India's top 63 billionaires have more wealth than 2018-19 Budget outlay

The gap between the top 1 per cent and the bottom 50 per cent of the population just keeps expanding, global non-profit organisation Oxfam said in its latest annual report on income inequality.

India’s billionaires hold a combined total wealth that is more than the Union Budget outlay.

The gap between the top 1 per cent and the bottom 50 per cent of the population just keeps expanding, global non-profit organisation Oxfam said in its latest annual report on income inequality.

“The combined total wealth of 63 Indian billionaires is higher than the total Union Budget of India for the fiscal year 2018-19 which was at Rs 24.42 trillion,” Oxfam said in its report released on Monday.

“The wealth of billionaires rose from $325.5 billion (Rs 22.73 trillion) in 2017 to $408 billion (Rs 28.97 trillion) in 2019,” the report said. In fact, that amount is even higher than the 2019-20 Budget size of Rs 27.86 trillion, something the report did not mention.

The world’s 2,153 billionaires have more wealth than the 4.6 billion people who make up 60 per cent of the planet’s population, the report also showed.

“Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women. No wonder people are starting to question whether billionaires should even exist,” said Oxfam India CEO Amitabh Behar

An analysis of India’s billionaires showed that 15 of them come from the consumer goods industry and more than 10 from the pharmaceuticals sector in 2019 – a rarity among developing countries.

In fact, not just in India, but global inequality is deeply entrenched. The number of billionaires has doubled in the last decade, despite their combined wealth having declined just in the last year.

“The gap between the rich and poor can't be resolved without deliberate inequality-busting policies, and too few governments are committed to these,” Behar said.

Budget 2020: 'Overregulation' killing auto industry, says Rajiv Bajaj

Bajaj's remarks come against the backdrop of one of the most prolonged slowdowns plaguing India's automobile market, amid a slowing economy and dipping consumer confidence.

Union Budget 2020 Expectation : The automobile industry is facing a protracted slowdown because of “overregulation”, and the upcoming Budget is unlikely to address its woes, Rajiv Bajaj, managing director of Bajaj Auto, said on Tuesday.

“In my view, the single most important reason responsible for the current state of affairs the industry finds itself in is overregulation. It’s overregulation that is killing the industry,” he said on the sidelines of an event in Mumbai, where the company revealed the prices of the e-Chetak.

Bookings for the company’s maiden offer in the electric segment, with prices starting from Rs 1 lakh, will open on Wednesday and deliveries will commence by the end of February from select KTM outlets in Bengaluru and Pune.

Bajaj had unveiled the scooter on October 16 in Delhi. The Chetak can run up to 95 km on a single charge when ridden in economy mode. A slew of regulations on safety, insurance, and emissions over the past one and a half years have made two wheelers (150cc and above in the mass segment) dearer by almost 30 per cent, hurting demand.

Bajaj’s remarks come against the backdrop of one of the most prolonged slowdowns plaguing India’s automobile market, amid a slowing economy and dipping consumer confidence. Passenger vehicle sales have been on a decline for the past six quarters, while two-wheeler sales have been skidding for four quarters. Sales of motorcycles and scooters fell 15 per cent in the December quarter.

“What purpose is served by making insurance mandatory for everyone? As if people can’t think for themselves. The government has to think on our behalf. We can’t make simple choices,” said Bajaj, alluding to the insurance regulator’s diktat in September 2018, which mandated an upfront payment of premium for five years for third-party liability.

Bajaj also questioned the need to make ABS (anti-lock braking system), a safety feature, mandatory for two-wheelers.

According to him, given the state of India’s roads and traffic congestion where one struggles to go beyond 20 kmph, imposing the ABS (on bikes that are 150cc and above), which increased prices by Rs 8000-10,000, made little sense.

Budget 2020: Commerce ministry seeks a reduction in import duty on gold

Gross export of gems and jewellery declined by 5.3% to $27.7 bn for the first nine months of this FY.

Union Budget 2020 Expectation :The Union business service has looked for a decrease in the import obligation on gold in the coming Union Budget, with the end goal of pushing assembling and fare of the diamonds and adornments part, a source said.

In a year ago's Budget, the administration raised the tax on gold to 12.5 percent. From that point forward, the worldwide cost of gold has risen about 20 percent, amplifying the ascent in customs obligation. These, the diamonds and gems area has argued, are gagging the high-occupations producing segment.

Gems retailers and exporters have asked the duty be cut and furthermore the products and enterprises charge (GST) on adornments accreditation.

"In the previous 12-year and a half, in any event 20 percent of a gifted workforce of an expected million has relocated to different administrations, including nourishment conveyance chains like Swiggy and open vehicle transportation administrations like Ola and Uber. Moved gifted specialists, as indicated by them, win around Rs 45,000 every month, which the adornments business can't coordinate because of a log jam in residential deals," said Anantha Padmanabhan, overseeing executive at Chennai-based NAC Jewelers.

There has been a precarious decrease in gems deals more than a year, due to both the sharp increment in gold costs and an easing back of the general economy. At Rs 39,670 for 10g, gold costs in India have risen 25 percent in a year.

"The situation is exceptionally terrible for the residential business. Another 5 percent expansion in gold costs from here would complete it," said Padmanabhan.

With falling ranch yield and rustic customers in stress, that piece of the interest is likewise hit. As a result, numerous little and medium measured retailers have cut their size of activities, says the exchange, leasing a piece of their showrooms for different business.

"There is a quick requirement for a slice in customs obligation to five percent. With the present record deficiency circumstance leveled out at 1.5 percent (of GDP) for April-September 2019, we bid to the administration for this. The import obligation on unpleasant precious stones ought to likewise be brought down to 2.5 percent, from the current 7.5 percent. Furthermore, the GST on precious stone affirmation must be trimmed to 5 percent, from 18 percent," said Colin Shah, bad habit director, Gems and Jewelry Export Promotion Council.

Net fare of pearls and gems declined by 5.3 percent to $27.7 billion for the initial nine months of this budgetary year, from $29.2 billion for the relating time frame a year ago.