ADR report reveals 36 ministers in India hold billionaire assets, Karnataka tops the list
New Delhi: A new analysis by the Association for Democratic Reforms (ADR) says that 36 ministers across India have declared assets worth over ₹100 crore, making them billionaires. The report was released on Wednesday and it examined the financial disclosures of 643 ministers from state governments, Union Territories and the Union Council of Ministers.
According to a report published by Deccan Herald, collectively, these ministers declared assets worth ₹23,929 crore. Billionaire ministers account for nearly 6% of the total.
Party-wise, the Bharatiya Janata Party (BJP) leads the list with 14 billionaire ministers, making up 4% of its ministerial strength. The Congress follows with 11 out of 61 ministers (18%) falling into the billionaire category. The Telugu Desam Party (TDP) ranks third, with six of its 23 ministers (26%) reporting assets above the ₹100 crore mark. Ministers from the Aam Aadmi Party, Janasena Party, JD(S), NCP and Shiv Sena also feature in the list.
The richest minister in the country is Dr Chandra Sekhar Pemmasani of the TDP from Guntur in Andhra Pradesh in the Lok Sabha, with his assets exceeding ₹5,705 crore. Karnataka’s Deputy Chief Minister D K Shivakumar is second on the list, with assets worth over ₹1,413 crore. With assets valued at over ₹931 crore, Andhra Pradesh Chief Minister N Chandrababu Naidu ranks third, who is also knows as the "richest Chief Minister."
Others named in the top ten include Narayana Ponguru and Nara Lokesh (Andhra Pradesh), Gaddam Vivekanand and Ponguleti Srinivasa Reddy (Telangana), Suresha B S (Karnataka), Mangal Prabhat Lodha (Maharashtra) and Union Minister Jyotiraditya Scindia.
Karnataka has the highest number of billionaire ministers at eight. Andhra Pradesh stands second (six). While Maharashtra has four, Arunachal Pradesh, Delhi, Haryana and Telangana all have two. The states with one billionaire minister are Gujarat, Himachal Pradesh, Madhya Pradesh, and Punjab.
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India proposes preferential trade agreement with Mexico to deal with high tariffs
New Delhi (PTI): India has proposed a preferential trade agreement (PTA) with Mexico to help domestic exporters deal with the steep tariffs announced by the South American country, a top government official said on Monday.
Mexico has decided to impose steep import tariffs - ranging from about 5 per cent to as high as 50 per cent on a wide range of goods (about 1,463 tariff lines) from countries that do not have free trade agreements with Mexico, including India, China, South Korea, Thailand and Indonesia.
Commerce Secretary Rajesh Agrawal said that India has engaged with the country on the issue.
"Technical level talks are on...The only fast way forward is to try to get a preferential trade agreement (PTA) because an FTA (free trade agreement) will take a lot of time. So we are trying to see what can be a good way forward," he told reporters here.
While in an FTA two trading partners either significantly reduce or eliminate import duties on maximum number of goods traded between them, in a PTA, duties are cut or removed on a limited number of products.
Trading partners of Mexico cannot file a compliant against the decision on imposing high tariffs as they are WTO (World Trade Organisation) compatible.
The duties are within their bound rates, he said, adding that their primary target was not India.
"We have proposed a PTA because its a WTO-compatible way forward... we can do a PTA and try to get concessions that are required for Indian supply chains and similarly offer them concessions where they have export interests in India," Agrawal said.
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Citing support for local production and correction of trade imbalances, Mexico has approved an increase in MFN (most favoured nation) import tariffs (5-50 per cent) with effect from January 1, 2026 on 1,455 tariff lines (or product categories) within the WTO framework, targeting non-FTA partners.
Preliminary estimates suggest that this affects India's around USD 2 billion exports to Mexico particularly -- automobile, two-wheelers, auto parts, textiles, iron and steel, plastics, leather and footwear.
The measure is also aimed at curbing Chinese imports.
India-Mexico merchandise trade totalled USD 8.74 billion in 2024, with exports USD 5.73 billion, imports USD 3.01 billion, and a trade surplus of USD 2.72 billion.
The government has been continuously and comprehensively assessing Mexico's tariff revisions since the issue emerged, engaging stakeholders, safeguarding the interests of Indian exporters, and pursuing constructive dialogue to ensure a stable trade environment benefiting businesses and consumers in both countries.
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Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that Mexico's decision is a matter of concern, particularly for sectors like automobiles and auto components, machinery, electrical and electronics, organic chemicals, pharmaceuticals, textiles, and plastics.
"Such steep duties will erode our competitiveness and risk, disrupting supply chains that have taken years to develop," Sahai said, adding that this development also underlines the little urgency for India and Mexico to fast-track a comprehensive trade agreement.
Domestic auto component manufacturers will face enhanced cost pressures with Mexico hiking duties on Indian imports, according to industry body ACMA.
