxes on the top 5 percent of taxpayers, the oil and gas industry, and hedge fund managers, among others. In short: Bye, bye Reaganomics. The 134-page budget “is unprecedented in size, breathtaking in scope and sure to have a major impact on millions of Americans, declares USA Today. The Wall Street Journal notes that the spending plan “marks a significant change in nearly 30 years of governing philosophy.”

Meltdown effect: 20,000 Indians return losing jobs abroad

26 Feb 2009, 1348 hrs IST, PTI

NEW DELHI: About 20,000 Indians have returned home after losing their jobs overseas due to the global economic crisis, the government said on Thursday.

Though the exact number of people who have returned is not available, there are reports which indicate that between 16,000 to 20,000 Indians have come back here after the economic slowdown, overseas Indian affairs minister Vyalar Ravi told the Rajya Sabha during Question Hour.

To a supplementary, the minister said that the number of incidents of overseas employers keeping passport of Indian employees have come down by 50%. But he did not provide the period when this reduction has been witnessed.

He said the government is aware that some employers keep the employees’ visas with themselves and do not renew these in time, rendering them illegal immigrants. The government is holding talks with foreign countries on the issue.

The UAE has issued direction to employers not to keep the visa of their employees, he added.

The Minister also said there is a need to make changes in the Immigration Act, which was last amended in 1983.

On the issue of migrant workers, he said the government has taken a number of initiatives, including signing of bilateral agreements to protect their interests.

Asked how many Indians are in jails abroad, he said the government does not have the figure, but it is very vigilant and would collect the information.