After the fall of billionaires led by debt-trap, new age wealthy have emerged in the Indian shores, and with it the ultra-rich population in the country is expected to register the fastest pace of growth across the world.
As much as $190 billion of the loan lies in distress owing to debt fuelled expansion from sectors from power to telecom to airlines. Nonetheless, after the liberalization of the Indian economy in 1991 with LPG framework, there has been a substantial 10-fold rise in the economy and amid all the developments, there have been called forth new business tycoons in the area of technology primarily.
As per a recent study by Knight Frank, the country's wealthiest have also increased to over two times to 119 in a span of just 5 years between 2013-2018.
"The business environment has improved over the years," said Charles Dhanaraj, a professor at the Fox School of Business at Temple University in Philadelphia. "The availability of venture capital and private equity has changed the opportunity space for promising businesses. So we should see more of these startups and scaleups in the coming years."
And while a host of businesses have seen their free-fall for one or the other reason namely Reliance Communication, Ruia's Essar Group, Vijaya Mallya Kingfisher Airline, start-ups with their heads are booming all through from Flipkart's Sachin and Binny Bansal to Byju's -the K12 learning app founder Byju Raveendram and not to forget India's leading payment platform's founder Vijay Shekhar Sharma.