Fifteen Billionaires made their debut in the top 100 of the 2024 Hurun India Rich List

Fifteen individuals have made their debut in the top 100 of the 2024 Hurun India Rich List, showcasing significant growth in wealth. Venu Srinivasan of TVS Motors leads the new entrants, ranking 36th with a wealth of ₹60,400 crore.

He is followed by Irfan Razack of Prestige Estate Projects at 51st, and Abhay kumar Firodia & family of Bajaj Finserv at 52nd. Remarkable increases in wealth were recorded by TS Kalyanaraman & family of Kalyan Jewellers (up 122%) and Romesh T Wadhwani of Symphony Technology (up 199%), now ranking 65th and 67th respectively. Other new or rising entrants include Uma Devi Prasad & family (Aristo Pharmaceuticals), Arun Bharat Ram (SRF), and Jayshree Ullal (Arista Networks).

The full list at www.hurunindia.com

Here’s a detailed breakdown of the new entrants in the top 100

M2P Fintech inches closer to unicorn status with $80 million funding from Helios, Bank Muscat.

M2P Fintech is set to close a $80 million funding round with Helios Investment Partners leading the round and Bank Muscat participating. Some of its existing investors are participating in the round too. After the round, M2P Fintech could be valued at between $850 million and $900 million.

M2P Fintech, a software services provider for banks, is in the process of closing a new funding round of around $80 million in a mix of primary and secondary transactions. Africa-focused investment firm Helios Investment Partners is leading the round along with participation of Bank Muscat, said two people in the know.

According to filings made with the Registrar of Companies, accessed through Tofler, Helios will invest around $50 million in the company, picking up a stake of almost 6.5%

Some of the existing investors of M2P are also participating in the round while venture fund Beenext, one of the early investors of the Chennai-based startup, is looking to sell part of its stake along with a few of the angel investors, one of the people familiar with the matter said.

M2P Fintech, Beenext and Bank Muscat did not respond to emails seeking comment.

Post the funding round, M2P Fintech, which offers a software stack for core banking, debit card solutions and all forms of credit operations, is likely to be valued at between $850 million and $900 million, taking it closer to the unicorn status — startups which are valued above a billion dollars.

“M2P is focused on building its business outside India... the Middle East and Africa markets are the geographies where it is looking to strengthen its business, that is where Helios is coming in as an investor and some of the major lenders in the Middle East are also keen to acquire a stake in the company,” said one of the people in the know of the development .In January 2022, the fintech had raised $56 million in a round led by New York-based Insight Partners, Better Capital and Tiger Global Management. Post the round, the startup was valued at around $600 million. According to Tracxn, M2P reported a net loss of Rs 134 crore on revenue of Rs 488 crore in fiscal 2023.

Founded in 2014 by Madhusudanan R, Muthukumar R and Prabhu Rangarajan, M2P was nominated in the Bootstrap Champ category at The Economic Times Startup Awards 2019. It counts Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the DMI Group’s Sparkle Fund among its investors.

SLB and NVIDIA collaborate to develop generative AI solutions for the energy sector

Working together with NVIDIA, SLB will build and optimize models to the specific needs and requirements of the data-intensive energy industry, including subsurface exploration, production operations and data management.

The collaboration accelerates the development and deployment of industry-specific generative AI foundation models across SLB’s global platforms, including its Delfi™ digital platform and Lumi™ data and AI platform, by leveraging NVIDIA NeMo™, part of the NVIDIA AI Enterprise software platform, to develop custom generative AI that can be run in the data center, in any cloud or at the edge.

Working together with NVIDIA, SLB will build and optimize models to the specific needs and requirements of the data-intensive energy industry, including subsurface exploration, production operations and data management. This will help unlock the full potential of generative AI for energy domain experts including researchers, scientists and engineers―enabling them to interact with complex technical processes in new ways to drive higher value and lower carbon outcomes.

"As we navigate the delicate balance between energy production and decarbonization, generative AI is emerging as a crucial catalyst for change," said Olivier Le Peuch, chief executive officer, SLB. "Our collaboration with NVIDIA will accelerate the creation of tailored generative AI solutions, enabling our customers to optimize operations, enhance efficiency and minimize their overall footprint."

“AI offers the energy industry an extraordinary tool for sustainably providing the resource that powers life across our planet,” said Jensen Huang, founder and CEO of NVIDIA. “Custom models created by SLB leveraging NVIDIA NeMo will provide the industry’s scientists and engineers unprecedented insight to speed their work in optimizing the energy supplies today and unlocking the clean energy innovations of tomorrow.”

SLB and NVIDIA’s collaboration first began in 2008 with the innovative use of graphics processing units (GPUs) for subsurface imaging and geoscience interpretation. The companies have worked closely over the years to optimize every generation of SLB’s high-performance compute and visualization technologies available on its Delfi platform. SLB’s integration of NVIDIA NeMo and NVIDIA NIM™ inference microservices will offer customers a robust platform for harnessing generative AI in their technical workflows.

