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The migration of Indian millionaires is largely driven by a search for a better lifestyle, safer environment, and access to premium health and education services. But cronyism is also a factor.

While the filing for an IPO by its telecom and digital business was the highlight, Reliance laid out plans for its new energy and retail businesses, setting them up for eventual listings.
As India’s largest stock exchange heads to the public markets, it may need to rethink its excessive reliance on transaction revenue.
Aggressive expansion, continued dependence on its parent for business, and an adverse shift in the product mix weigh on profitability as well as investor sentiment.