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India Business Briefs for June 19: Millionaire exodus from India now less than 30% of China’s

(Photo credit: iStock)

By: Shubham Ghosh

HERE are news in brief on Indian economy and business for Wednesday, June 19, 2024:

India has now overtaken China as the world’s most populous nation but the net millionaire exodus from India is less than 30 per cent of China’s, highlighted in a report by Henley and Partners on the migration of the world’s millionaires. The report also highlighted that approximately 4,300 millionaires are projected to leave India this year, with a significant number choosing the UAE as their destination. Last year, the same report noted that 5,100 Indian millionaires relocated abroad. “While India loses thousands of millionaires each year, with many migrating to the UAE, concerns over the outflows may well be mitigated as with wealth growth of 85 per cent over the past decade, the country continues to produce far more new high-net-worth individuals than it loses to emigration,” the report stated.

India’s Aditya Birla Capital Limited announced its partnership with the Indian Olympic Association (IOA) as the official sponsor of Team India at the Paris Olympics 2024. As a part of this endeavour, the financial services company will launch an integrated marketing campaign featuring leading Indian athletes who will represent the country at the mega sporting event starting next month. The campaign will encapsulate stories of athletic excellence, overcoming tribulations, struggles leading up to the defining moments of pride, and will be amplified across mediums including digital, OTT, print, outdoor as well as social media platforms. “We extend our sincere gratitude to Aditya Birla Capital for their support and belief in the potential of Indian athletes and in the shared commitment to nurturing sporting talent and cultivating role models for India,” IOA president PT Usha said.

The European Union’s (EU) new ecodesign for sustainable products regulation will impact exporters of sectors, including iron, steel, aluminium, textiles, furniture, tyres, and paints, as it would increase the cost competitiveness of these goods, Indian economic think tank Global Trade Research Initiative said on Wednesday. From January 2026, Indian products exported to the EU will need to include a QR code or barcode accessible detailed information to prove that the product meets the prescribed European sustainability standards. According to GTRI, the EU will enforce these standards through the Ecodesign for Sustainable Products Regulation (ESPR), beginning with select products in January 2026 and extending to all products by 2030.

Food & beverage major PepsiCo on Wednesday announced the launch of transformative initiatives RevolutioNari, aimed at empowering 1 million women nationwide in 1,000 days. The programme is dedicated to building awareness that will enable women to take informed career decisions, provide upskilling opportunities to enhance employability, the company said in a statement. It will also help in unlocking direct and indirect opportunities to improve livelihood prospects in unconventional roles like sales, manufacturing, and agriculture within the FMCG sector across levels, it added.

National Stock Exchange managing director and CEO Ashishkumar Chauhan on Wednesday said he is confident that India’s wealth will increase 1,000 per cent over the next 50 years, thanks to the young population and technological advancements. Speaking as the chief guest at the 23rd convocation ceremony of the Entrepreneurship Development Institute of India (EDII) near Ahmedabad in the western state of Gujarat on Wednesday evening, Chauhan admitted that India still has socio-economic challenges, such as poverty, illiteracy, poor housing, living conditions, lack of food, water, sanitation and insufficient healthcare He then urged the passing-out students to be the “agent of change” and find innovative and cost effective solutions to bring change.

(With agencies)

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