Category Archives: Business & Economy

INTERNATIONAL: HEALTH & MEDICAL SERVICES / EDUCATION: NURSING: Japan is now the New Work Destination for Indian Nurses

With an aging population, Japan is actively recruiting Indian nurses, offering salaries that are eight to ten times higher than in India and an extendable three year visa; about 12% of Indian nurses work abroad.

Japan is the newest addition to the list of countries that are actively scouting and opening their doors for skilled Indian nurses and other healthcare support staff.

With its healthcare sector grappling with a rapidly aging population, nurses from Philippines, Indonesia, and Vietnam currently dominate the job market for caregivers in Japan. Indian nurses and trained medical staff are now entering the market as well.

“Salary that is eight to ten times the Indian remuneration, plus the chance to work and learn cutting edge medical technology for assisted care, and the ability to save anywhere between ₹40,000 to ₹1 lakh a month — these are the main attractions driving the Indian workforce to Japan,’’ said Abhishek Singh, COO, Learnet Skills Limited, a sending organisation for the Technical Intern Training Program (TITP) programme and a skill development venture.

Aging population

More than 20% of Japan’s population is over 65 years, the world’s highest proportion of senior citizens. As per a report by McKinsey, Japan’s working-age population will decline to 71 million in 2025 from 79 million in 2012, and its dependency ratio is set to soar from 0.60 to 0.73 over the same period. There are not enough young people in Japan to fill this vacuum, due to the decline in its fertility rate. In response to this demographic situation, the government of Japan has taken up measures such as the TITP, which promotes the acceptance of foreign human resources, who acquire skills and knowledge by working as technical interns in Japan. 

For Indian caregivers, Japan currently offers a three-year visa, which is extendable by two years. Caregivers who opt to stay back after that five year period must pass a language and nursing test to continue working in Japan.

Quality of life

Puspha Kumari, a health worker from Okhla, has done a short course in patient care, and is now working in Japan along with her sister. They are both happy with the opportunity, she told The Hindu.

“The respect and the quality of life are unmatched. Besides, it’s a beautiful country. Our work involves basic care of the elderly, like ensuring they have had food and water, checking vitals, including daily exercise. Food and culture are something we get used to very quickly, and we can also cook in our apartment,’’ she says. Ms. Kumari is aiming to study for her nurse’s certification in Japan or migrate to another country from there.

Joseline lpecha, who is undergoing training in West Bengal with the aim of working in Japan, says that apart from the pay and the global exposure, she was attracted to Japan because of the beauty of the country and the fact that it is safe for women.

“I plan to work in Japan for three years and then see how it goes. If all goes well, I will go back and prepare to advance my career there,’’ she said, speaking to The Hindu via an online call. Her elder sisters told her about the opportunity and they are trying to migrate to the United States, she added.

Exodus of nurses

According to Health Ministry data, one out of eight nurses from India practices in other countries. Around 88,000 Indian nurses are working in developed countries which belong to the Organization for Economic Cooperation and Development. Indian nurses also account for 8.3% of the foreign trained nurses in the U.S. and 8% of those in Singapore.

India skilling centres are working with students to offer language training and hand-hold them in learning the basic social etiquette required to integrate with an international workforce.

source/content: thehindu.com (headline edited)

NATIONAL: SPACE & SATELLITES: ISRO PSLV Launch: 7 Singaporean Satellites placed into intended Orbits

DS-SAR satellite will be used to support the satellite imagery requirements of various agencies within the government of Singapore.

The PSLV rocket by the Indian Space Research Organisation (ISRO) has placed all seven Singaporean satellites into the near-equatorial orbit (NEO) after its successful launch from the Satish Dhawan Space Centre in Andhra Pradesh’s Sriharikota. About 23 minutes after the lift-off, the rocket separated from satellites and after covering a distance of 535 km, deployed them into their intended orbits, said ISRO.

5 facts about ISRO PSLV-C56 mission

The DS-SAR satellite was developed in partnership with the Government of Singapore’s Defence Science and Technology Agency and ST Engineering. It will be launched into a near-equatorial orbit (NEO) at 5 degrees inclination at a 535 km altitude.

