Ultra-HNI count up 6.4% in 2019; India to see 73% rise in 5 years

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The world added 31,000 ultra-high net worth individuals (UHNWIs) to its fold in 2019, taking the total number of such people – those with a net worth of $30 million or more – to 513,200, says the Knight Frank Wealth Report for 2020. This translates into a 6.4 per cent jump over 2018.

India, according to Knight Frank, ranks 12th and had 5,986 such individuals in 2019, which is likely to reach 10,354 by 2024. The number of billionaires in India, on the other hand, is likely to reach 113 by 2024, up from 104 in 2019. Amongst asset classes, Indian UHNWIs are most aggressive in equity investment with 72 per cent willing to invest in this asset class compared to a global average of 29 per cent.


The survey is based on responses provided during October and November 2019 by 620 private bankers and wealth advisors who manage over $3.3 trillion of wealth for UHNWI clients spread across 200 countries and territories.

domination

North America, according to Knight Frank, dominates the UHNWI landscape, with over double the UHNWI population of Europe.

Asia, on the other hand, is quickly closing the gap on Europe

RBI may use unconventional tools to combat coronavirus impact: Report

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The (RBI) is considering using unconventional policy tools to spur lending, three government officials told Reuters, amid fears that the outbreak will derail any revival of economic growth. is planning to infuse fresh cash liquidity into the system through a second round of long-term repo operations (LTRO), three sources aware of the matter told Reuters. They asked not to be named as discussions were still private.


Globally, central banks are taking steps to provide liquidity to stabilize financial markets, which have sunk as the spread over more than 80 countries.

The Federal Reserve slashed U.S. interest rates by half a percentage point on Tuesday in an emergency move. Central banks in Australia and Malaysia also cut rates and on Monday the Bank of Japan took steps to provide liquidity to stabilize there.



One of the officials said the might inject as much as 1 trillion rupees ($13.62 billion) in a new round of LTROs that begin as early as April.



Funds are being offered at the repo rate of 5.15% as part of the operations,

Govt has collected Rs 7.52 trillion direct tax in Apr-Jan: Anurag Thakur

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The government has collected over Rs 7.52 lakh crore as direct taxes till January 31 of the current fiscal, Parliament was informed on Tuesday.


The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on March 31, at Rs 11.70 lakh crore.



“The total amount collected under direct tax collection, as on 31st January, 2020 is Rs 7,52,472 crore,” Minister of State for Finance Anurag Thakur said in a written reply in the Rajya Sabha. Direct Tax includes corporate and income tax.


He said the last advance tax instalment is due in March 2020, and hence it is little premature to predict the final collection of direct taxes for the current year at this stage.


In a separate reply, Thakur said RE for current fiscal has projected revenue receipts at Rs 18.50 lakh crore, lower than Rs 19.62 lakh crore projected in the Budget.


“Lower estimated RE 2019-20 in respect of corporation tax, taxes on income, customs duty , excise duty annd Goods and Services Tax have resulted in the revenue receipts being lower than the

Crisil SME Tracker: Profitability of dairy units will rebound in FY21

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CRISIL expects a sharp hike in milk procurement costs relative to milk retail prices to deal a huge blow to the earnings before interest, tax, depreciation and amortisation (EBITDA) margins of dairy processors — especially private small and medium enterprises (SMEs) — in the current fiscal year (FY20).


The all-India milk procurement cost is estimated to have risen 19 per cent year-on-year (y-o-y) for dairy processors over April-December 2019, and is expected to rise by 18-20 per cent for the full fiscal. The uptick in prices has been fuelled by a 5-6 per cent decline in milk production in the current fiscal year — due to high temperatures during April-June, and floods in July-August.


Retail milk prices rose by 3-4 per cent during April-December 2019, and are expected to rise 10 per cent during January-March 2020, thus closing this fiscal 5 per cent higher y-o-y.


The impact will be magnified in states such as Karnataka and Haryana, where state governments offer a subsidy of ~4-6 per litre on milk supplied to cooperatives. While large private players are able to match the price offered by cooperatives to obtain the quantity of milk they

Free voice calls no excuse for poor service quality, says Trai chief

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Telcos are citing free voice calls to duck action on poor quality of service, but that will not pass regulatory muster, Trai Chairman R S Sharma said on Sunday, assuring users that the issue of call drops remains on its agenda.


The Telecom Regulatory Authority of India (Trai) head said the watchdog’s earlier provision for a penalty on telcom firms for call drops was successfully challenged in the Supreme Court, but the regulator will continue to work for improving the quality of service.



“Most of the telcos are offering voice free, their argument is that if something is free, how much can you (Trai) punish me because I am not getting anything for that, which may not be correct because they are essentially cross-subsidising,” Sharma said at the Asia Economic Dialogue here.


The comments come amid continuing call drops being experienced by subscribers across the country.


After the entry of Reliance Jio in 2016, voice calling has become virtually free as it is getting embedded in the data plans. This has resulted in entrenched operators losing their biggest revenue stream, which has led to financial troubles.

Modi unveils 10,000 Farmers Producer Organisations to boost farm income

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Aiming to augment agricultural income by helping farmers trade in their produce, Prime Minister today launched 10,000 Farmers Producer Organisations (FPO) all over the country.


Addressing the launch ceremony at Chitrakoot district in Uttar Pradesh, Modi said the government would spend Rs 5,000 crore in the next five years to strengthen FPOs for the benefit of farmers.



“The farmers have always been producers, but with the help of FPOs, they can now trade in farm produce. They will sow crop and also act as skillful traders to get the right prices,” he observed.


On the occasion, he also laid the foundation of UP’s mega infrastructure project, the 296-km Expressway, which is estimated to cost Rs 15,000 crore.


The PM said the Central Government had integrated farm policies with the farmers’ income to maximise the benefits even as he referred to the increase in the minimum support price (MSP), soil health card, neem coated urea and reenergising irrigation schemes to buttress his point.


“More than 85 million farmers’ families have been provided with over Rs 50,000 crore under PM Kisan, of which more

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