DESPITE A WOBBLY OUTSOURCING INDUSTRY, A STRONGER AMERICAN MARKET HAS HELPED TECH FIRMS GROW, AND HAS PUSHED TWO SOFTWARE BILLIONAIRES UP THE RANKS. BUT INFOSYS CO-FOUNDERS MISS OUT AS STOCKS TUMBLED OVER THE MURTHY-SIKKA SPAT
The wealth of IT billionaires, much of which is derived from the value of their stocks in the companies they founded, is under threat in the long run as outsourcing, the job that built their wealth, is fast becoming obsolete. But the year under consideration for the 2017 Forbes India Rich List has revealed a contrarian trend in which the fortunes and the ranks of IT czars have gone up.
HCL Technologies’ Shiv Nadar has moved up a spot to No 7 this year, while his wealth has increased almost by a fifth to $13.4 billion, helped by a nearly 10 percent increase in HCL’s stock price in the 12 months through the September quarter. His Bengaluru rival Azim Premji has climbed two spots to No 2, behind Mukesh Ambani of Reliance Industries (Reliance Industries owns Network 18, the publishers of Forbes India). Premji, who owns close to three-quarters of Wipro, India’s third-biggest software services company, saw his wealth rise by 26 percent to $19 billion in roughly the 12 months since last year’s ranking.
This near-term turnaround in fortunes has been triggered by a broader rally in top Indian IT stocks this year as well as a strong growth in the American economy, the largest market for Indian IT. The latest report released by the US’s Institute of Supply Management shows that manufacturing activity in the US has surged to a 13-year high in September.
This story is from the December 29, 2017 edition of Forbes India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 29, 2017 edition of Forbes India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Home-Cooked Meal Is Now Greatly Valued
The pandemic has also brought with it an improved focus on hygiene, use of technology in dining, rise of cloud kitchens and resurgence in popularity of Indian ingredients
Paytm 3.0 - Reaching Near Breakeven In Two Years
As of 2020, Vijay Shekhar Sharma’s super app for financial services had run up losses in thousands of crores. Now, as digital payments gets yet another boost courtesy Covid-19, he’s hopeful of reaching near breakeven in two years
THE PANDEMIC HAS CAUSED WOMEN GREATER LABOUR PAIN
Covid-19 has shown that women are more likely to face the brunt of job losses than men, and find fewer opportunities when they want to resume. That apart, several have to deal with increased hours of unpaid work at home and even domestic abuse
LEADERSHIP WILL BE ABOUT SEEING THE BIGGER PICTURE
Leaders must not only guard their teams first during a crisis, but also deal with stakeholders with respect and dignity. And apart from pursuing business goals, they should remain committed to our planet and the environment
PHILANTHROPY SHOULD BE HUMBLE, BUT NOT MODEST
Apart from building a flexible and resilient framework for the future, philanthropists, civil society and the government must work in tandem so that every rupee is absorbed on the ground
INTEGRATED HEALTH CARE, TECH WILL DISRUPT SECTOR
While clinical research will get a boost, having a skilled workforce and public spending on health care will be challenges in the near term
DIGITALISATION WILL HELP IN VALUE CREATION
As the pandemic brings technology and innovation to the core of business and daily life, the next decade will see about 150 million digital-first families in India
Industry 4.0: Climate Revolution?
Augmenting sustainability alongside digital capabilities is an economic, competitive and global opportunity for India’s businesses, but regulations need to reflect intent
EV Dream Still Miles Away
Electric vehicles have remained a buzzword in India for years. But not much has moved on ground due to high upfront costs, range anxiety and charging infrastructure
Living Waters
A virus has caused us to scramble for oxygen but our chokehold on the environment is slowly strangling the very waters that breathe life into us. The virus is a timely reminder: We are merely consumers, not producers of life’s breath on this planet
