1) With 4,300 millionaires leaving India in 2024, Dubai remains the preferred haven for wealth, safety, and global opportunities.
In 2024, an estimated 4,300 Indian millionaires are projected to leave the country, with the UAE, particularly Dubai, being a popular destination, driven by factors like zero income tax, golden visa programs, and a luxurious lifestyle, according to a report by Henley & Partners.
Here's a breakdown of the situation:
Henley & Partners estimates that around 4,300 Indian millionaires are likely to move out of India in 2024.
The UAE, especially Dubai, is a major draw for these wealthy individuals, Henley & Partners reports.
Attractions of the UAE:
- Zero Income Tax: The UAE has no income tax, which is a significant factor for attracting wealthy individuals.
- Golden Visa Programs: The UAE's golden visa programs offer long-term residency, making it an attractive option for those seeking to relocate.
- Luxury Lifestyle: Dubai is known for its luxurious lifestyle, which appeals to many wealthy individuals.
- Strategic Location: The UAE's location provides easy access to other parts of the world, making it a convenient hub for global travel and business.
Global Trend:
- Henley & Partners also notes that 2024 is expected to be a year of significant wealth migration globally, with approximately 128,000 millionaires relocating worldwide.
Other Destinations:
- While the UAE is a top choice, other countries like the USA, Singapore, and Canada are also popular destinations for migrating millionaires.
2) India is set to build its first offshore airport, Vadhvan Airport, on an artificial island near Mumbai.
India is taking a major step in aviation with the construction of its first offshore airport near Mumbai. The Vadhvan Airport, planned on an artificial island near the Vadhvan seaport, aims to reduce congestion at existing airports and improve air connectivity. Inspired by Hong Kong International Airport and Osaka’s Kansai International Airport, the project has received initial approvals.
The project has secured clearances from India’s environment and defense ministries, along with the Maharashtra state government. The Airports Authority of India (AAI) will conduct feasibility studies before finalizing the investment estimate. Located 125 km from Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA), this ambitious project aligns with India’s aviation expansion goals.
Key Connectivity Features
Vadhvan Airport will be Mumbai’s third major aviation hub after CSMIA and the under-construction Navi Mumbai International Airport (NMIA). Key connectivity aspects include:
Mumbai-Ahmedabad Bullet Train Integration: The airport will have a stop along the high-speed rail corridor.
Expressway Connectivity: It will link with major expressways, including the Delhi-Mumbai and Mumbai-Vadodara Expressways, ensuring smooth access.
3) 4-lane tunnel beneath River Brahmaputra between Gohpur and Numaligarh in Assam proposed.
A four-lane tunnel beneath the Brahmaputra River is being planned to connect Gohpur and Numaligarh in Assam, marking India's first-ever road tunnel under a major river. The Detailed Project Report (DPR) for the proposed tunnel has been completed and technically appraised by the Project Appraisal and Technical Scrutiny Committee (PATSC) under the National Highways and Infrastructure Development Corporation Limited (NHIDCL).
The tunnel is expected to be completed in five years after the award of the project. The project involves the construction of India's first-ever road tunnel beneath a major river. The four-lane tunnel under the Brahmaputra will connect Gohpur and Numaligarh in Assam, reducing travel time from 6.5 hours to just 30 minutes by shortening the distance from 240 km to 34 km.
This twin-tube, unidirectional underwater tunnel will also enhance connectivity to Arunachal Pradesh, Manipur, and other northeastern states. "The Detailed Project Report (DPR) for construction of underwater four-lane Tunnel Connectivity across river Brahmaputra between Gohpur (on NH-15) and Numaligarh (on NH-715) in the State of Assam has been prepared and technically appraised by Project Appraisal and Technical Scrutiny Committee (PATSC) in National Highways and Infrastructure Development Corporation Limited (NHIDCL)," Union Road Transport and Highways Minister Nitin Gadkari said in a written reply to a question in the Lok Sabha on Thursday (20 March).
4) Gold, silver prices rise by Rs 1,300 in 1 day hit all-time high of Rs 90,750/ tola & Rs1,02,500 kg respectively.
