India’s richest get richer | Bangkok Post: business

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India’s richest get richer

Pharmaceutical and IT magnates move up the list of billionaires as weak rupee swells export values

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Despite the slowing economy and the dip in the Indian rupee against most global currencies, the number of super-rich Indians grew by a modest 3% according to the latest compilation by Forbes. 

The “India’s 100 Richest” list released last week by the magazine showed some stunning gains made by people in the pharmaceutical and the information technology sectors, as the weakening rupee lifted the value of exports by the businesses they controlled.

The 100 richest Indians had net worth totalling $259 billion, with Reliance Industries chief Mukesh Ambani retaining his top spot at $21 billion, relatively unchanged from the previous year. Mr Ambani has said that his businesses would continue to invest more than $25 billion to expand over the next three years.

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