India saw an 8.8 per cent rise in high-net-worth individual (HNWI) wealth in 2024, witnessing 378,810 millionaires with a total wealth of $1.5 trillion by the end of last year, according to a report released on Wednesday.

India also had 333,340 millionaires 'next door' at the end of 2024, with a wealth of $628.93 billion, according to the Capgemini Research Institute’s 'World Wealth Report 2025'.

Moreover, India had 4,290 ultra HNWIs at the end of 2024, with a combined wealth of $534.77 billion.

While 85 per cent of the Indian next-gen HNWIs plan to switch from parents’ WM (Wealth Management) firm within 1-2 years, as compared to 81 per cent of the surveyed global next-gen HNWIs, 51 per cent of them cite services unavailable on their preferred channels as a reason to switch WM firms.

Due to strong GDP growth and policy continuity, registration of companies and limited liability partnerships (LLPs) in the country surged by up to 37 per cent in May.

According to latest government data, registration of companies increased by 29 per cent and LLPs by 37 per cent on year-on-year basis in May.

Data released by the Ministry of Corporate Affairs said that 20,720 companies, including overseas units, were registered in May, up from 16,081 in the same period a year ago.

This was the fifth consecutive month when registration of companies has gone up.

About 7,487 LLPs were registered in May. Last year, the number was 5,464.

India has reaffirmed its commitment to global disaster resilience efforts at the 8th Global Platform for Disaster Risk Reduction in Geneva.

Principal Secretary to the Prime Minister, Dr. P K Mishra, held a productive discussions with Norway's Deputy Minister for International Development, Stine Renate Håheim, emphasising the importance of international cooperation in disaster risk reduction.

Dr. Mishra also participated in the platform's opening ceremony, highlighting India's proactive approach to disaster preparedness and resilience-building, reinforcing India's dedication to strengthening partnerships for a safer and more resilient future.

To boost disaster resilience efforts, India has formed the NDMA (National Disaster Management Authority), NDRF (National Disaster Response Force) and SDMAs (State Disaster Management Authorities) for efficient disaster response, under the Disaster Management Act of 2005.

The Reserve Bank of India’s Monetary Policy Committee (MPC) meeting kicked off on Wednesday to decide on the third repo rate cut and according to economists and industry experts, the Central Bank is likely to go for a third 25 bps cut in the repo rate to 5.75 per cent.

Chaired by RBI Governor Sanjay Malhotra, the committee’s decision will be announced on June 6. The Reserve Bank has already reduced the repo rate by 50 basis points in the previous two monetary policy reviews, lowering it to 6 per cent.

Market participants are now watching closely for signs of a potential third rate cut, as expectations build for further monetary support to boost domestic growth amid worsening global macroeconomic conditions.

The RBI’s dovish turn is primarily driven by two macroeconomic indicators: benign inflation and signs of cyclical slowdown.

Indian frontline indices opened in the green on Wednesday following positive cues from the global markets.

At 9:26 am, Sensex was up 155.81 points or 0.19 per cent at 80,893.32 and Nifty was up 60 points or 0.25 per cent at 24,602.80.

Buying was seen in the midcaps and smallcaps. Nifty midcap 100 index was up 309.30 points or 0.54 per cent at 57,826.40 and Nifty smallcap 100 index was up 88.40 points or 0.49 per cent 18,210.75.

In the Sensex pack, Bharti Airtel, Eternal (Zomato), Tata Motors, M&M, IndusInd Bank, Maruti Suzuki, Tech Mahindra, Bajaj Finance, ITC, HUL and Infosys were top gainers. TCS, Ultratech Cement, ICICI Bank, Titan and Sun Pharma were top losers.

"After the initial flat opening, Nifty may find support at 24,500, followed by 24,400 and 24,300. On the upside, 24,800 is expected to act as immediate resistance, followed by 24,900 and 25,000," said, Mandar Bhojane, Equity Research Analyst, Choice Broking

The Reserve Bank of India (RBI) is expected to cut the repo rate by 100 basis points -- from 6 per cent to 5 per cent -- by the end of 2025, according to a Nomura report.

In its 'Asia H2 Outlook' report, the global brokerage noted an underperformance of both the gross domestic product growth (at 6.2 per cent compared to the RBI's projection of 6.5 per cent) and inflation (3.3 per cent compared to the RBI's target of 4 per cent).

Nomura said this is the reason why it expects the central bank to further reduce policy rates, including the repo rate.

Ahead of Friday's RBI repo rate decision, it anticipates a rate cut of 25 bps in June, August, October, and December 2025.

Nomura also sees India sticking to prudent fiscal practices. "We expect the government to stick to fiscal prudence, while monetary policy does the heavy lifting," it said in the note.

In a significant development for the Indian Railways, the country’s first exclusive Vande Bharat maintenance depot is currently under construction in the Jodhpur division of Rajasthan.

This state-of-the-art facility is being built in the Bhagat Ki Kothi area and is expected to be completed by the end of this year.

Anurag Tripathi, Divisional Railway Manager (DRM) of Jodhpur, shared details of the project, highlighting its national importance and unique features.

“For the people of Jodhpur, it is a matter of joy that the first Vande Bharat maintenance depot is being built in Jodhpur. This work will be completed by the end of this year,” Tripathi told.

The Indian stock market closed in the red on Tuesday -- the third consecutive trading session when the domestic indices witnessed a decline amid weak global cues.

Sensex ended 636.24 points or 0.78 percent down at 80,737.51 while the Nifty was down 174.10 points or 0.70 percent at 24,542.50.

On a sectoral basis, IT, PSU Bank, Financial Services, FMCG and Energy were the biggest laggards.

Midcap and Smallcap performed better than Largecap. The Nifty Smallcap 100 index was up 18.60 points, or 0.10 per cent, at 18,114 and the Nifty Midcap 100 index was down 258.45 points, or 0.45 per cent, at 57,517.

Markets edged lower in a volatile trading session, losing over half a per cent amid weak cues.

India continues to defy the global slowdown, the OECD's latest 'Economic Outlook' said on Tuesday, projecting the country's economy to grow by 6.3 per cent in 2025 and 6.4 per cent in 2026.

Strong domestic demand, resilient services and manufacturing sectors, and ongoing infrastructure investments have been cited as key drivers for India’s strong performance amid global uncertainties.

The report also cautioned that external risks — particularly from global trade frictions — could spill over into export-heavy segments.

China, on the other hand, is losing steam. Its growth is projected to moderate from 5.0 per cent in 2024 to 4.7 per cent in 2025 and 4.3 per cent in 2026.

Finance Minister Nirmala Sitharaman on Tuesday asked the Directorate of Revenue Intelligence (DRI) to adopt a holistic and technology-driven approach to tackle smuggling and the narcotics trade amid the increasingly complex geopolitical environment and security threats.

In her address at the inaugural event of the DRI’s new headquarters here, the Finance Minister said there was a need to go beyond surface-level enforcement and expose deeper systemic threats.

"Investigate holistically, keeping the big picture in mind, leverage all available resources to uncover deeper systemic risks and threads by connecting the dots," she said.

She emphasised that dismantling entire smuggling syndicates must be the end-goal of any investigation, which must not stop at peripheral seizures.