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While most world billionaires lost wealth during the pandemic, Gautam Adani’s wealth surged far ahead

EconomyWhile most world billionaires lost wealth during the pandemic, Gautam Adani’s wealth surged far ahead

According to the Bloomberg Billionaires Index, Indian Tycoon Gautam Adani beats   Musk, Bezos with a net worth of $16.2 billion in 2021 to $50 billion.  With Rs 1.18 trillion, Gautam Adani’s wealth has grown the most in the world in 2021 making him the 26th richest person in the world, with a net worth of Rs 36.39 lakh crore.  Industrialist Gautam Adani’s wealth has increased the most in the world so far in 2021, Bloomberg reported on Friday.

Indian tycoon Gautam Adani has added billions to his wealth stretching far ahead than anyone else in the world due to his new ports-to-power plants’ combination and other streams of investments where markets were easily and somewhat “mysteriously” opened to him.

According to Bloomberg data, Adani Green Energy Ltd and Adani Ports account for more than half $27 billion of his total wealth.  Besides ports and airports, he has also been adding data centers and coal mines to his business at a rapid pace in India, according to the report.

His empire is expanding on all fields where last year, he bid for 12 of the 19 coal mines in their first commercial auction in India.

“Adani has been consistently expanding its business in areas that are resilient to market cycles,” Sunil Chandiramani, founder and Chief Executive Officer at Nyka Advisory Services, told Bloomberg. “Now with the entry in data centers business, the group has also indicated its appetite for venturing into technology.”

While it should make India proud that some of the world’s richest people are Indians, it instead is irking much criticism and resentment in the face of stark poverty, joblessness, unemployment of millions of youth, which is the highest in 45 years, struggling farmers migrant laborers and women of the 130 crore population of the country.

A large 80% of Indians suffered the loss of income and had to dig into their savings and investments to survive, many lost all their wealth, and on the other side, the rich in India are restricted to the 10%, while the middle and poorer classes work more than 10 hours a day.

The inequality between the rich and poor is marking out deeper chasms with time, with cooperates increasing their wealth and little kingdoms while the laboring and middle classes wrestle each day to live with rising taxes and higher costs of living. The Central government did nothing to make things easier for the common citizen.

The discontent of Indians is growing and with the latest farmers’ revolution, unless the nexus between rich and poor is balanced out, India is heading towards another revolution for a fight against “survival of the fittest” which presently is the strategy of the Narendra Modi government.

It is also said that in one year Gautam Adani increased his wealth by $16.2 billion and on the other hand 10,113 companies voluntarily had to close down their business due to an ill-planned lockdown and thousands lost their jobs.

There may come a time when poor Indians will not have roti and the ruling 10% will say smugly, “If they don’t have roti, give them cake!”

 

 

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