Indian-origin business tycoons have steadily climbed to the top of the economic pyramid, becoming CEOs, founders, and boardroom bosses of Fortune 500 companies and groundbreaking startups alike.But where did this journey begin? What were the academic crucibles that molded these minds? Did their early education in India shape their business acumen, or was it the exposure to global classrooms that turned ambition into empire? In this article, we trace the educational paths of nine Indian-origin tycoons who now shape America’s economic destiny. Spoiler: the road from IIT to IPO is very real—and very compelling.

1. Sundar Pichai, The IITian Who Now Runs Google:

Current Role: CEO of Alphabet Inc. (Google’s parent company)

Education:

Before he was the voice behind Google’s most ambitious bets—like AI, Android, and quantum computing—Sundar Pichai was a quiet, curious boy in Chennai. His journey from a modest two-room home to Silicon Valley is well known, but it all began at IIT Kharagpur, where he studied metallurgical engineering.

Professors recall him as "reserved, but razor-sharp." His analytical prowess and humility caught attention even then. After IIT, he pursued a Master's at Stanford, reportedly on a scholarship his family could barely afford. Later, he completed his MBA at Wharton, where he was named a Siebel Scholar. His educational path represents the classic arc of blending Indian technical rigor with American strategic thinking—something that now defines Google's leadership style.

2. Indra Nooyi, The Music Lover Who Led PepsiCo

 

Indra Nooyi

Former Role: CEO and Chairperson of PepsiCo

Education:

Indra Nooyi’s story is one of quiet rebellion and audacious choices. Born into a conservative Chennai household, she played guitar in an all-girls rock band and wore saris to Yale. Her academic path began at Madras Christian College, followed by an MBA from IIM Calcutta, one of India’s most prestigious business schools.

Her time at Yale was transformative. She absorbed not just Western business principles but also the value of social responsibility in leadership. It’s no coincidence that during her 12-year reign at PepsiCo, she championed healthier products and sustainability long before it was trendy. Her education, straddling both India and America, gave her the confidence to blend hard-nosed corporate strategy with empathy—a rare combination in global leadership.

3. Satya Nadella, The Engineer Who Rewired Microsoft

 

Satya Nadella

Current Role: CEO and Chairman of Microsoft

Education:

Born in Hyderabad to a civil servant father, Satya Nadella’s earliest interests were not in computers but cricket. His academic path started at Manipal Institute of Technology—an institute not as globally recognized as IITs but one that allowed him the space to grow.

Later, he pursued a master’s in computer science in the US and eventually an MBA from Booth. Nadella often credits his MBA for teaching him how to think about business and people, not just software. Today, he is known for transforming Microsoft’s culture—making it less cutthroat, more collaborative, and surprisingly... kind. That human-centric leadership likely traces back to classrooms that taught him to value not just code, but character.

4. Jayshree Ullal, The Networking Queen of Silicon Valley

 

Jayshree Ullal

Current Role: President & CEO of Arista Networks

Education:

Born in London and raised in Delhi, Jayshree Ullal took a different route. She didn’t attend the IITs or Ivy Leagues, but her impact is no less significant. After her bachelor's and master’s in the US, she climbed the tech ladder, working at Cisco for over a decade before becoming CEO of Arista Networks.

Ullal’s story is a reminder that while prestigious universities open doors, grit and vision can build empires. Under her leadership, Arista became a multi-billion-dollar player in cloud networking. Her education gave her the foundational engineering skills, but her success is also deeply rooted in her ability to lead with quiet tenacity—a quality perhaps honed in a field where she was often the only woman in the room.

5. Nikesh Arora, The Deal-Making Dynamo of Palo Alto Networks

 

Nikesh Arora

Current Role: CEO and Chairman of Palo Alto Networks

Education:

Nikesh Arora’s story is all about bold bets. From Google to SoftBank to now heading Palo Alto Networks, he has always been where the future is. His education spans multiple continents and disciplines—engineering, finance, and management.

At IIT BHU, he was known for being both technically sharp and charmingly persuasive. That duality later helped him close multi-billion dollar deals and lead strategic expansions. His finance degree added another layer to his strategic thinking, giving him the tools to navigate Silicon Valley with both brain and bravado.

Former Role: CTO of Cisco, CEO of NIO USA

Education:

 B.Tech in Chemical Engineering – IIT Delhi

Padmasree Warrior has always seen the future a little sooner than the rest of us. Born in Vijayawada, she attended IIT Delhi, one of India’s most rigorous institutes. She was one of the few women in her class, and that early experience shaped her into a pioneer.

At Cornell, she honed her technical skills, which she later deployed to lead innovation at Motorola and Cisco. More recently, she led the US arm of Chinese electric vehicle company NIO. Her education in hard science translated into visionary leadership—a testament to how a chemical engineer can turn into a tech trailblazer if the foundation is strong enough.

 7. Ajay Banga, The Mastercard Man Now Running the World Bank

 

Ajay Banga

Current Role: President of the World Bank

Former Role: CEO of Mastercard

Education:

Ajay Banga grew up in a military family, and his upbringing was disciplined yet global in outlook. His education at St. Stephen’s—India’s Harvard—and IIM Ahmedabad, gave him both depth in economics and breadth in business strategy.

