A Different Reality

FORTUNES SOAR DESPITE ECONOMIC HICCUPS

- Naazneen Karmali

India’s turbocharged economy sputtered in the quarter ended in June, growing at a three-year low of 5.7 percent, due to the aftershocks of last November’s demonetisation and uncertainties over the rollout of a nationwide goods and services tax. But in a disconnect from current reality, the stock market scaled new heights, boosting the fortunes of the nation’s 100 richest. Their combined wealth rose by more than a fourth to $479 billion.

None gained more than oil and gas tycoon Mukesh Ambani, who cemented his decade-long hold on the No 1 spot by adding a staggering $15.3 billion to his net worth. He’s now among Asia’s top five richest. Shares of Ambani’s Reliance Industries (owner of Network 18,