Tuesday, November 02, 2010

New Wealth in India

Now the Malkani's are among a growing number of successful Indian entrepreneurs blazing another trail: charitable giving. Malkani family made its fortune selling plane tickets and tour packages to India's fast-expanding middle class, building one of the country's first online travel agencies.

Traveling in India used to be very rare. At one point, there would be 25 to 30 people with flowers waving good bye. The Malkani family has changed that and has helped India's wealth expand. The Malkani's want to give back and do more for the poor. India has a long tradition of giving.

In a report by Bain (a global consulting firm), the number of Indian billionaires grew from 27 in 2009 to 52 this year.

When President Obama visits India this month, his meetings with business leaders will focus on ways to strengthen India's growing middle class and lift hundreds of millions out of poverty, senior U.S. and Indian government officials said.

-Shereen Alibhai

SOURCE: Washington Post