At Mastercard, he championed financial inclusion, bringing millions into the digital economy. Now, as the head of the World Bank, he’s trying to make capitalism work for everyone. His schooling didn’t just teach him numbers; it taught him responsibility—something he carries into every boardroom he walks into.

8. Shantanu Narayen, The Adobe Architect from Hyderabad

 

Shantanu Narayen

Current Role: Chairman & CEO of Adobe Inc.

Education:

Shantanu Narayen's rise is quiet but formidable. Born in Hyderabad, he earned his undergraduate degree from Osmania University, a local college, before heading to the US for higher studies.

He joined Adobe when it was still known for PDFs and Photoshop, and under his leadership, it transformed into a cloud behemoth. His education—especially his MBA from Berkeley—helped him marry creativity with commerce. His story proves that big dreams don’t always need a flashy beginning; sometimes a steady climb is the strongest one.

9. Vinod Khosla, The Venture Capital Visionary

 

Vinod Khosla

Current Role: Founder, Khosla Ventures

Former Role: Co-founder of Sun Microsystems

Education:

Vinod Khosla is part scientist, part philosopher, part risk-taker. His academic journey is as interdisciplinary as his investments—from engineering to biomedicine to business.

Khosla made his name as the co-founder of Sun Microsystems and later became one of Silicon Valley’s most influential venture capitalists. His Stanford MBA taught him to think like an investor, but his engineering roots gave him the guts to bet on what others couldn’t even see. His story is a masterclass in how diverse educational inputs can produce extraordinary outputs.

The Desi DNA of Global Success

The stories of these nine Indian-origin tycoons are more than tales of corporate success; they are narratives of adaptability, resilience, and a unique East-meets-West philosophy of leadership. Their educational paths—be it the hallowed halls of IITs or the prestige of Ivy League B-schools—served not just as stepping stones but as crucibles of transformation.

What unites them isn’t just their Indian origin or American success. It’s the intellectual curiosity that drove them, the discipline that rooted them, and the global ambition that launched them. These aren’t just CEOs; they’re bridges between two worlds—India’s academic rigor and America’s entrepreneurial spirit.

Their classrooms were their first boardrooms. Their professors, their first mentors. And their dreams? As audacious then as their realities are today.

So, the next time someone says, "Where you study doesn’t define you," maybe point them to this list—not because the schools made them, but because they made the most of their schools.

Unlock insightful tips and inspiration on personal growth, productivity, and well-being. Stay motivated and updated with the latest at My Life XP.

The discussions, which also included prominent figures like TV Mohandas Pai and Maheshwar Rao, Chief of the Greater Bengaluru Authority (GBA), centered on critical urban challenges such as road conditions, potholes, traffic management, garbage disposal, and concerns related to the Outer Ring Road (ORR) and Peripheral Ring Road (PRR).

https://twitter.com/kiranshaw/status/1982329907851170049

“We had a very constructive meeting with Deputy CM @DKShivakumar to agree to an action plan to fix key infra bottlenecks in roads, ORR, PRR drainage traffic and garbage," Shaw wrote on X.

This meeting marks a pivotal moment in the ongoing discourse about Bengaluru's infrastructure.

“I had an overseas business visitor to Biocon Park who said, ‘Why are the roads so bad and why is there so much garbage around? Doesn’t the government want to support investment?’” Mazumdar-Shaw wrote.

Her post quickly went viral, sparking widespread debate and prompting a sharp response from Deputy Chief Minister D.K. Shivakumar. Defending the government’s efforts, he said that the administration was acting “with focus and urgency” to resolve civic issues across the city.“Yes, challenges exist, but we’re addressing them with focus and urgency. ₹1,100 crore has been sanctioned for road repairs, 10,000-plus potholes identified, and over 5,000 already fixed on priority,” Shivakumar said in a post on X, adding that major infrastructure works were being fast-tracked across the Outer Ring Road and other arterial stretches.

The IT giant's employee strength fell from 6,13,069 on June 30 to 5,93,314, according to Q2FY26 data posted on its website.

Newly appointed Chief Human Resources Officer Sudeep Kunnumal said the reduction included both voluntary and involuntary exits, with around 6,000 employees formally "released" as part of management-driven attrition.

He added that the company is about halfway through its expected workforce realignment.

In July, TCS had indicated plans to reduce around 2% of its workforce, roughly 12,000 employees, mainly from mid- and senior-level positions.

The CHRO clarified that this figure is an estimate rather than a fixed target, and that the company incurred Rs 1,135 crore in severance costs during the quarter.

However, the Nascent Information Technology Employees Senate (NITES) accused TCS of downplaying the scale of layoffs. According to the employee advocacy group, nearly 8,000 more employees left than officially acknowledged, raising concerns about transparency.

"This is not a minor difference. Nearly 8,000 employees, more than what TCS admitted, have disappeared from the rolls. For a company of TCS' scale, such underreporting cannot be dismissed as an error. It points to a deliberate attempt to downplay the scale of retrenchments and mislead regulators, policymakers, and the public," NITES said.