In the past year, both gold and silver have surged by 30%, driven largely by global uncertainties, including the recent US election, which traditionally boosts gold as a safe-haven asset. However, following Donald Trump’s victory, gold prices have seen a correction over the past month. Analysts predict that gold will remain rangebound in 2025 as market dynamics stabilize.
Conversely, silver may experience a more robust upward momentum. Its diverse industrial applications—such as in electronics, solar panels, advanced healthcare, and electric vehicles—are contributing to sustained demand. Additionally, ongoing supply-side challenges are pushing silver prices higher, and these issues are expected to persist, maintaining buoyancy in the market.
A key factor influencing commodity prices is the DXY index; a reversal in this index could have positive implications for metals. Should the DXY decline, it could trigger a rally in both gold and silver.
"After this rally, gold is expected to remain rangebound in 2025. Silver, on the other hand, may witness momentum on the back of its usage in various industrial applications including electronics, solar panels for renewable energy, advanced healthcare and electric vehicles. Various supply-side challenges also led to higher prices of silver – a situation unlikely to improve soon. We may expect the silver prices to remain buoyant. A reversal in the DXY index may be positive for commodities. Hence a rally in metals may be expected if the DXY reverses," said Deepak Ramaraju, Senior Fund Manager, Shriram AMC.
5) India's paper industry poised to recover in 2025-26, despite rising imports and raw material costs.
The Indian paper industry is poised for a gradual turnaround despite the acute margin pressures that it has been facing due to rising imports and raw material costs in FY24 and the first 9 months of FY25, according to a report by CareEdge Ratings released on Monday. The report states that with the expected stabilisation of wood pulp prices and moderation in imports, operating margins of the paper industry are projected to improve by about 2 per cent in FY26.
The paperboard and packaging segment, which contributed 55 per cent of industry revenue in FY24, grew by 8.2 per cent driven by e-commerce and the ban on single-use plastics. Additionally, the printing and writing paper segment is set to benefit from the National Education Policy (NEP) 2020 and increased government spending on education, positioning the industry for long-term growth, the report states.
"The Indian paper industry is at a critical juncture. While challenges like rising imports and raw material cost inflation have strained margins in FY24 and the first 9 months of FY25, the sector is poised for recovery. Stabilisation of costs and strong demand drivers will support margin improvement by FY26. To remain competitive, manufacturers must focus on modernisation, cost optimisation, and sustainable packaging innovation," CareEdge Ratings Associate Director, D. Naveen Kumar, said.
6) DGTR recommends anti-dumping duty on vitamin imports for animal feed, from EU and China.
The Directorate General of Trade Remedies (DGTR) has recommended an anti-dumping duty on imports of Vitamin-A Palmitate, used for animal feed, from China, the European Union (EU), and Switzerland, ranging from USD 0.87 to 20.87 per kilogram, for a period of five years.
Here's a more detailed breakdown:
- Product: Vitamin-A Palmitate, used in animal feed.
- Countries of Origin/Export: China, the European Union, and Switzerland.
- Recommended Duty: Up to USD 20.87 per kilogram, with a range of USD 0.87 to 20.87 per kg.
- Duration: Five years.
- Reason: Piramal Pharma Ltd filed a petition with DGTR, alleging that the imports are being dumped, causing harm to domestic industries.
- Role of DGTR: The DGTR, an investigation arm of the commerce ministry, conducts anti-dumping investigations to determine if domestic industries are being hurt by cheap imports.
- Final Decision: The Finance Ministry will make the final decision on whether to impose the duty.
- Purpose of Anti-Dumping Duty: To ensure fair trading practices and create a level playing field for domestic producers against foreign producers and exporters.
- Related Cases: The Economic Times reports that the DGTR also recommended anti-dumping duty on "Insoluble Sulphur" exported from China and Japan.
7) Union Minister Nitin Gadkari has confirmed that toll collection on national highways will continue indefinitely, even after cost is recovered.
Lawmakers suggested that toll collections exceed initial road investment costs, warranting lower fees or closure of some toll booths. Gadkari rejected the demand for toll audits, maintaining that toll fees are revised annually and used for infrastructure development.