Once deployed and operational, the DS-SAR satellite will be used to support the satellite imagery requirements of various agencies within the government of Singapore, as per ISRO.

The PSLV-C56 also carries six co-passenger customer satellites – VELOX-AM, a 23 kg technology demonstration microsatellite; ARCADE Atmospheric Coupling and Dynamics Explorer (ARCADE), an experimental satellite; SCOOB-II , a 3U nanosatellite flying a technology demonstrator payload; NuLIoN by NuSpace, an advanced 3U nanosatellite enabling seamless IoT connectivity in both urban and remote locations; Galassia-2, a 3U nanosatellite that will be orbiting at low earth orbit; and ORB-12 STRIDER, satellite is developed under an International collaboration.

It is the 58th flight of PSLV and 17th of PSLV in core alone configuration.

source/content: hindustantimes.com (headline edited)

GLOBAL: SPACE – INDIA IN SPACE: Final Orbit-raising Manoeuvre of Chandrayaan-3 Completed

Following the final orbit-raising manoeuvre, ISRO will perform the TransLunar Injection (TLI) on August 1.

The Indian Space Research Organisation (ISRO) on Tuesday (July 25) successfully completed the fifth and final orbit-raising manoeuvre (Earth-bound perigee firing) of the Chandrayaan-3 mission .  It was performed successfully from ISRO Telemetry, Tracking and Command Network (ISTRAC) in Bengaluru.

The spacecraft is expected to attain an orbit of 1,27,609 km x 236 km. This means that Chandrayaan-3 is now in an orbit, which, when closest to Earth is at 236 km and when farthest is at 1,27,609 km.

“The achieved orbit will be confirmed after the observations,” ISRO said after the successful orbit-raising manoeuvre.

The four earlier orbit raising manoeuvres were performed by ISTRAC between July 15 and July 20.

Following the final orbit-raising manoeuvre, ISRO will perform the TransLunar Injection (TLI) on August 1 to slingshot Chandrayaan-3 towards the Moon.

“The next firing, the TransLunar Injection (TLI), is planned for August 1, 2023, between midnight and 1 a.m. IST,” ISRO said.

The Chandrayaan-3 consists of a lander module (LM), propulsion module (PM) and a rover which was launched by the LVM3-M4 on July 14.

After the TLI takes place, the PM and the LM separation will happen on August 17. A series of deboost manoeuvres is also scheduled to take place before the power descent phase for the soft landing on the Moon. The lander is expected to touch down on the Moon surface on August 23 at 5.47 p.m.

  • The Indian Space Research Organisation (ISRO) successfully completed the fifth and final orbit-raising manoeuvre (Earth-bound perigee firing) of the Chandrayaan-3 mission. It was performed successfully from ISRO Telemetry, Tracking and Command Network (ISTRAC) in Bengaluru.
  • The spacecraft is expected to attain an orbit of 1,27,609 km x 236 km. This means that Chandrayaan-3 is now in an orbit, which, when closest to Earth is at 236 km and when farthest is at 1,27,609 km.
  • The four earlier orbit raising manoeuvres were performed by ISTRAC between July 15 and July 20.

source/content: thehindu.com (headline edited)

INTERNATIONAL: SUSTAINABILITY: 07-year-old Indian-origin Girl Moksha Roy Wins UK PM’s ‘Points of Light Award’ becomes World’s Youngest Sustainability Advocate

Moksha Roy, who received the award from Deputy British PM Oliver Dowden last week, has the distinction of being the world’s youngest sustainability advocate.

A seven-year-old Indian-origin schoolgirl, who started volunteering for a United Nations’ sustainability initiative against microplastic pollution when she was just three, has been awarded the British Prime Minister’s Points of Light award.

Moksha Roy, who received the award from Deputy British Prime Minister Oliver Dowden last week, has the distinction of being the world’s youngest sustainability advocate.

Moksha has been recognised for volunteering for several sustainability campaigns, including raising funds to help children in need.

“Moksha has set an excellent example in her work championing UN Sustainable Development Goals (SDGs). She has gone to significant lengths to have these included in the school curriculum and has been in communication with leaders all over the world to encourage them to consider this,” said Dowden.