NITES also highlighted that attrition rates had actually fallen during the period, suggesting that many exits were involuntary rather than voluntary.

The group alleged that long-serving employees, some with 10–15 years at TCS, were being forced out, calling the process "corporate cruelty" and accusing the company of prioritising profits over people.

"TCS may present these job cuts as numbers on a balance sheet, but for us they are stories of shattered lives," NITES President Harpreet Singh Saluja said. "This is not restructuring, this is corporate cruelty. TCS has chosen profits over people, turning its workplace into a fear factory and betraying the very workforce that built its empire," Saluja added.

TCS said its strategy to become a "future-ready organisation," focusing on technology, AI, market expansion, and workforce realignment, prompted the layoffs, marking only the second such exercise in its history.

Kunnumal highlighted that the company is supporting impacted employees with severance packages above industry standards, counselling, and outplacement assistance to help them transition.

While some supporters have attempted to defend the company’s actions, calling it a matter of "business decisions" or claiming that "employees resigned on their own", the IT employees' body countered these justifications, saying both are "legally and morally indefensible".

In a post on X, the Nascent Information Technology Employees Senate wrote: "Over the last few weeks, many people have tried to justify TCS’s actions. These arguments may sound logical at first, but legally and morally, they collapse."

In a long post, Nites has offered counter arguments to people who "justify" TCS's actions:

Argument: TCS is a business. To stay profitable, it must cut costs.

Nites: Yes, every company needs profits. But Indian law does not allow employers to throw people out arbitrarily. The Industrial Disputes Act lays down clear procedures for retrenchment, notice, compensation, and government approval. Forcing employees to resign to escape these obligations is not business sense, it is illegal.

Argument: If there’s no project, why keep employees idle?

Nites: An employment contract is a two-way obligation. Workers give time and loyalty, employers provide continuity and wages. Business risk lies with the company, not the worker. Forcing people to resign under threat is exploitation, not workforce management.

Argument: Employees resigned themselves.

Nites: Hundreds of complaints tell a different story. Employees were threatened with termination, denial of full and final settlement, relieving letters, and even blacklisting if they refused. In law, any resignation under fear is not valid, it is an illegal termination.

Argument: Employees should be grateful, at least they had jobs for years.

Nites: Employment is not charity. Workers gave their skills and loyalty for 10–15 years. Gratitude cannot be demanded in return for coercion and humiliation.

Argument: If employees are good, they will find another job.

Nites: Reality is harsher. Many affected employees are in their 40s or 50s, with loans, dependents and specialised skills tied to certain projects. The job market is not easy, especially when thousands are forced out at once.

Argument: At the end of the day, companies must think of shareholders.

Nites: True accountability is to both shareholders and employees. A company that destroys livelihoods for short-term profit erodes trust, weakens loyalty, and harms its own long-term reputation.

Nites concluded by saying: "The truth is clear: profitability does not excuse exploitation, and forced resignations are neither lawful nor ethical. Behind every case is a family under stress, children’s futures at risk, and careers shattered overnight."

Previously, in a letter to Maharashtra Chief Minister, the IT employees' body President Harpreet Singh Saluja had written to Maharashtra Chief Minister Devendra Fadnavis to intervene to protect the interests of the affected employees, by halting all further terminations until due legal process is followed.

The company, in June, announced to lay off about 2%, or 12,261 employees, of its global workforce this year, with the majority of those impacted belonging to middle and senior grades.

The NITES has demanded that Maharashtra Chief Minister to stand with the affected families in their "darkest hour" and direct the state's labour department to immediately investigate and stop the alleged illegal terminations. Here are some of their demands:

1. Direct the Department of Labour, Government of Maharashtra, to immediately investigate and stop these illegal terminations.

2. Ensure that every affected employee is given their lawful rights under the Industrial Disputes Act, 1947.

3. Halt all further terminations until due legal process is followed.

4. Hold the company’s top management accountable for their disregard of law and humanity.

Investor sentiment remained cautious amid concerns over U.S. President Donald Trump's push for sweeping reciprocal tariffs.

The BSE Sensex dropped 1,390 points, or 1.8%, to 76,024, while the NSE Nifty slipped 354 points, or 1.5%, to 23,165.

Barring Oil & Gas, all major sectors ended in the red, with Nifty Bank, IT, Realty, Financial, and Consumer Durables declining 2-3.5%.

The total market capitalisation of BSE-listed companies fell by Rs 3.23 lakh crore to Rs 409.64 lakh crore.

Why the market fell today?

1) Global jitters over Trump’s tariff plan

Investors are on edge ahead of April 2, which Trump has called "Liberation Day," when he is expected to announce broad-based reciprocal tariffs. Over the weekend, Trump hinted that these tariffs would target all countries, not just those with large trade imbalances, raising fears of a global trade war that could slow economic growth.

