Forbes said Indian billionaires are bounce back

The number of billionaires in India almost doubled in the past 12 months to 52 , mainly thanks to a recovery in global stock markets, a rich-list from US magazine Forbes showed Thursday. "Happy days are definitely back again for India's richest," said Naazneen Karmali, India editor for Forbes Asia, in a statement accompanying the India Richlist survey. "This year's list shows yet again that when conditions in the financial markets and the economy are right, India has the scale and resources to produce billionaires faster than most of the countries on Earth." A rebound in the Mumbai stock exchange, which is up 76 percent since the start of the year, and continuing economic growth helped enrich the mostly male list of company owners, whose accumulated net worth is equivalent to a quarter of India's gross domestic product.