Today’s announcement was made at the SLB Digital Forum 2024, which is taking place this week in Monaco.

Ford plans comeback by restarting manufacturing plant in Tamil Nadu for global exports

Ford is planning a comeback in India by restarting its manufacturing plant in Tamil Nadu for exports. The company exited the Indian market in 2021 due to losses and low market share. Discussions with Tamil Nadu officials indicate a renewed focus on electric vehicles and sustainability, aiming to leverage India's growing auto market

Automaker Ford, who is set to enter Indian market again, on Friday announced intention to repurpose its Chennai plant for manufacturing vehicles aimed at export markets as part of its Ford+ growth plan by submitting Letter of Intent to the Government of Tamil Nadu.The Chennai facility will be repurposed to concentrate on manufacturing for global markets. The 'Make in Chennai' plans emerge after Chief Minister MK Stallin met Ford Leadership during former's United States visit.

“We are grateful for the ongoing support from the Tamil Nadu Government as we explored different options for the Chennai plant,” said Kay Hart, president, Ford International Markets Group. “This step aims to underscore our ongoing commitment to India as we intend to leverage the manufacturing expertise available in Tamil Nadu to serve new global markets.”Further information about the type of manufacturing and other details will be disclosed in due course, said press release.

"Ford currently employs 12,000 individuals in Global Business Operations in Tamil Nadu, a number expected to grow by 2,500 to 3,000 jobs within the next three years. Combined with the engine manufacturing operations in Sanand, India represents Ford’s second-largest salaried workforce worldwide," said Ford in the statement. Why is Ford planning a comeback?

After announcing the exit in September of Ford did apply to participate in the government's PLI scheme but later dropped its plans to make EVs in India for the global markets. In fact, the talk about Ford's re-entry has never died since its exit. Last year, Ford unexpectedly abandoned plans to sell its Tamil Nadu plant (it had sold its Gujarat plant to Tata), its sole remaining factory site in the country, after finalising a deal with the Sajjan Jindal-led JSW Group.

Ever since there has been speculation about its return to India, especially when Indian market has matured quickly and foreign brands such as Kia and MG Motors have become successful in a short period. With China's and Europe's markets not being as significant, India becomes a focus for growth. "Feeling is that it is not right to stay out of India, especially as the brand is still well-known to potential buyers," a source had told TOI. India's new EV policy should be a big pull for Ford.

US Fed cuts rates by half point in decisive bid to defend economy

The Federal Open Market Committee voted 11 to 1 to lower the federal funds rate to a range of 4.75 percent to 5 percent, after holding it for more than a year at its highest level in two decades

The Federal Reserve lowered its benchmark interest rate by a half percentage point on Wednesday, in an aggressive start to a policy shift aimed at bolstering the US labor market.

Projections released following their two-day meeting showed a narrow majority, 10 of 19 officials, favoured lowering rates by at least an additional half-point over their two remaining 2024 meetings.

The Federal Open Market Committee voted 11 to 1 to lower the federal funds rate to a range of 4.75 percent to 5 percent, after holding it for more than a year at its highest level in two decades.

Wednesday’s decisive move highlights the growing concern among policymakers over the employment landscape.

“The committee has gained greater confidence that inflation is moving sustainably toward 2percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance,” the Fed said in a statement, adding that officials are “strongly committed to supporting maximum employment” in addition to bringing inflation back to their goal.

Policymakers penciled in an additional percentage point of cuts in 2025, according to their median forecast.

Investors, who were leaning toward a big cut earlier Wednesday, will listen for additional guidance on what prompted the quick start when Fed Chair Jerome Powell holds a press conference at 2:30 p.m. in Washington.

Governor Michelle Bowman dissented in favour of a smaller, quarter-point cut, the first dissent by a governor since 2005, and the first dissent from any member of the FOMC since 2022.

In their statement, policymakers said they will consider “additional adjustments” to rates based on “incoming data, the evolving outlook and the balance of risks.”

They also noted that inflation “remains somewhat elevated” and job gains have slowed.

Officials updated quarterly economic forecasts, raising their median projection for unemployment at the end of 2024 to 4.4 percent from 4percent forecast in June. That would represent a small deterioration from the current level of 4.2 percent. Powell said last month that further cooling in the labor market would be “unwelcome.”

The median forecast for inflation at the end of 2024 declined to 2.3 percent, while the median projection for economic growth ticked down to 2percent. Policymakers still don't see inflation returning to their 2 percent target until 2026.

Officials again raised their projection for the long-run federal funds rate to 2.9 percent from 2.8 percent.