"Globally markets are focused on the details of Trump’s reciprocal tariffs to be announced tomorrow. The market trends after the announcements will depend on the details of the tariffs and how they will impact different countries and sectors," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

2) IT stocks under pressure

IT companies, heavily reliant on the U.S. market, fell up to 5% amid concerns over weaker demand. The sector has already lost 15% in the March quarter, dragging the Nifty 50 lower.

"We expect the FY26 revenue outlook for IT firms to be in-line to disappointing, and downside risks to earnings remain," Morgan Stanley analysts noted.

3) Oil prices near five-week high

Crude oil prices hovered near a five-week high, raising inflation concerns. Brent crude was around $74.67 per barrel, while U.S. West Texas Intermediate (WTI) traded at $71.37. Higher oil prices could pressure India's fiscal deficit and corporate margins.

4) Profit booking after a strong rally

The Nifty and Sensex had gained nearly 5.4% over the past eight sessions, turning positive for the year. Investors appear to be booking profits after the recent rally, leading to a market pullback. The sharp rise in valuations over a short period has also made some traders cautious, prompting a sell-off in heavyweight stocks.

"India outperformed most markets in March with 6.3% return. FIIs turning buyers and the consequent short covering contributed to the rally. Can the rally continue or will there be another downturn? This will depend mainly on what Trump announces in tariffs. If the tariffs are lower-than-feared there can be a rally in the market which will be led by externally linked sectors like pharmaceuticals and IT. On the other hand if the tariffs are severe there can be another round of downturn in the market," Vijayakumar said.

Asia's Economic Outlook

The aftermath of the COVID-19 pandemic has impacted the Asia-Pacific region battling with disrupted economic growth. However, Asia is one of the few regions expected to perform better than the rest of the world. The Asian economy is facing a mix of both economic instability and economic growth. Two of the region's largest economies including China and India are going in opposite directions, with China suffering from a property market crisis and deflation while India making notable progress. 

According to the IMF, growth in Asia was estimated to be around 4.7% in 2023, up 0.1% from the previous 4.6% projection in October 2023. China and India are the key economies for the upward revision. In China, increased spending on disaster reconstruction and resilience projects supported growth. In India, growth was supported by strong domestic demand. The IMF has upgraded Asia's growth forecast for 2024 from the previous projection of 4.2% in October 2023 to 4.5%. In emerging and developing Asia, the growth is expected to decline from 5.4% in 2023 to 5.2% in 2024 and 4.8% in 2025. The growth in the Middle East and Central Asia is forecasted to increase from 2% in 2023 to 2.9% in 2024 and 4.2% in 2025. 

Although the IMF has upgraded the growth estimates, China’s property sector could further cut domestic demand, especially if the stress level rises in local government finances. It would potentially impact regional exports, reducing demand for exports. In addition, China has had an inflation rate of around 0.3% in 2023 with the economy heading towards deflation. Other potential risks such as tighter-than-expected conditions in Asia and the US could impact heavily indebted industries and economies. Geopolitical tensions in the Middle East can impact global trade as Yemeni Houthis are continuously attacking the ships of Israel and its allies. As we mentioned in our article about the 20 countries with the highest tariffs, the traffic through the Red Sea has declined by over 40% since the attacks from Houthis, disrupting global supply chains. On average nearly 50 ships pass through the Red Sea each day, comprising $3 billion to $9 billion worth of cargo. 

According to S&P Global Inc. (NYSE:SPGI), the Asia-Pacific region is expected to continue rapid economic expansion followed by resilient domestic demand in China, India, Indonesia, Malaysia, and the Philippines. In addition, strong foreign direct investment (FDI) inflows in India and other South Asian countries will positively impact the economic growth in the region. On January 17, Reuters reported that India has attracted FDI inflows worth $33 billion in the first six months of the current financial year that started in April 2023. India recorded an FDI of $71 billion in the 2022-23 financial year.

Most of the poorest countries in the world are based out of sub-Saharan Africa having the lowest GDP per capita. Along with African countries, some Asian countries also have the lowest GDP per capita in the world, including Afghanistan, Syria, and Sri Lanka.

Major Companies that are Driving Asia's Growth

JD.com Inc (NASDAQ:JD), Reliance Industries Limited (NSE: RELIANCE), and SM Investments Corporation (PSE:SM) are some of the leading companies that play an important role in their respective economies and across the Asia Pacific. 

JD.com Inc (NASDAQ:JD) is one of the top e-commerce firms based out of China and one of the biggest competitors of Alibaba Group Holding Limited (NYSE:BABA). On March 6, JD.com Inc (NASDAQ:JD) reported its earnings for the fiscal fourth quarter of 2023. The company posted earnings per share of $0.74, beating consensus estimates by $0.11. The revenue for the quarter amounted to $42.52 billion, surpassing estimates by $914.80 million. Here are some of the comments from the company’s earnings call:

Reliance Industries Limited (NSE:RELIANCE) is India’s leading multinational giant. On February 28, Reliance Industries Limited (NSE:RELIANCE) announced that its subsidiary, Reliance Consumer Products Limited (RCPL), has partnered with Sri Lankan beverage company Elephant House. This new collaboration will allow Elephant House to manufacture, distribute, and sell beverages in India and help RCPL enhance its beverage portfolio. 

