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India is expected to secure its position in World top 10 richest place list by 2017 with its increasing number of millionaires. A report by banking giant Barclays revealed that emerging markets like India, China and Russia are fast catching up with the rich countries in terms of their wealth and India is projected to be in the 8th position among the world’s top 10 wealth centers in coming decade.

“Over the coming decade, the gap in wealth between the world’s most developed countries and the leading emerging markets will continue to narrow with many new millionaires being created in India, China, Russia and other countries which are undergoing rapid development,” says Barclays Wealth Report.

Barclays told that the four emerging markets - India, China, Brazil and Russia will house so many millionaires in the coming decade and will replace the more developed economies such as Australia, South Korea and Portugal from the list and the markets will no more be categorized as emerging markets.

In India, there would be 4, 11,000 households with wealth in excess of USD 1 million by 2017. The numbers of mass affluent, with wealth over $500,000, is expected to rise from a negligible figure in 2007 to 1.9 million by 2017, the report said.

The country’s financial assets stood at $1.8 trillion in 2006, more than double its GDP, a higher ratio than that in Latin America, Eastern Europe or Russia, it added.

Where the second fastest growing economy India is expected to come at position eight in the top 10 wealth centers, China is likely to move up to third rank from its present seventh place. Russia can move from 19th to 11th position while Brazil can swing to 12th from 15th.

Other developed countries are falling from their position. Australia’s ranking fell from 10th to 16th, while South Korea dipped to 12th from 15th and Portugal came down to 34th from 25th.

In 2007, G7 countries- Canada, France, Germany, Italy, Japan, the UK and the US, contained more than one million millionaire households. By 2017, there would be 12 countries with one million USD millionaire households, the report said.

“In long-term, India’s economic prospects look rosy, although there remain obstacles to growth, including poor infrastructure, trade barriers and a shortage of skilled labor” Barclays added.

Tags: Australia, Barclays, Brazil, China, India, Portugal, Rich, RIchest, Russia, South Korea, World

Government has planned to impose different rates of water for different section of consumers. Richer will have to pay more as stated by the government on Thursday.

Urban Development Minister Jaipal Reddy said, ”Different sections need to be charged differently”.

He told Rajya sabha that prices cannot be imposed uniformly. Affluent sections consume more water and can pay more comparative to poor section.

Urban Development Minister Jaipal Reddy told Rajya Sabha that the government was not thinking of increasing the price of water for poorer sections.

But needed to charge the affluent to cover the operation and maintenance expenses.

he said the quality of water made available in Delhi was ‘not satisfactory’ and through JNNURM efforts are on to improve quality of drinking water. “In the course of time, it will have a salutary effect,” he added.

On drinking water shortage, he said although the matter is under the purview of states, the Centre is giving highest priority to the issue and trying to address it through the Jawaharlal Nehru National Urban Renewal Mission (JNNURM).

Also he said that the Master Plan 2021 has taken note of the problem of the drainage system and water-logging in Delhi and suggested measures to improve the situation.

He said the government is also planning to formulate a Real Estate Management (Regulate and Control Bill) which will be applicable to Delhi and will also act as a model legislation for other states.

The bill is at a draft stage, he added.

Tags: Rich, Water, Water Tax