Wednesday's decision begins a new chapter for the Fed, which started lifting borrowing costs in early 2022 to curb a pandemic-driven surge in prices. Inflation, fanned by supply-chain disruptions and a wave of demand from locked-down consumers, ultimately climbed to its highest level since 1981.

The central bank raised rates 11 times, bringing its benchmark to a two-decade high in July 2023.

Since then, inflation has cooled considerably and -- at 2.5 percent -- is nearing the Fed's 2 percent target. And while the labor market has weakened, there's no clear indication the US economy is in recession or on the cusp of falling into one. Layoffs remain low, consumers are still spending and economic growth is strong.

Still, there are growing signs of strain. Excess savings that helped support Americans in recent years have run dry, and delinquency rates are rising. An increase in job losses could trigger a pullback in spending and slow the economy.

The muddied economic picture has increased uncertainty and spurred divisions among Fed officials over the best path forward for policy. Some are anxious to curb labor-market weakness before it spirals into more pain. Others worry that cutting rates too quickly may reignite demand and keep inflation elevated.

India prioritises review of Asean trade pact for simpler business terms

The commerce department on Friday said that the review of the Asean-India Trade in Goods Agreement (AITIGA) is ‘high on our priority’ to make the pact more ‘user-friendly, simple, and trade-facilitative for businesses’.

Economic ministers of India and the 10-member Association of Southeast Asian Nations (Asean) are meeting in Laos to review the progress in negotiations of the trade deal between both sides. Commerce and industry minister Piyush Goyal is visiting the Southeast Asian nation on September 20–21.

People aware of the matter said that India is pushing for a quicker conclusion of the review of the trade deal. New Delhi will nudge Asean nations such as Indonesia and Vietnam to give market access for more products to make the deal more ‘balanced’, one of the persons cited above said.

“Met the Asean-India Business Council (AIBC) delegation on the sidelines of the 21st Asean-India Economic Ministers' meeting. Discussed strengthening business engagements between India and the Asean nations and exploring new avenues for growth and collaboration,” Goyal said on X.

Asean comprises Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

The India-Asean trade deal came into force in January 2010. In August 2023, both sides announced the aim to complete the review of the existing agreement in goods between the two regions by 2025.

Goyal will also attend the 12th East Asia Summit Economic Ministers' Meeting (EAS EMM). These annual meetings of Asean with their dialogue partners are being hosted this year by Laos, the Asean chair for 2024. “The ministers will deliberate on regional and global economic developments,” the statement said.

Minister Goyal will have a number of bilateral meetings with his counterparts from participating countries on the sidelines of the two institutional meetings.

Asean is one of India’s most important trading partners. For the last two consecutive years, Asean has been India's second-largest trading partner.

India Sept business growth at nine-month low as demand eases, PMI shows

India's business activity growth slowed to a nine-month low in September due to cooling demand and rising costs, according to an HSBC survey. Despite this, services sector jobs rose at the fastest pace in two years. The overall expansion streak continues for over three years, with both manufacturing and services sectors showing similar trends.

Growth in India's business activity slowed to a nine-month low in September amid a slight cooling in demand and an uptick in costs, according to a survey that also showed services sector jobs rose at the fastest pace in two years.

HSBC's flash India Composite Purchasing Managers' Index, compiled by S&P Global, slipped to 59.3 this month from August's final reading of 60.7.

However, overall activity remained strong, taking the expansionary streak - the 50-mark separating expansion from contraction - to over three years.

"The flash composite PMI in India rose at a slightly slower pace in September, marking the slowest growth observed in 2024," noted Pranjul Bhandari, chief India economist at HSBC."Both the manufacturing and service sectors exhibited similar trends during the month. Nevertheless, the pace of growth remained well above the long-term average."

The dominant services industry's index fell to 58.9 this month from 60.9 in August, its lowest since November, while the manufacturing one cooled to an eight-month low of 56.7 from 57.5.Overall growth was hurt by a softer rise in new business and orders - key gauges for demand - for both services and goods providers in domestic as well as overseas markets. The pace of expansion in manufacturing output was largely unchanged from August. Highlighting softer demand, companies refrained from fully passing on a slight acceleration in input costs to customers as prices charged were muted compared to last month. Firms noted higher raw materials and electricity prices. "Input cost inflation rose at a slightly quicker pace in September.

Rates of increase in output charges slowed in both sectors, with manufacturers experiencing a larger slowdown, implying a bigger reduction in their margins," added Bhandari. That is likely to keep the Reserve Bank of India on edge as uncertainty over the inflation outlook has increased despite registering below its medium-term target of 4.0% for a second month in August. The next policy meeting will be Oct. 7-9.However, firms continued to hire additional staff this month as the business outlook for the coming 12 months was upbeat, driven by expectations of securing new business. The rise in employment in the services sector was the sharpest since August 2022 and manufacturing jobs increased for a seventh consecutive month, albeit at a slightly easier pace than in August.