SM Investments Corporation (PSE:SM) is a Filipino conglomerate that has a diversified portfolio in shopping mall development, retail, banking, real estate development, and tourism. On February 28, SM Investments Corporation (PSE:SM) reported that its consolidated revenues soared by 11% to PHP 616.3 billion in 2023 from PHP 553.0 billion in 2022. The net income was reported around PHP 77 billion in 2023, which grew 25% from PHP 61.7 billion in 2022. SM Investments Corporation (PSE:SM) sees potential for regional development and targeted high-growth sectors. Here is what the President and CEO of the company, Frederic C. DyBuncio, said:

With this context, let’s take a look at the 25 poorest countries in Asia by GDP per capita. 

25 Poorest Countries in Asia by GDP per Capita

Our Methodology

To compile our list of the poorest countries in Asia by GDP per capita, we have shortlisted the countries based on GDP per capita (current prices) from the International Monetary Fund (IMF) database. We have ranked the countries in descending order of their GDP per capita, as of 2024. The data for some countries was not available on the IMF, therefore, we sourced the GDP per capita for those countries from the World Bank database, which includes Afghanistan, Syria, and Sri Lanka. We have also highlighted the GDP (current prices) of the countries, wherever available, and the data is taken from the IMF database, as of 2024. 

25 Poorest Countries in Asia by GDP per Capita

25. Iran

GDP Per Capita (2024): $20,694

On March 21, S&P Global Inc. (NYSE:SPGI) reported that the US sanctions on Iran have not worked as intended, as per the panelists from the webinar hosted by the Middle East Institute. Iran has a GDP of $386.22 billion and ranks 25th among the poorest countries in Asia by GDP per capita. 

24. Turkmenistan

GDP Per Capita (2024): $20,551

Turkmenistan’s economy is expected to grow 6% in 2024, as per the Asian Development Bank. Turkmenistan has a GDP of around $90.9 billion, as of 2024. 

23. Azerbaijan

GDP Per Capita (2024): $19,370

Azerbaijan is a Central Asian country with a GDP of around $80.98 billion. With a GDP per capita of $19,370, Azerbaijan ranks among the poorest countries in Asia by GDP per capita. 

22. Indonesia

GDP Per Capita (2024): $16,843

Indonesia is one of the largest economies in Asia with a GDP of $1.54 trillion. Indonesia’s 20-year economic plan which was initiated in 2005 will come to an end in 2025. 

21. Mongolia

GDP Per Capita (2024): $15,900

Mongolia has a GDP of around $19.55 billion. According to the IMF, Mongolia has a real GDP growth rate of 4.5%, as of 2024. Mongolia ranks 21st among the poorest countries in Asia by GDP per capita. 

20. Vietnam

GDP Per Capita (2024): $15,318

Vietnam’s economy is in a 'pretty good position', according to Andy Ho, VinaCapital Group’s Chief Investment Officer. Vietnam has a GDP of around $469.67 billion. 

19. Bhutan

GDP Per Capita (2024): $14,920

Bhutan is one of the poorest countries in Asia and has a GDP of around $2.86 billion. 

18. Jordan

GDP Per Capita (2024): $13,442

Jordan has a real GDP growth rate of 2.7% in 2024, as per the IMF. Jordan has a GDP of around $52.66 billion and ranks among the poorest countries in Asia by GDP per capita. 

17. Philippines

GDP Per Capita (2024): $12,127

The Philippines is one of the largest economies in Asia with one of the lowest GDP per capita in the world. The Philippines has a GDP of $475.95 billion. 

16. Iraq

GDP Per Capita (2024): $12,048

Iraq has struggled with terrorism and war for decades now. Iraq has a GDP of $271.47 billion and ranks among the poorest countries in Asia by GDP per capita. 

15. Uzbekistan

GDP Per Capita (2024): $10,909

In September 2023, Uzbekistan’s government adopted the National Development Strategy (NDS) until 2030. Through NDS, Uzbekistan aims to develop objectives and pivotal reforms across different sectors. Uzbekistan has a GDP of $99.58 billion, as of 2024. 

14. Laos

GDP Per Capita (2024): $10,269

Laos is expected to have economic growth around 4% in 2024 compared to growth of 3.7% in 2023, according to the Asian Development Bank. Laos has a GDP of $14.1 billion and ranks among the poorest countries in Asia by GDP per capita. 

13. India

GDP Per Capita (2024): $9,892

India is one of the largest economies in the world with a GDP of around $4.11 trillion, as of 2024. India had a population of around 1.41 billion in 2022, according to the data from the World Bank. 

12. Bangladesh

GDP Per Capita (2024): $9,414

Bangladesh’s economy is improving and has a 6% real GDP growth rate in 2024, as per the IMF. Bangladesh has a GDP of around $455.16 billion. 

11. Pakistan

GDP Per Capita (2024): $6,961

Pakistan is suffering from political and economic instability and relies a lot on IMF loans. With a GDP per capita of $6,961, Pakistan ranks among the poorest countries in Asia by GDP per capita. 

