Taxing Time

The US tariff shock and a weaker rupee extract toll, shrinking wealth by $100 billion

- By NAAZNEEN KARMALI & ANURADHA RAGHUNATHANI

India's hopes of being on friendly terms with Trump 2.0 were dashed when the US slapped 50 percent tariffs on the country. To soften the blow, the Indian government announced sweeping reductions in the Goods & Services Tax in September to boost consumption by making a range of items, including cars, cheaper. But a weaker rupee and a 3 percent decline in the benchmark Sensex since we last measured fortunes resulted in a 9 percent erosion in combined wealth to $1 trillion.

Nearly two-thirds of those on the list are less well-off this year, including India’s richest person, Mukesh Ambani, chairman and managing director of oil-to-telecoms behemoth Reliance Industries. His net worth declined by 12 percent or $14.5 billion, though he remains a “centibillionaire” with $105 billion. Ambani, who jumped into AI by setting up Reliance Intelligence, said he plans to list telecoms unit Jio in 2026.