Critics argue that many toll plazas continue charging high fees even after their investment is recovered.
During the concession period, tolls are collected by private contractors as per their agreements. After this period ends, the government or its agencies take over toll collection, ensuring continued revenue from national highways, bridges, tunnels, and bypasses.
Despite the government’s stance, toll audits could enhance transparency:
- They would reveal whether toll revenues justify the costs of highway construction and maintenance.
- Many toll plazas continue charging fees after recouping investments, raising concerns about over-taxation.
- Public trust in the system is declining, with poor road quality despite increasing toll charges.
8) LIC requests RBI to introduce 100-year government bonds, to invest its funds of whole life polices.
Life insurance giant LIC has requested the Reserve Bank to introduce long-term government bonds, including 100-year paper as well, a top official said on Tuesday. Siddhartha Mohanty, Managing Director and Chief Executive of LIC, said the insurer sells whole life policies, which need investments in long-term bonds.
The RBI has been giving permission to 20-30 years bonds, and has also given a go-ahead for a 40-year bond, he added. "I am also expecting 50-year, even 100-year bonds. Our people are discussing this from time to time with RBI, and they are also considering this," Mohanty told reporters on the sidelines of the GCA25 here.
Further, he pointed out that while many countries issue 100-year bonds in the global market, India has yet to introduce such bonds due to limited demand and low activity in the secondary market. Mohanty said LIC has been very active in the G-sec (Government Security) investments, and added that the insurer has been subscribing to over a fifth of the issuances.
9) SC has assured CBI probe into nexus between banks and builders after homeowners complain of forced EMI without possession.
The Supreme Court has expressed concern about the alleged nexus between banks and builders and assured that a probe by the Central Bureau of Investigation will be held into the grievances of homeowners. A group of homeowners have gone to court, claiming that they are being forced by banks to pay EMIs although they have not obtained possession of flats due to delay by builders and developers.
"We are not going to certify any institution as bad or good," said Justice Surya Kant, who was heading the two-judge bench hearing the matter. "We will definitely have CBI probe. That is clear. Thousands of people are crying. We can't wipe their tears but we can address their issues. Something very effective has to be done in timebound manner," he added. The Central agency has been asked to file a plan on how it intends to tackle the job.
In a landmark ruling in July 2024, the Supreme Court had directed that no coercive action, including EMI recovery, should be taken against homebuyers in the National Capital Region (NCR) who haven't received possession of their flats. But the order is far from being implemented. Moreover, the homeowners have alleged that the loan amounts were illegally disbursed directly into the accounts of the builders/developers in violation of RBI guidelines.
10) Google to buy cloud security firm Wiz for $32bn in its biggest deal.
On Tuesday, Google LLC announced it had signed a definitive agreement to acquire Wiz, Inc., a leading cloud security platform for $32bn, in an all-cash transaction. The deal will be the company’s biggest-ever acquisition.
Alphabet, Google’s parent company, has been eyeing Wiz for a while. In 2024, it was in discussions to acquire Wiz for $23bn. However, Wiz decided to withdraw from the deal due to worries about federal regulatory resistance and its intentions to pursue an initial public offering. The companies are seemingly less concerned about potential regulatory hurdles under the Trump administration and its more merger-friendly outlook. The administration’s attitude toward Big Tech may, however, be a cause for concern. Andrew Ferguson, the new Federal Trade Commission chairman, has been outspoken about his resolve to keep Big Tech under control.
In light of these concerns, according to the Financial Times, Alphabet, has agreed to a reverse termination fee of $3.2bn, which is rumoured to be among the highest ever agreed. If the deal wins regulatory approval and meets several conditions spelled out in the agreement, Google and Wiz expect the deal to close in 2026. Upon completion, Wiz will join Google Cloud.
1) Google to pay ?241 crore to settle lawsuit claiming it favoured white, Asian staffers.
Google has agreed to pay $28m (£22m) to settle a class action lawsuit claiming that it favoured white and Asian employees by paying them more and putting them on higher career tracks than other workers.