10. Kyrgyzstan

GDP Per Capita (2024): $6,724

Kyrgyzstan is expected to have an improvement in its growth rate from an estimated 3.8% in 2023 to 4% in 2024, as per the Asian Development Bank. Kyrgyzstan has a GDP of $13.66 billion and ranks 10th among the poorest countries in Asia by GDP per capita. 

9. Cambodia

GDP Per Capita (2024): $6,540

Cambodia has a GDP of around $33.23 billion in 2024. With a GDP per capita of $6,540, Cambodia is one of the poorest countries in Asia. 

8. Tajikistan

GDP Per Capita (2024): $5,658

Tajikistan has a real GDP growth rate of around 5% in 2024, as per the IMF. Tajikistan has a GDP of $12.92 billion and a GDP per capita of $5,658. 

7. Myanmar

GDP Per Capita (2024): $5,349

Myanmar averaged a 6% growth rate from 2011 to 2019, according to the World Bank. Myanmar has a GDP of around $79.27 billion, as of 2024. 

6. Nepal

GDP Per Capita (2024): $5,226

Nepal has a GDP of $45.46 billion and a GDP per capita of $5,226. Nepal ranks sixth among the poorest countries in Asia by GDP per capita. 

5. Timor-Leste

GDP Per Capita (2024): $3,706

Timor-Leste has a GDP of $2.04 billion and a GDP per capita of $3,706. Timor-Leste ranks fifth among the poorest countries in Asia by GDP per capita. 

4. Sri Lanka

GDP Per Capita (2022): $3,354

Sri Lanka’s economy has been suffering. However, on March 22, Reuters reported that the economic conditions in debt-stricken Sri Lanka have gradually begun to improve, as per the IMF. Sri Lanka is one of the poorest countries in Asia by GDP per capita. 

3. Yemen

GDP Per Capita (2024): $2,095

Yemen has a GDP of $21.89 billion and is one of the poorest countries in the world. According to the World Bank, Yemen experienced a whopping 52% contraction in real GDP per capita from 2015 to 2022, leaving the majority of the population in crisis. 

2. Syria

GDP Per Capita (2021): $421

Syria had a GDP per capita of $421 in 2021. The country has suffered a lot from war and continues to face more threats. Syria ranks second among the poorest countries in Asia by GDP per capita. 

1. Afghanistan

GDP Per Capita (2021): $356

Afghanistan is the poorest country in the world and has suffered from war for decades. In 2021, Afghanistan had a GDP per capita of $356 in 2021.

{os-gal-1} Kajal Agarwal

The S&P BSE Sensex fell 523 points to 71,072.49 at the closing bell, while the NSE Nifty50 settled 166.45 points lower at 21,616.05. Domestic-focused broader market indices took a bigger hit as concerns over high valuations soured the sentiment on Dalal Street.

Among sectoral indices, heavyweights Nifty Bank and Nifty Financial Services fell sharply, but Nifty PSU Bank registered the biggest drop, falling over 4.4 per cent. Nifty Realty and Nifty Oil & Gas also dipped nearly 3 per cent and 2.6 per cent, respectively. 

The top five gainers on the Nifty50 were Dr. Reddy's, Apollo Hospitals, Divi's Laboratories, Wipro and HCLTech. On the other hand, the top losers were Coal India, Hero MotoCorp, BPCL, ONGC and Tata Steel. 

Domestic markets have been facing weakness since last week, ever since the RBI decided to keep the key lending rates unchanged. While the decision was on expected lines, the fact that the central bank's Monetary Policy Committee (MPC) maintained its hawkish stance dashed hopes of a rate cut in the near future. 

Mandar Bhojane, research analyst at Choice Broking, said, "Indian equity indices concluded lower on February 12, with the Nifty hovering around 21,600, as selling pressure affected various sectors except for IT and pharmaceutical companies." "On the daily chart, Nifty experienced a breakdown of the daily trendline and formed a bearish engulfing pattern with significant volume, indicating weakness in the index. The Relative Strength Index (RSI) exhibited a downward slope at 50.7, suggesting the persistence of bearish momentum. Immediate support levels are identified at 21,500-21,400, while hurdles are anticipated at 21,800 and 21,950," he added. 

{os-gal-1}

The government is focused on improving conditions for the poor, women, youth and farmers, Sitharaman said, setting the tone for welfare schemes to be announced in these areas.

Here are the key statements made by the finance minister in her interim budget speech:

BUDGET 2024: WORKING TO MAKE INDIA A DEVELOPED NATION BY 2047

The government is working to make India a developed country by 2047, Finance Minister Nirmala Sitharaman said.

Presenting the interim Budget 2024-25, Sitharaman also said minimum support prices for 'Annadata' (farmers) have been increased periodically and appropriately.

"The government is focussing on addressing systemic inequalities adding that the emphasis is on outcomes so that socio-economic transformation is achieved.

We focus on outcomes and not outlays," Sitharaman said.

BUDGET 2024: GOVT TO LAUNCH HOUSING SCHEME FOR DESERVING MIDDLE CLASS

The government will launch a housing scheme for deserving middle class to buy or build their own houses, Finance Minister Nirmala Sitharaman said.

