India ranks fourth in the number of rich people

 New Delhi: India ranks fourth among the countries with the highest net worth individuals in the world, with 85,698 people, according to a report released,

Rich people

wealth advisory firm Knight Frank.

Those in this category must have a cash balance of one million dollars, or 8.60 crore rupees in Indian currency, in immediate cash.

The United States continues to lead in creating the richest people. Of the total rich people in the world, 40 percent are in the United States; 20 percent in China; and 5 percent in Japan.

The number of rich people is increasing due to the growing number of startups in India. Last year alone, the number of rich people in India grew by 12 percent. While only 7 rich people were created in 2017, 26 new rich people were created last year. 

Services sector growth increases in February

New Delhi: The country's services sector grew significantly in February on the back of strong new orders, according to the HSBC PMI report.

 

The services sector, which had fallen to a 26-month low of 56.50 in January, rose to 59 in February. A reading above 50 indicates growth, while a reading below 50 indicates contraction.

Reasons for the growth; Strong domestic and global demand; Increase in new international orders;

Impact of growth; Hiring activity accelerated in February.

 

The composite PMI for both manufacturing and services sectors increased to 58.8 in February from 57.70 in January.