The sector added 43 individuals to the rich list in the previous 12 months, as they saw their cumulative wealth grow 99 per cent in the same period. The sector was also second in terms of the highest overall contribution to the annual rich list maintained by IIFL Wealth and Hurun India.
Stocks from the sector have seen a break-neck rally throughout this past year, aided by heavy buying from institutional and retail investors. The sector is steadily becoming the third biggest export story from India, following on the footsteps of the software and pharmaceutical industry.
Government support in terms of anti-dumping duties on key chemicals as well as rising demand from global multinational companies for Indian products as part of their efforts to diversify the supply chain out of China has resulted in significant rerating of the sector over the past three years.
The success story of the sector is encapsulated in the surge in wealth for
owner Deepak Chimanlal Mehta & Family, whose wealth grew 250 per cent during the year to Rs 16,800 crore.
Besides chemicals, software and services industry added the most to the IIFL Wealth Hurun India rich list for 2021. As many as 33 individuals were added from the sector to list over the past 12 month, as the industry underwent a renewed cycle of deal wins and earnings growth.
“This sector witnessed a 52% increase in wealth compared with 28% in the last year. This year’s 33 new entrants contributed Rs 1,15,300 crore, or 12% of sectors’ cumulative wealth,” the IIFL Wealth Hurun India report said.