Sitharaman said the government will also adopt an economic approach that facilitates sustainable development and improves productivity.

She also mentioned about rooftop solarisation to ensure one crore household free electricity of up to 300 units per month, leading to household savings of Rs 15,000-18,000 annually.

BUDGET 2024: INDIA CLOSE TO ACHIEVING TARGET OF 3 CRORE HOUSES UNDER RURAL HOUSING SCHEME

The country is close to achieving the target of 3 crore houses under the rural housing scheme and two crore more will be constructed in the next five years, Finance Minister Nirmala Sitharaman said.

The finance minister said that to meet investment needs, the government will prepare the financial sector in terms of size, capacity, skills, and regulatory framework.

The government will facilitate high and more resource-efficient economic growth to ensure energy security for the country.

BUDGET 2024: PLANS TO INCREASE MILK, DAIRY PRODUCTION

Nirmala Sitharaman announced plans to increase milk and dairy production in the country. "India is the largest milk producer in the world but there is low productivity. India's milk production rose 4% to 230.58 million tonnes in 2022-23," Sitharaman said.

Efforts of the value addition in agriculture sector and increasing farmers' income will be stepped up, the minister said.

BUDGET 2024: HEALTHCARE COVER UNDER AYUSHMAN BHARAT TO BE EXTENDED TO ALL ASHA, ANGANWADI WORKERS

The government announced the extension of healthcare cover under Ayushman Bharat to all ASHA and anganwadi workers. Ayushman Bharat Pradhan Mantri-Jan Arogya Yojana (AB-PMJAY) is the largest publicly funded health insurance scheme in the world that provides coverage of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation.

Till December 27 last year, 55 crore people belonging to 12 crore families were covered under the scheme, Sitharaman said.

BUDGET 2024: SKILL INDIA MISSION TRAINED, UPSKILLED 1.4 CR YOUTH

As many as 1.4 crore youth were trained and upskilled under the Skill India Mission, Finance Minister Nirmala Sitharaman said. The mission focuses on skilling, re-skilling and upskilling through short-term and long-term training programmes. 

Under the mission, the government, through more than 20 central ministries/departments, is implementing various skill development schemes across the country.

She also said there is a macro-economic stability and the country's economy is doing well.

BUDGET 2024: CAPITAL SPENDING FOR FY25 RAISED 11% TO RS 11.11 LAKH CRORE

The country's capital spending for 2024-25 has been raised 11 per cent to Rs 11.11 lakh crore, or 3.4 per cent of GDP, Sitharaman said.

She said the tripling of capex in the last four years has resulted in a multiplier effect on economic growth and employment generation.

The minister said the Indian air carriers have placed orders for 1,000 new aircrafts.

BUDGET 2024: IN LAST 10 YEARS, 25 CRORE PEOPLE FREED FROM MULTI-DIMENSIONAL POVERTY

Nirmala Sitharaman said 25 crore people got freedom from multi-dimensional poverty in the last 10 years.

Earlier approach of tackling poverty through entitlement resulted in very modest outcomes, she said while presenting the interim Budget in the Lok Sabha. 

There is transparency and assurance that benefits are transferred to all eligible citizens, Sitharaman said.

The National Education Policy is ushering transformational reforms, she added.

BUDGET 2024: 43 CRORE LOANS AGGREGATING TO RS 22.5 LAKH CR EXTENDED UNDER PM MUDRA YOJANA

The government has extended 43 crore loans aggregating to Rs 22.5 lakh crore were extended under the PM Mudra Yojana, Sitharaman said.

Sitharaman said direct benefit transfer of Rs 34 lakh crore through Jan Dhan accounts have resulted in savings of Rs 2.7 lakh crore.

The finance minister also said 30 crore Mudra Yojana loans have been given to women in the last 10 years. "Saturation approach of covering all eligible people is true and comprehensive achievement of social justice and this is secularism in action," she asserted.

BUDGET 2024: GLOBAL AFFAIRS BECOMING MORE COMPLEX, CHALLENGING WITH WARS

Finance Minister Nirmala Sitharaman on Thursday said the global situation is becoming more complex and challenging due to wars and conflicts in different parts of the world. 

"The Russia-Ukraine conflict and the Israel-Hamas war have disrupted the global supply chains, impacting trade. The new world order is emerging and India has successfully navigated the global challenges in fuel and fertiliser price spike," Sitharaman said.

She also said that strengthening the financial sector in the country has helped make savings, credit and investments more efficient.

BUDGET 2024: WORRIES ABOUT FOOD ELIMINATED THROUGH FREE RATION FOR 80 CR PEOPLE

Finance Minister Nirmala Sitharaman said worries about food have been eliminated through free rations for 80 crore people in the country. "India was facing enormous challenges when the Modi government took office in 2014 and overcame those in the right earnest," Sitharaman said.

In November last year, Prime Minister Narendra Modi said his government would extend the free ration scheme for the impoverished population for a five-year period. 

