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  World witnessed a growth in net worth from $156 trillion to $514 in the period of year 2000 to 2020. According to a new report by the research arm of consultants McKinsey & Co.  global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide.  According to the report,  ten countries representing more than 60% of world income. China accounted for almost one-third of the increase. Its wealth increased to $120 trillion from $7 trillion in 2000.  The U.S., held back by more muted increases in property prices, saw its net worth more than double over the period, to $90 trillion. In both countries , the world's biggest economies  more than two-thirds of the wealth is held by the richest 10% of households, and their share has been increasing, the report said.  As estimated by McKinsey, 68% of global net worth is stored in real estate. The balance is held in such things as infrastructure, mach...

  The retail price of petrol and diesel is decided after adding central excise, commission paid to dealers and value-added tax (VAT) to basic oil prices. The basic oil price is the prevailing international benchmark rate plus freight.  Prices of petrol and diesel are market-determined, meaning that public sector oil marketing companies including Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum determine retail prices of petrol and diesel based on international prices of crude oil and other related products, currency exchange rates, tax structures, inland freight costs, etc., (As per the finance ministry informed Parliament in March) International prices are thus the determinants of prices of petroleum products in India, as per the ministry. Global oil prices crashed to $19 per barrel in April 2020 as demand evaporated with most nations clamping lockdowns to control the spread of the novel coronavirus. Demand recovered this year as vaccination against the infect...

With surveillance being used increasingly by governments globally to spy on the opposition and political dissidents in the garb of controlling terror-related activities, the dangers of privacy violations of individual citizens have become palpable. Currently there is no legislation for data protection. Section 69 of the 2000 IT Act allows any government, Central or State, to direct any of its agencies to intercept, monitor or decrypt any information generated, transmitted, received or stored in any computer source. The government’s surveillance rights are not deemed to be absolute as it can only do so after approval by the Home Secretary. The Personal Data Protection Bill was introduced in Parliament in 2006. It has been redrafted as the Personal Data Protection Bill, 2018, which recognizes the right to privacy of individuals as a fundamental right and the need to protect personal data as an essential facet of informational privacy  This assumes significance after the landmark nine...