“Her school no longer uses plastic glitter, confetti or plastic art supplies – this is a testament to her strong beliefs and ability to change those around her to create a better world,” he said.

Moksha has also assisted in educational sessions for deprived schoolchildren in India.

“I am very happy to receive the Points of Light award. I hope both children and adults get to understand that caring for the planet and its people and making small changes to everyday life should not be just for a few. It is just like brushing our teeth,” said Moksha.

“We brush our teeth to care for them and avoid pain; similarly we can take care of the planet not for anyone else, but just us, to be safe. Each and every one of us can do small things in our own lives, work and community to combat the big challenges such as climate change, pollution, poverty and inequality,” she said.

Her parents, Ragini G Roy and Sourav Roy, said their daughter’s efforts prove that even the youngest in society have a role to play in combatting climate change.

According to Downing Street, the Points of Light awards recognise outstanding people whose service is making a difference in their communities and whose story can inspire others towards innovative solutions to social challenges in their own communities and beyond.

source/content: hindustantimes.com (headline edited)

REGIONAL SOUTH-ASIA: INTERNATIONAL: India, Sri Lanka Unveil Economic Partnership for Connectivity, UPI payments

India and Sri Lanka have announced a new economic partnership that includes cooperation in maritime, air, energy, and financial connectivity.

The partnership will also see the use of India’s Unified Payments Interface (UPI) system in Sri Lanka.

Additionally, the two countries will work on a power grid interconnection, construction of a petroleum pipeline, and a feasibility study for land connectivity.

India has also called on Sri Lanka to fulfil the aspirations of the Tamil minority and work towards reconciliation and power-sharing.

The economic partnership reflects India’s long-term commitment to Sri Lanka and will accelerate cooperation in various sectors.

India and Sri Lanka on Friday unveiled a new economic partnership for maritime, air, energy and financial connectivity, including the use of India’s Unified Payments Interface (UPI) system, even as New Delhi pressed Colombo on a political solution to fulfil the aspirations of the Tamil minority.

The India-Sri Lanka Economic Partnership Vision, issued after talks between Prime Minister Narendra Modi and President Ranil Wickremesinghe, includes a power grid inter-connection for electricity trade, construction of a petroleum pipeline, a feasibility study for land connectivity, and resumption of talks on an Economic and Technology Cooperation Agreement to replace an existing trade deal.

Following an agreement between India’s NPCI International Payments Limited (NIPL) and Lanka Pay, UPI is set to be accepted in Sri Lanka after completion of certain processes in the next two to three months.

As a follow-up to the 2022 deal on the Trincomalee oil tank farms, the two sides signed an agreement to develop the facility as a regional hub of industry and energy.

Participating in a media interaction with Wickremesinghe, Modi said Sri Lanka has a key place in India’s “Neighbourhood First” policy and SAGAR (Security and Growth for All in the Region) vision.

Referring to the unprecedented economic crisis that hit Sri Lanka over the past year, he noted that India stood shoulder to shoulder with the island nation in its hour of crisis.

“We believe the security interests and development of India and Sri Lanka are intertwined and therefore, it is essential that we work together keeping in mind each other’s safety and sensitivities,” Modi said, speaking in Hindi. The remarks were seen as an apparent reference to bilateral ties being hit last year by Sri Lanka’s decision to allow a visit to Hambantota port by a Chinese surveillance vessel.

“A stable, secure and prosperous Sri Lanka is not only in India’s interest, but in the interest of the entire Indian Ocean region,” he added.

Wickremesinghe expressed “profound appreciation” for India’s support during the economic downturn. India extended economic support worth almost $4 billion to help Sri Lanka tide over the crisis.

Besides strengthening connectivity in different spheres, the new economic partnership reflects India’s long-term commitment to Sri Lanka and will accelerate cooperation in tourism, power, trade and education, Modi said.

Modi expressed the hope that Sri Lanka’s government will fulfil the aspirations of the island nation’s Tamil minority and “drive the process of rebuilding for equality, justice and peace”. He called on Sri Lanka to fulfil its commitment to implement the 13th constitutional amendment, conduct elections to provincial councils and ensure a “life of respect and dignity” for the Tamils.