BUDGET 2024: GOVT TO TAKE UP NEXT-GENERATION REFORMS TO FACILITATE GROWTH

The government will take up next-generation reforms to facilitate growth and the next five years will be of unprecedented development and golden moments to realise the dream of developed India by 2047, Sitharaman said.

She outlined the strategy for 'Amrit Kaal' while presenting the interim Budget 2024-25.

The finance minister also said the recently announced India Middle East Europe Economic Corridor will be a game changer for India.

She noted that the International Financial Services Centres Authority (IFSCA) has created a robust gateway for flow of overseas capital

BUDGET 2024: MODI GOVT ADDRESSING SYSTEMATIC INEQUALITIES THAT PLAGUED SOCIETY

The government under the leadership of Prime Minister Narendra Modi is addressing systematic inequalities, which have plagued society, Finance Minister Nirmala Sitharaman said. 

Presenting the interim Budget 2024-25, Sitharaman said economic management over the past decade has complemented people-centric inclusive development.

"All forms of infrastructure are being built in record time. Tax reforms have led to widening of the tax base," Sitharaman said.

STEM (Science, Technology, Engineering, and Mathematics) courses have seen enrolment of 43 per cent women, the highest in the world, she added.

{os-gal-1} Kajal Agarwal

The domestic indices were dragged by media, state-owned lenders, energy and metal stocks. The BSE Sensex slumped over 1,050 points to hit sub-70,400 while the NSE barometer Nifty slipped below the 21,250 level. That said, the 30-share pack Sensex plummeted 1,669 points from its day high level of 72,039.20. And, the NSE benchmark was down 519 points from a day high 21,750.25. Such was the fall in the domestic indices that around Rs 8 lakh crore of BSE market capitalisation (m-cap) was wiped out.

Here's a look at today's market fall in numbers:

Rs 8 lakh crore investor wealth lost

Investor wealth, as suggested by the BSE m-cap, fell Rs 8.01 lakh crore to Rs 366.39 lakh crore compared with a valuation of Rs 374.40 lakh crore recorded in the previous session. Frontline stocks such as HDFC Bank, Reliance Industries, Axis Bank, Hindustan Unilever, SBI, L&T and IndusInd Bank contributed to the fall today.

24 stocks hit 52-week lows on BSE

As many as 24 stocks hit their 52-week lows today. BSE stocks such as HDFC Bank, Hindustan Unilever, Orient Electric, VIP Industries and Zee Entertainment touched their respective one-year low levels. That said, 456 stocks touched their one-year high levels today.

2,761 stocks in the red

Out of 4,000 stocks, 2,761 stocks were seen declining. Only 1,098 stocks were advancing, while 141 stocks remained unchanged.

ZEE, IRCON & Network18 crash up to 32%

Shares of ZEE, IRCON International, Network18, HUDCO, Oberoi Realty, RVNL, RITES, Tejas Networks, Engineers India, IRCTC and Prestige Estates cracked up to 32.43 per cent.

Media, PSU Bank & energy among top drags

For Sensex, the major culprits that dragged the index lower were HDFC Bank, Reliance Industries, Axis Bank, Hindustan Unilever, SBI, L&T and IndusInd Bank. HDFC, RIL and Axis alone contributed negatively to a 508-point decline.

On NSE, 12 out of 15 sub-indices were down. Nifty Bank, Nifty Financial Services and Nifty Metal fell sharply.

FII-DII data

Foreign institutional investors (FIIs) sold Rs 545.58 crore worth of shares on a net basis during the previous session and domestic institutional investors (DIIs) offloaded Rs 719.31 crore worth of equity, according to stock exchange data.

{os-gal-2}

It was the biggest single-day plunge for both the Sensex and NSE index Nifty in 19 months. While the Sensex tanked by 1,628 points to end the day at 71,500.76, Nifty nosedived 460.35 points or 2.09 per cent to settle at 21,571.95.

The shares at NSE witnessed the biggest single-day loss since June 13, 2022.

The market caps of BSE-listed firms eroded by ₹4,59,327.64 crore to

₹3,70,35,933.18 crore. In two days of market fall, investors' wealth fell by ₹5,73,576.83 crore.

“Hawkish comments by the US Fed triggered a spike in yields on the US 10-year bonds and the US dollar index, which spooked European and Asian markets, including India. India's stock market valuations are also expensively valued compared to other global stock indices and investors would wait for more positive cues now to extend their equity exposure,” Prashanth Tapse, senior vice-president (research), Mehta Equities Ltd., told PTI.

"There are challenges in the near-term such as persisting conflict in the Middle East and worries over delay in the US Fed rate cut, which could dampen investors' sentiment going ahead," Tapse added.

Sensex-listed HDFC Bank saw its shares tank by over eight per cent, day after the company reported a net profit of ₹16,372 crore in its Q3 results.

"Domestic equities plunged amid a weak environment globally and a selloff in HDFC Bank. Banking sector took the biggest hit as Q3 results of HDFC Bank showed stagnant growth for the company. Hawkish Fed commentary, escalating tension in the Middle East, and a spike in bond yield dented investor sentiment," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd told PTI.

{os-gal-4}