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India, China face exodus of millionaires: report

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Washington: India and China are facing an exodus of their wealthiest citizens with tens of thousands of “high-net-worth individuals” (HNWIs) having left to seek greener pastures, according to a new report. inidian-nri

As many as 61,000 Indian millionaires left the country and settled overseas in the last 14 years, second only to China which saw an exodus of 91,000, according to a report by consultancies New World Wealth and LIO Global.

France, Italy, Russia, Indonesia, South Africa and Egypt round out the top eight, according to the study cited by Time magazine.

The study, released this month, looked at immigration data from 2000 and 2014 indicating applications for a second citizenship or change of domicile (permanent residence).

Britain — its capital city London, in particular — appears to be the most popular destination for the world’s rich to settle down in, followed by the US, Singapore, Australia and Hong Kong.

The report said Indians tend to move to countries like Australia and the United Arab Emirates, while Singapore and Hong Kong are popular destinations for China’s wealthy.

Despite the large-scale departure of millionaires, India still has the tenth largest number of millionaires at 226 800, while China stands fifth with 608,500. The US tops the list with 4,105,000 millionaires.

Those who leave generally cite reasons like “turmoil in home country, security concerns and optimizing education of children,” the report said.

Highlights:

Britain was the top beneficiary of HNWIs from abroad. Most of these HNWIs came from Europe, Russia, China and India.

Inflows into the US predominantly came from China. Notable numbers also came from Britain, India and Russia.

Singapore in second place benefited from a strong migration of HNWIs from China, India and Indonesia.

Australia was boosted by strong inflows from the Asia Pacific region (India, China, Indonesia), as well as Britain and South Africa.

The UAE (mainly Dubai) saw strong inflows from North Africa, India and Middle Eastern countries.

Indian HNWIs tended to move to the UAE, Britain, the US and Australia.

(IANS)

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Diesel Exhaust Converted Into Ink by Indian Innovators To Battle Air Pollution

Supervised by young engineers, workers at the start-up company Chakr Innovation in New Delhi cut and weld sheets of metal to make devices that will capture black plumes of smoke from diesel generators and convert it into ink.

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representational image. VOA

Supervised by young engineers, workers at the start-up company Chakr Innovation in New Delhi cut and weld sheets of metal to make devices that will capture black plumes of smoke from diesel generators and convert it into ink.

In a cabin, young engineers pore over drawings and hunch over computers as they explore more applications of the technology that they hope will aid progress in cleaning up the Indian capital’s toxic air – among the world’s dirtiest.

While the millions of cars that ply Delhi’s streets are usually blamed for the city’s deadly air pollution, another big culprit is the massive diesel generators used by industries and buildings to light up homes and offices during outages when power from the grid switches off – a frequent occurrence in summer. Installed in backyards and basements, they stay away from the public eye.

“Although vehicular emissions are the show stoppers, they are the ones which get the media attention, the silent polluters are the diesel generators,” says Arpit Dhupar, one of the three engineers who co-founded the start up.

The idea that this polluting smoke needs attention struck Dhupar three years ago as he sipped a glass of sugarcane juice at a roadside vendor and saw a wall blackened with the fumes of a diesel generator he was using.

It jolted him into joining with two others who co-founded the start-up to find a solution. Dhupar had experienced first hand the deadly impact of this pollution as he developed respiratory problems growing up in Delhi.

An Indian girls holds a banner during a protest against air pollution in New Delhi, India, Nov. 6, 2016.
An Indian girls holds a banner during a protest against air pollution in New Delhi, India, Nov. 6, 2016.

A new business

As the city’s dirty air becomes a serious health hazard for many citizens, it has turned into both a calling and a business opportunity for entrepreneurs looking at ways to improve air quality.

According to estimates, vehicles contribute 22 percent of the deadly PM 2.5 emissions in Delhi, while the share of diesel generators is about 15 percent. These emissions settle deep into the lungs, causing a host of respiratory problems.

After over two years of research and development, Chakr has begun selling devices to tap the diesel exhaust. They have been installed in 50 places, include public sector and private companies.

The technology involves cooling the exhaust in a “heat exchanger” where the tiny soot particles come together. These are then funneled into another chamber that captures 70 to 90 percent of the particulate matter. The carbon is isolated and converted into ink.

Among their first clients was one of the city’s top law firms, Jyoti Sagar Associates, which is housed in a building in Delhi’s business hub Gurgaon.

Making a contribution to minimizing the carbon footprint is a subject that is close to Sagar’s heart – his 32-year-old daughter has long suffered from the harmful effects of Delhi’s toxic air.

Motorists drive surrounded by smog, in New Delhi, India, Nov. 8, 2017.
Motorists drive surrounded by smog, in New Delhi, India, Nov. 8, 2017.

“This appealed to us straightaway, the technology is very impactful but is beautifully simple,” says Sagar. Since it could be retrofitted, it did not disrupt the day-to-day activities at the buzzing office. “Let’s be responsible. Let’s at least not leave behind a larger footprint of carbon. And if we can afford to control it, why not, it’s good for all,” he says.

At Chakr Innovation, cups, diaries and paper bags printed with the ink made from the exhaust serve as constant reminders of the amount of carbon emissions that would have escaped into the atmosphere.

There has been a lot of focus on improving Delhi’s air by reducing vehicular pollution and making more stringent norms for manufacturers, but the same has not happened for diesel generators. Although there are efforts to penalize businesses that dirty the atmosphere, this often prompts them to find ways to get around the norms.

Also Read: Exposure to Traffic-Related Pollution Poses Threat of Asthma in Kids

Tushar Mathur who joined the start up after working for ten years in the corporate sector feels converting smoke into ink is a viable solution. “Here is a technology which is completely sustainable, a win-win between businesses and environment,” says Mathur. (VOA)