The accord with Google, a unit of Alphabet, won preliminary approval last week from Judge Charles Adams of the Santa Clara county superior court in California. He called the settlement fair, reasonable and “a good result for the class” of at least 6,632 Google employees in California between 15 February 2018 and 31 December 2024.
A Google spokesperson confirmed the settlement on Tuesday, but added: “We continue to disagree with the allegations that we treated anyone differently, and remain committed to paying, hiring and levelling all employees fairly.”
12) Business decisions now made considering national security: EAM
External Affairs Minister S Jaishankar said on Wednesday that business decisions are increasingly linked to national security. “The world today makes business decisions factoring in national security in a manner in which it did not do so before, especially in the digital era,” Jaishankar said on the last day of this year’s Raisina Dialogue, a strategic affairs conference hosted by the Ministry of External Affairs and Observer Research Foundation.
Speaking during a session on the intersection of government and business, he said, be it tariffs or sanctions, the “weaponisation” of economic activity is now a reality – “countries use them”. “It could be financial flows, energy supplies, or technology. This is the reality of the world,” he said.
India would have to negotiate the best deals possible because “governments fight for their businesses,” he added. “You’re fighting for your comprehensive national power of which business makes a very important contribution.” One way to handle the “weaponisation” of economic activity, he said, is “to stay on the right side of the weapon so that you don’t get hit.”
13) I apologise. We failed to respond to AI semiconductor market: Samsung CEO to shareholders on poor stock performance.
Samsung Electronics said on Wednesday it is looking at major deals to drive growth as it faced tough questions from shareholders after its failure to ride an artificial intelligence boom made it one of the worst-performing tech stocks last year.
The South Korean firm has been suffering from weak earnings and sagging share prices in recent quarters after falling behind rivals in advanced memory chips and contract chip manufacturing, which have enjoyed strong demand from AI projects. Shareholders slammed management for poor stock performance and called for measures to revive stock prices at the meeting.
"First and foremost, I sincerely apologise for the recent stock performance not meeting your expectations. Over the past year, our company failed to adequately respond to the rapidly evolving AI semiconductor market," Samsung co-CEO Han Jong-hee said at the meeting.
14) In 2025 an IPL team expenses are ?120 cr in auctions, ?100 cr in operations, and ?45 cr in player retentions.
In the 2025 IPL, a team's total expenses are ?120 crore for the auction, ?100 crore for operations, and ?45 crore for player retentions, totalling ?265 crore.
Here's a breakdown of the IPL 2025 expenses:
Each team has a total purse of ?120 crore to build their squad.
Teams spend ?100 crore on operational costs, which include things like stadium rentals, coaching staff salaries, and other administrative expenses.
Teams can retain up to six players, including a maximum of five capped players (Indian or overseas) and up to two uncapped players.
The retention costs are set as follows for capped players: 1st Retention: ?18 crore, 2nd Retention: ?14 crore, 3rd Retention: ?11 crore, 4th Retention: ?18 crore, 5th Retention: ?14 crore. Additionally, each uncapped retained player will have a salary cap of ?4 crore.
The total expenses for an IPL team in 2025 are ?120 crore (auction) + ?100 crore (operations) + ?45 crore (player retentions) = ?265 crore.
15) Govt blocks 357 illegal online gaming websites ahead of IPL.
The finance ministry on Saturday said GST intelligence officers have blocked 357 websites operated by illegal offshore online gaming firms and frozen approximately 2,400 bank accounts linked to these entities. With the Indian Premier League (IPL) season starting from Saturday, tax authorities are intensifying enforcement efforts to curb illicit gaming activities.
The ministry has also issued a public advisory, warning against engaging with offshore gaming platforms, while urging the public to engage only with regulated e-gaming platforms, warning that non-compliance by foreign entities distorts fair competition, harms local businesses, and skews the market.
“It has been observed that many Bollywood celebrities and cricketers, along with WhatsApp, and Instagram influencers, are found endorsing these platforms, and, therefore, the public is advised to remain cautious and not engage with offshore online money gaming platforms as it may jeopardise their personal finances and indirectly support activities that undermine financial integrity and national security,” the finance ministry said in a statement.