To mark 200 years of the arrival of Tamils in Sri Lanka, Modi said projects worth ₹75 crore will be implemented for the Indian-origin community. India will also contribute to development programmes in Sri Lanka’s northern and eastern regions that have a sizeable Tamil population.

Wickremesignhe said he shared with Modi a proposal he presented to Sri Lanka’s Tamil leadership this week for furthering reconciliation and power-sharing.

“I have invited all party leaders in Parliament to work towards consensus and national unity on these measures. Thereafter, the government will place relevant legislation before Parliament,” he said, adding Modi “expressed solidarity and goodwill” for these steps.

However, Sri Lanka’s Tamil National Alliance (TNA) has rejected the proposal as it envisages devolution with the “exception of police powers”. Tamil leaders have pointed out that provincial councils have been virtually defunct for five years.

Asked about these matters at a media briefing, foreign secretary Vinay Kwatra said India continues to back a political solution that addresses the aspirations of the Tamils for equality, justice and self-respect within the framework of a united Sri Lanka. Modi raised these aspirations and emphasised that meaningful devolution of powers is essential for reconciliation, he added.

As part of maritime connectivity under the new economic partnership, the two sides will resume passenger ferry services between Nagapattinam in India and Kankesanthurai in Sri Lanka and work for resumption of similar services between Rameshwaram and Talaimannar. They will cooperate to develop ports and logistics at Colombo, Trincomalee and Kankesanthurai.

Following the resumption of flights between Jaffna and Chennai, the two sides will expand flights to Colombo and explore connectivity between Chennai and Trincomalee, Batticaloa and other destinations in Sri Lanka.

In the field of energy connectivity, the proposed high-capacity power grid interconnection will enable bidirectional electricity trade between Sri Lanka and other regional countries. A memorandum of understanding (MoU) for cooperation on renewable energy will facilitate development of offshore wind and solar in Sri Lanka.

The two sides will work towards the Economic and Technology Cooperation Agreement (ETCA) to enhance bilateral trade and investments in new areas. The two countries held 11 rounds of talks on ETCA till negotiations stalled in 2019. The ETCA is meant to replace a free trade agreement signed in 1998.

The Indian side agreed to facilitate investments for the divestment of Sri Lankan state-owned enterprises and in manufacturing and economic zones in various sectors. The two sides further agreed to leverage India’s digital public infrastructure in line with Sri Lanka’s needs for effective delivery of citizen-centric services.

source/content: hindustantimes.com (headline edited)

INDIA IN SPACE: Chandrayaan-3: First orbit-Raising Maneuver Successfully Performed, says ISRO

Scientists at the Indian Space Research Organisation have performed the first orbit raising maneuver of the Chandrayaan-3 spacecraft on Saturday.

Scientists at the Indian Space Research Organisation have performed the first orbit raising maneuver of the Chandrayaan-3 spacecraft on Saturday, the space agency said. The health of the spacecraft was “normal”, ISRO said in a social media post. Chandrayaan-3 is now in an orbit, which when closest to Earth is at 173 km and farthest from Earth is at 41,762 km, the space agency said.

“Chandrayaan-3 Mission update: The spacecraft’s health is normal. The first orbit raising manoeuvre (Earthbound firing-1) was successfully performed at ISTRAC/ISRO, Bengaluru. Spacecraft is now in 41762kms x 173kms orbit,” ISRO said.

ISRO on July 14 successfully launched the third edition of its Moon exploration programme from the Satish Dhawan Space Centre, Sriharikota, aimed at making a soft landing on the unexplored south pole of the Moon that would make India achieve a rare feat.

Only three countries, the United States, China and Russia, have managed to land on the lunar surface so far.

source/content: hindustantimes.com (headline edited)

GLOBAL: NATIONAL: SPACE : Chandrayaan-3 Lunar Mission | ISRO’s next Leap to the Moon – July 14th, 2023

Catch India’s highly anticipated lunar mission Chandrayaan-3 with The Hindu’s coverage of the latest news, developments, behind-the-scenes, insights and related stories into this remarkable feat of Indian space science.

