Gautam Adani, chairman of Adani Group, may soon take over Mukesh Abani and become Asia's most wealthy person if Adani Group listed companies continue to expand.
Gautam Adani is a millionaire with an estimated wealth of $68.4 Billion as of Wednesday. Mukesh Ambani's personal wealth is $75.8 Billion
Gautam Adani witnessed a dramatic rise in shares prices during the COVID-19 epidemic
Adani Enterprises shares increased 800% and Adani Transmission shares increased 700 percent. Adani Total Gas Limited shares were up 1100%, and Adani Green Energy Limited shared 400%. Adani Ports and SEZ(APSEZ) shares doubled, while Adani Power shares increased three-fold
Gautam Adani has nearly tripled his wealth up to $68.4 billion since the beginning of 2021, while Reliance Industries chairman Mukesh Ambani is now Asia's richest is down $945 million this year.
Among the global billionaires, Adani has added most wealth this year after French tycoon Bernard Arnault, chairman of LVMH Moet Hennessy Louis Vuitton. It is the world's biggest luxury goods maker.
Adani's rise Adani is occurring at a time when India is battling the COVID-19 epidemic, and the virus will likely cause Indian families poorer by Rs 66,000 crore since healthcare expenses are projected to rise by 11% amidst the rising fuel cost for inflation and a decline in incomes, as per SBI Research.
According to the Centre for Monitoring Indian Economic Data the rate of unemployment in India jumped to almost 8 percent in April. Over seven million people lost their jobs in April, the highest number in just four months. This is because of the second wave of pandemics that ravaged the country.
The inflation rate for wholesale reached a peak of 10.5 percent in April 2021. This was the highest rate since April 2011 when the series began. The rise in inflation has been fueled by the dramatic increase in diesel and petrol prices, which increased by 22.5% and 20.6 percent and 20.6%, respectively. Ravindra and a team RBI economists have created a research paper to show that India's threshold level of inflation is set at 6 percent
After shrinking 7.7 percent in 2020 due to the COVID-19 pandemic, the economists are again lowering India's proposed double-digit growth this year to a single-digit growth due to the second wave of COVID-19 and the slower than anticipated vaccination deployment.
