Our special correspondent Bai Yuan Our special correspondent in India Cao Chong
"The government led by Indian Prime Minister Modi is rapidly creating billionaires and pushing a group of little-known entrepreneurs into the ranks of the super rich." According to Bloomberg of the United States It was reported on the 13th that in the past ten years, India has produced more billionaires than at any time in history.
reported that due to the rapid economic growth, the Indian government has invested a lot of money in infrastructure construction. These funds have not only flowed into large Indian construction companies such as Adani Group, Ambani's Reliance Group, and Larsen Tubbo, but also It has benefited small builders with assets worth billions of rupees, created many billionaires in the infrastructure and real estate fields, enabled medium-sized companies to develop into large companies, and many companies with roots in the country have gradually grown into multinational companies.
Media lists 5 super rich people
According to Bloomberg, India is experiencing the so-called "Gilded Age" and the economic growth trend has not shown signs of slowing down. The consumer sector has also experienced similar changes. Due to the growth of the middle class, India's per capita income has increased significantly in the past decade and consumer demand has strengthened. Many small companies that were unknown more than a decade ago have now become household brands.
Dipanshu Mohan, director of the Center for New Economic Research at Jindal Global University in India, said: "The Indian government has been pursuing a more pro-business model." According to estimates by Knight Frank, an international real estate consultancy, by 2028, India's net worth Those above $30 million will grow by about 50%.
Bloomberg said that now Modi is pursuing his third term as prime minister, and around the "Modi's Promise" plan he proposed during the election campaign, India's super-rich are expected to become the fastest-growing group in the world.
To this end, Bloomberg has listed five rich Indians who have not been well-known to the public before and are inextricably linked to Modi, including: Krishna Reddy, with a net worth of US$8.3 billion; Satya Na Rayan Noir, net worth $6.9 billion; Karsampai Patel, net worth $6.6 billion; Acharya Balkrishna, net worth $3.8 billion; Chandru Lakh Jia has a net worth of US$3.6 billion.
Not only Adani and Ambani
Among the above-mentioned five rich people, Reddy, who has the largest net worth, is the president of Mejia Engineering and Infrastructure Company, a company that has recently been involved in a whirlpool of public opinion due to electoral bonds. India's "Business Today" recently reported that if the details of the electoral bonds had not been made public, Reddy might still have remained unknown to Indians despite being in charge of a business empire worth hundreds of billions of rupees. Mejia Engineering and Infrastructure Company is located in Hyderabad, Telangana. It was established in 1989 and started in the pipeline industry.
Bloomberg said that Mejia Engineering and Infrastructure Corporation is the largest electoral bond donor to the Bharatiya Janata Party. According to India's "Print" report, Reddy's relationship with Modi began as early as when Modi was the chief minister of Gujarat. Mejia Engineering and Infrastructure Company was the first company to lay solar panels on canals in Gujarat.
However, Reddy also donated money to other political parties. A former executive of Mejia Engineering and Infrastructure revealed to Indian media that Reddy understood the importance of good relations with politicians, from road tunnels in Indian-administered Kashmir to rail tunnels in Uttarakhand to As for irrigation projects in Andhra Pradesh, all projects of Mejia Corporation come from the government, whether federal or state government.
According to Bloomberg, Noir, who ranks second in total net worth, was born into a family of civil servants and once slept in a train station when he was down and out. He was originally an explosives peddler. In 1995, he founded Sun Industrial Company to trade industrial explosives and later began to manufacture industrial explosives.
At present, Sun Industries is one of the largest manufacturers of industrial explosives in India, with business footprints in 75 countries around the world. It is also a large supplier of state-owned mining giants such as Coal India. After Modi came to power, he introduced reforms to the mining industry. New policies that allowed private companies to become more involved in local mining activities also led to a "rapid expansion" of Noir's wealth.
Billionaire Patel's business originally focused on chemical products. After Modi came to power, he began to get involved in the cement industry; Rahja's main business is real estate, retail, etc., and owns an all-India department store chain; Balkrish Naze mainly deals in Indian herbal products, skin care products, etc., and has benefited from Modi’s strong promotion of Indian herbal medicine after he came to power. Modi himself is a yoga practitioner and has been promoting traditional Indian medicine.
3 companies "cover the basic necessities of life, food, housing and transportation"
A professor of political science lamented to a special reporter of the Global Times that the apples he bought these mornings all had the Adani Group logo on them. This person was still a businessman more than ten years ago. Silent and nameless. He said that all areas of food, clothing, housing and transportation in India are now being "covered" by the Tata Group, Adani Group and Reliance Group.
A professor who studies India's national economic development told reporters that after their rapid expansion, these business groups closely related to the Modi government, instead of fully investing their funds in production and technological research and development, they spent the money on political party election activities and Bribery has resulted in its products being uncompetitive overseas over the past decade, and its manufacturing strength has been slowly improving.
Reporters noticed that there are many beggars begging on the roadsides in New Delhi and Mumbai. Large slums are lined up in rows. Many roads lack repairs and domestic garbage piles up. In response to India's data that GDP growth exceeded 7% last year, an Indian friend in New Delhi joked that in fact, the economic level of ordinary people has shrunk, but because "Ambani" earned 10% more than last year, the overall increase has been about 7%. ▲