India’s space agency, the Indian Space Research Organisation (ISRO), began the launch of the Chandrayaan-3 lunar mission to explore the Moon on July 14, 2023, by making a soft landing on the natural satellite of Earth. Building upon the success of its predecessors, Chandrayaan-1 and Chandrayaan-2, the third lunar mission is set to push the boundaries of space discovery and innovation.

Just under four years after the launch of Chandrayaan-2, Chandrayaan-3 takes off from the Satish Dhawan Space Centre, Andhra Pradesh perched on the back of a Geosynchronous Satellite Launch Vehicle Mark III (GSLV-MK III) heavy-lift rocket, on July 14, 2023. The mission is a prime example of India’s growing commitment towards advancing its presence in the global space community.

According to ISRO, the Chandrayaan-3 mission has three major objectives:

  1. Demonstrate safe and soft landing on the surface of the Moon,
  2. Conduct rover operations on the Moon, and
  3. Conduct on-site experiments on the Lunar surface.

In 2019, Chandrayaan-2, captured the world’s attention when it successfully placed the Vikram lander and Pragyan rover near the Moon’s South Pole. But the mission experienced partial setbacks. The Vikram lander on Chandrayaan-2 had crashed on the lunar surface while attempting to land. Despite the mishap, it still marked a significant achievement in India’s space history.

If the Chandrayaan-3 mission lifts off on July 14 as planned, the lander would be ready to soft-land on the lunar surface by August, according to S. Somanath, Chairman of the Indian Space Research Organisation (ISRO). Mr. Somanath also said that the space agency has incorporated major improvements in the lander for the upcoming mission. This includes stronger ‘legs’ for the lander, the ability to withstand a higher descending velocity and a reduction in the number of engines from five to four. ‘‘We have also increased the quantity of the propellant, and solar panels cover a larger area. New sensors also have been added,’‘ he said.

Here is comprehensive coverage of the historic mission of the latest updates, exclusive interviews with ISRO scientists, and in-depth analyses of the mission.

source/content: thehindu.com (headline edited)

NATIONAL: INDIA’s PROGRESS: 415 million Indians Came out of Multidimensional Poverty in 15 years, says UNDP study

The UN report noted that deprivation in all indicators declined in India and “the poorest States and groups, including children and people in disadvantaged caste groups, had the fastest absolute progress.”

A total of 415 million people moved out of poverty in India within just 15 years from 2005/2006 to 2019/2021, the United Nations (UN) said on July 11, highlighting the remarkable achievement by the world’s most populous nation.

The latest update of the global Multidimensional Poverty Index (MPI) was released by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford.

It said that 25 countries, including India, successfully halved their global MPI values within 15 years, showing that rapid progress is attainable. These countries include Cambodia, China, Congo, Honduras, India, Indonesia, Morocco, Serbia, and Vietnam.

In April, India surpassed China to become the world’s most populous nation with 142.86 crore people, according to UN data. “Notably, India saw a remarkable reduction in poverty, with 415 million people exiting poverty within a span of just 15 years (2005/6–19/21),” the report said.

“The report demonstrates that poverty reduction is achievable. However, the lack of comprehensive data during the period of the COVID-19 pandemic poses challenges in assessing immediate prospects,” it said.

In India, 415 million poor people moved out of poverty from 2005/2006 to 2019/2021, with incidence falling from 55.1% in 2005/2006 to 16.4% in 2019/2021.

In 2005/2006, about 645 million people were in multidimensional poverty in India, with this number declining to about 370 million in 2015/2016 and 230 million in 2019/2021.

The report noted that deprivation in all indicators declined in India and “the poorest States and groups, including children and people in disadvantaged caste groups, had the fastest absolute progress.” According to the report, people who are multidimensionally poor and deprived under the nutrition indicator in India declined from 44.3% in 2005/2006 to 11.8% in 2019/2021, and child mortality fell from 4.5% to 1.5%.

“Those who are poor and deprived of cooking fuel fell from 52.9% to 13.9% and those deprived of sanitation fell from 50.4% in 2005/2006 to 11.3% in 2019/2021,” according to the report.

