DNA Money Edit: Rich tycoons grow with NPAs, layoffs

The 2017 Forbes India Rich List has raised some curious questions. Despite India’s economic hiccups, 100 tycoons on the Rich List saw their wealth soar 26% to $479 billion (over Rs 31 lakh crore) in one year.

The economy may have sputtered in first quarter with a three-year-low 5.7% growth, on account of the GST rollout and last year’s note-ban, but the stock market has seen 19% jump in 2017. Notable among the tycoons’ feat is the spectacular jump by Mukesh Ambani, who added $15.3 billion to his last year's wealth to become one of Asia's top five richest. His net worth has swelled a staggering 67% to $38 billion (nearly Rs 2.5 lakh crore) on account of the improved oil-refining margins and Reliance Jio's thundering success.

This massive pile-up of wealth in few hands flies in the face of the growth in stressed assets in India's banking system to Rs 11.5 lakh crore (14% of total advances). Similarly, the news of a massive job losses, especially in the telecom industry, has taken the sheen off the India Inc. As per industry estimates, nearly 1.5 lakh jobs in the debt-ridden, loss-making telecom industry face an imminent danger of corporate downsizing.