India's rich are loosing wealth due to inflation and corruption scandals according to Forbes magazine which also says that the combined wealth of the 100 wealthiest is down 20% from a year ago. The Asian Age, Pioneer, Mail Today and other papers have covered this story. The Tribune adds that Mukesh Ambani, the head of Reliance Group has retained his position as the richest Indian with a net worth of 22.6 billion US dollars.
Food inflation shoots to 11:43%, the sharpest increase in six months write all the papers this morning. According to the Economic Times, Food prices may not come down from the current levels. Poor storage facilities and high transportation costs add to the spike in the festive season, opines the Indian Express.
Most papers this morning report that air pollution dips this Diwali but overall pollution levels worsen. According to the Indian Express, increased awareness and favourable Met factors led to the decrease in overall air pollution in Delhi post Diwali. "Delhi Government pats itself for lower air pollution on a windy Diwali", writes the Hindu. "Experts give credit to clear weather for lower air pollution, Noise pollution, however, shoots up", says the Times of India.
Mail Today and Asian Age write that, the IBM Corporation has passed a mile stone naming the first female Chief Executive in the Company's 100 year history. The selection of Virginia Rometty is also a statement about the growing influence of women in the top tiers of business.
AND FINALLY, the Pioneer and Times of India report that, British scientists have developed artificial blood in the laboratory which they say, is just two years away from being used for transfusion. Man-made blood created from stem cells will be free from infection and can be given to anyone regardless of blood group.