In the drinking water indicator, the percentage of people who are multidimensionally poor and deprived fell from 16.4 to 2.7 during the period, electricity (from 29% to 2.1%) and housing from 44.9% to 13.6%.

The report said that countries with different incidences of poverty also halved their global MPI value. While 17 countries that did so had an incidence under 25% in the first period, India and Congo had a starting incidence above 50%.

India was among the 19 countries that halved their global Multidimensional Poverty Index (MPI) value during one period – for India it was 2005/2006–2015/2016.

According to the 2023 release, 1.1 billion out of 6.1 billion people (just more than 18%) live in acute multidimensional poverty across 110 countries. Sub-Saharan Africa (534 million) and South Asia (389 million) are home to approximately five out of every six poor people.

Nearly two-thirds of all poor people (730 million people) live in middle-income countries, making action in these countries vital for reducing global poverty. Although low-income countries constitute only 10% of the population included in the MPI, these are where 35% of all poor people reside.

Children under the age of 18 account for half of MPI-poor people (566 million). The poverty rate among children is 27.7%, while among adults, it is 13.4%. Poverty predominantly affects rural areas, with 84% of all poor people living in rural areas. Rural areas are poorer than urban areas across all regions of the world.

Countries halved their MPI in periods as short as four to 12 years, demonstrating the feasibility of the Sustainable Development Goal (SDG) target of halving poverty according to national definitions within 15 years.

“Thus, it is crucial to consider context-specific multidimensional poverty indices that reflect national definitions of poverty since the global MPI assesses multidimensional poverty with the same methodology,” the report said.

The agencies, however, added that despite these encouraging trends, the lack of post-pandemic data for most of the 110 countries covered by the global MPI restricts the understanding of the pandemic’s effects on poverty.

“As we reach the mid-point of the 2030 Agenda for Sustainable Development, we can clearly see that there was steady progress in multidimensional poverty reduction before the pandemic,” the Director of the Human Development Report Office, Pedro Conceição, said.

“However, the negative impacts of the pandemic in dimensions such as education are significant and can have long-lasting consequences. It is imperative that we intensify efforts to comprehend the dimensions most negatively affected, necessitating strengthened data collection and policy efforts to get poverty reduction back on track,” Mr. Conceição added.

A press release issued by the UNDP said that judging from the few countries where data were solely collected in 2021 or 2022 – Mexico, Madagascar, Cambodia, Peru, and Nigeria – momentum on poverty reduction may have persisted during the pandemic.

Cambodia, Peru, and Nigeria showed significant reductions in their most recent periods, offering hope that progress is still possible. In Cambodia, the most encouraging case among these, the incidence of poverty fell from 36.7% to 16.6%, and the number of poor people halved, from 5.6 million to 2.8 million, all within 7.5 years, including the pandemic years (2014–2021/22).

However, the full impacts globally remain to be measured, it said. With a renewed emphasis on data collection, “we need to broaden the picture to include the impacts of the pandemic on children,” the press release said.

“In over half the countries covered, there was either no statistically significant reduction in child poverty or the MPI value fell more slowly among children than among adults during at least one period. This suggests that child poverty will continue to be a pressing issue, particularly in relation to school attendance and undernutrition,” it said.

Director of OPHI at the University of Oxford, Sabina Alkire, said the scarcity of data on multidimensional poverty is hard to comprehend, let alone justify.

“The world is reeling under a data deluge and gearing up for the next era of digital growth. Yet we do not have a post-pandemic line of sight for 1 billion of the 1.1 billion poor people,” Ms. Alkire said.

“This problem is eminently solvable – data on multidimensional poverty are faster to gather than most realise – requiring just 5% of questions in the surveys we use. We call on funders and data scientists to make a breakthrough on poverty data, so the interconnected deprivations that strike poor people in real-time can be tracked – and intercepted,” she added.

The global MPI monitors poverty reduction and informs policy, showing how people experience poverty in different aspects of their daily lives – from access to education and health to living standards such as housing, drinking water, sanitation and electricity.

