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Afrasia Bank Global Wealth Migration Review 2018

 

Relevancy

  • G.S. Paper 2,3

Why in news?

  • India has been declared the 6th wealthiest country in the world by this report.

AfrAsia Bank Global Wealth Migration Review 2018:

  • “Total wealth” refers to the private wealth held by all the individuals living in each country.
  • It includes all their assets (property, cash, equities, business interests) less any liabilities.
  • This excludes the government funds.
  • Larger countries have an advantage due to higher populations.
  • India is the sixth wealthiest country in the world with a total wealth of $8,230 billion.
  • The US is the wealthiest country in the world with a total wealth of $62,584 billion.
  • It is followed by China ($24,803 billion) at the second place and Japan ($19,522 billion) at the third place.
  • Other countries in the top 10 wealthiest list includes:
    • the UK $(9,919 billion)
    • Germany ($9,660 billion)
    • India ($8,230 billion)
    • Australia ($6,142 billion)
    • Canada ($6,393 billion)
    • France ($6,649 billion)
    • Italy ($4,276 billion)
  • Factors that help in wealth creation in India include:
    • large number of entrepreneurs
    • good educational system
    • robust outlook for IT
    • business process outsourcing
    • real estate
    • healthcare
    • media sector
  • These factors in future will result in a 200 per cent rise 10 year wealth growth forecast.
  • Globally, the total private wealth held worldwide amounts to around $215 trillion.
  • There are around 15.2 million HNWIs in the world, each with net assets of $1 million or more.
  • There are about 584,000 multi-millionaires in the world, each with net assets of $10 million or more.

There are 2,252 billionaires in the world, each with net assets of $1 billion or more.

Pakul Dum Dam

 

Relevancy

  • G.S. Paper 2

Why in news?

  • Pakal Dul hydro power project to provide 12 pc free power to Jammu & Kashmir.

 

Pakul dum dam:

  • The Pakal Dul Dam is a proposed concrete-face rock-fill dam on the Marusadar River, a tributary of the Chenab River, in Kishtwar district of the Indian state of Jammu and Kashmir.
  • The primary purpose of the dam is hydroelectric power generation.
  • It will divert water to the south through a 10 km (6.2 mi) long headrace tunnel and into power station on the reservoir of the Dul Hasti Dam, on the Chenab.
  • In February 2014, the project was awarded to a consortium of domestic and foreign countries.
  • It includes Patel Engineering, Bharat Heavy Electricals and Turkey’s Limak Holding.
  • Pakistan, who relies on the Chenab downstream, views the dam as a violation of the Indus Water Treaty, whereas India states it is as per Treaty Provisions.
  • The 1,000 megawatt Pakal Dul hydroelectric power project will be completed in 66 months.
  • It will provide 12 per cent free power to the state.
  • It will not only be the largest hydroelectric power project in the state but also the first storage unit.
  • The project is expected to generate employment for 3,000 persons during construction phase and to 500 persons during operation stage.
  • The government of J&K shall be getting 12 per cent free power after 10 years of commissioning of the project and water usage charges as applicable.
  • Additional 1 per cent free power will go towards Local Area Development Fund (LADF).
  • Also, the state will have first right to purchase balance power.
  • Also, the 330 megawatt Kishanganga hydroelectric power project in Jammu and Kashmir will provide 13 per cent free power to the state besides creating employment opportunity.
  • The project on the river Kishanganga, a tributary of Jhelum, is estimated to generate 1,712.95 million units of electricity.

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