The MPI as a poverty index can be pictured as a stacked tower of the interlinked deprivations experienced by poor individuals, with the aim of eliminating these deprivations.

source/content: thehindu.com (headline edited)

INTERNATIONAL: MANUFACTURING /AUTOMOTIVE EXPORTS: Maruti Suzuki Commences Exports of compact SUV Fronx

Maruti Suzuki India said it had begun exports of the newly introduced compact SUV Fronx. The first batch of 556 vehicles was shipped from Mundra, Mumbai, and Pipavav Ports to destinations in Latin America, West Asia and Africa, the automaker said.

“The newly launched Fronx is an important model in our portfolio, and we are confident that it will augment our ambitious export plans,” said MD & CEO Hisashi Takeuchi.

“Aligned with the Government of India’s efforts towards Make in India, we are focussed to lead the export of cars manufactured in India. With support from our parent company, Suzuki Motor Corporation we have expanded our portfolio and are now exporting to more markets,” he said.

source/content: thehindu.com (headline edited)

INTERNATIONAL: INDIAN WOMEN: Four Indian-origin Biz Leaders on 2023 Forbes’ 100 Richest Self-Made Women List

Four Indian-origin women, including Jayshree Ullal and Indra Nooyi, have made it to Forbes’ list of America’s 100 most successful self-made women.

Four Indian-origin women, including Jayshree Ullal and Indra Nooyi, have made it to the Forbes list of America’s 100 most successful self-made women, with a combined net worth of a whopping USD 4.06 billion. Building supply distributor Diane Hendricks, with a $15 billion net worth, retained the top spot for the sixth year in a row. This year’s list has eight entrants, including television producer Shonda Rhimes and Insitro CEO Daphne Koller.

“Bolstered in part by a rebound in the stock market, they are cumulatively worth a record USD 124 billion, up nearly 12 per cent from a year ago,” Forbes said last month at the release of its ninth annual list.

Jayshree Ullal

Jayshree Ullal, president and CEO of computer networking firm Arista Networks, ranked 15th on the list, the highest among Indian-origin business leaders. Arista Networks, a publicly-traded company, recorded revenue of nearly $4.4 billion in 2022. Ullal, 62, owns about 2.4% of Arista’s stock, some of which is earmarked for her two children, niece and nephew, according to Forbes. She is also on the board of directors of Snowflake, a cloud computing company that went public in September 2020. She studied electrical engineering at San Francisco State University and engineering management at Santa Clara University.

Neerja Sethi

Neerja Sethi, with a net worth of USD 990 million, has been ranked 25th on the list. Sethi, 68, along with her husband Bharat Desai, co-founded IT consulting and outsourcing firm Syntel in 1980. French IT firm Atos SE for $3.4 billion in October 2018 bought Syntel in 2018 and Sethi got an estimated $510 million for her stake.

She did her Bachelor of Arts/Science and Master of Business Administration from Delhi University and Master of Science from Oakland University. Sethi met her husband, Desai, in the US while working for the pioneering IT firm Tata Consultancy Services (TCS), and attempted to emulate it. They started the business with an initial investment of just $2,000.

Neha Narkhede

Narkehe, co-founder and former chief technology officer (CTO) of cloud company Confluent, is ranked 50th on the list with a net worth of USD 520 million. The 38-year-old software engineer-turned-entrepreneur helped develop the open-source messaging system Apache Kafka to help develop LinkedIn’s massive influx of data. In 2014, she and two LinkedIn colleagues left to found Confluent, which helps organisations process large amounts of data on Apache Kafka.

The USD 586 million (2022 revenues) company went public in June 2021 at a USD 9.1 billion valuation; Narkhede owns around 6 per cent, Forbes said. In March 2023, Narkhede announced her new company, fraud detection firm Oscilar, where she is co-founder and CEO.

Indira Nooyi

Nooyi, the former chair and CEO of PepsiCo, retired in 2019 after 24 years with the company, half of which she spent in the top job. The 67-year-old has a net worth of USD 350 million and is ranked 77th on the Forbes list. Her fortune stems from stock she was granted while working at PepsiCo.

Nooyi, who grew up in India, received an MBA from Yale before becoming one of corporate America’s few female CEOs in 2006.

source/content: hindustantimes.com (headline edited)