Dear Readers,
Bharatwasis across the world celebrated the auspicious Holi festival (colour sprinkling festival)
symbol of joy, love and harmony. This festival marks the killing of demon, Hiranyakashipu by
Lord Narsimha (incarnation of Lord Vishnu) for his cruelty and unethical way of governing. He
had become the monarch of three universes. He started living also in Devloka – universe of semi
– Gods. He declared himself “Bhagwaan” – God (Lord Vishnu). In fear his subjects had been
treating him as God. His own son Prahlad was a devotee of Lord Vishnu from childhood. His
father persuaded him to treat him as Lord Vishnu. Prahlad still continued to chant the name of
Lord Vishnu. Holika, sister of Hiranyakashipu, had been blessed by Lord Brahma with a cloak
garment which had the power to protect Holika from being harmed by fire on the understanding
that it can never be misused to harm anyone. But, under the instructions of Hiranyakashipu,
Holika had sat on the fire taking Prahlad in her lap, with the evil intent of burning Prahlad to
ashes. Thus, she deviated from the boon and the protective garment wrapped Prahlad instead of
Holika and she was burnt to ashes and while fire kept Prahlad untouched. Since then the
devotees and lovers of Lord Vishnu celebrate this occasion with joy and sprinkle the colours.
Lord Krishna – incarnation of Lord Vishnu had also played Holi with colours and with Gopis –
girls.
The Holi festival is not just the festival of colours but has great significance to humanity to
imbibe the divine virtue, to stick to the path of righteousness, having God in consciousness
whilst discharging the duties of the world.
Bharat Economy: In 1897 Swami Vivekananda said, “India would be independent after 50
years” and it will be one of the largest economy of the world after 150 years. As predicted by
Swami Vivekananda, India became independent in 1947, just after 50 years. India is on the path
of emerging as one of the largest economy. It is hoped that by 2047; it will be the largest
economy of the world as predicted by Swamiji.
PM Modiji, said that India is growing fast to emerge as one of the largest economy of the world.
Self-employed MSME borrowers need time to stabilize from the COVID disruption. Their
lenders are mostly non-banking finance companies (NBFCs). These NBFCs have faced problems
in getting moratorium and restructuring while they were regulated by RBI to give moratorium of
more than one year to borrowers – MSMEs/Retailers. They have to deal with their borrowers
across the country. Industry bodies including Finance Industry Development Council (FIDC),
Confederation of Indian Industry (CII) and Associated Chambers of Commerce & Industry of
India (ASSOCHAM) are understood to have requested the RBI for some relief on the issue.
MSMEs are expected to play a major role and support the indigenization programme of the
Indian defence forces. Already more than 150 items have been indigenized through the MSMEs.

NBFCs, along with the banks, have great potential to finance electric vehicles across the country.
The market size is expected to reach ` 40,000 crore by 2025 and ` 3.7 lakh crore by 2030.
Rajiv Kumar, Vice Chairman - NITI Aayog, said that Indian economy will register a growth rate
of at least 10.5% this fiscal year against the consensus of 9.5%. Economic growth is expected to
be 8% from FY23. Private investment would not pick up immediately. Most CEOs of top Indian
companies expect that economy will grow more than 8.5%. Some are of the view that it will not
grow beyond 7 – 7.5% by real measurement criteria.
Wealth and job creators and generators have grown averse to risk taking and not going for debts,
fearing the stern action by the government and RBI in case of default and delay in repayment
even beyond their control. Even FDI flow to India slipped to 26% in 2021 as reported by UN.
Wealth creators are not interested in greenfield projects as only few, mainly big corporate, have
been purchasing at rock bottom prices the companies which in the insolvency process.
Indian economy is expected to grow at 7.6% in FY23, as per Indian Ratings and Research. IMF
downgrades India’s GDP growth forecast to 9% in FY22. The Indian economy has contracted by
7.3% in FY21.
Global economy will expand by 4.4% in 2022 as forecasted. Chinese economy is expected to
grow at 4.8% this year, down from 8.1% last year; Japan to register 3.3% growth this year, up
from 1.6% last year, mainly on account of continued government stimulus.
RBI report shows that the scheduled commercial banks gross NPA ratio may increase from 6.9%
in September 2021 to 8.1% by September 2022 under the baseline scenario and to 9.5% under a
severe stress scenario.
Start-up India: Bharat is the land of entrepreneurs and start-ups with high appetite for risk
taking. History tells how they traveled overseas for trade. They went to remote places where
even the bullock carts could not go. They crossed the mountains and harsh terrains facing the
wild tribes. They established there goodwill wherever they went.
Over the years, many entrepreneurs became successful in expanding their businesses and certain
family names – like Tata, Birla, Bajaj, Ambani, Singhania, Goenka, Jalan, Khemka, Kanoria,
Jhunjhunwala, Saraf, Bajoria, and others – became prominent in Indian industry. There have
been rise and fall of business empires, but entrepreneur-ship and risk appetite continued as they
were having the support. However, since last one decade or so, they have not been getting the
required support to tide over problem in case of temporary default or any sudden deterioration in
business environment due to external factors.
India has become the third largest start-up ecosystem in the world after the US and China. In the
Global Business Summit, PM said that he wants to make an India of countless start-ups. A record
44 Indian start-ups achieved unicorn status in India in 2021, taking the overall tally of start-ups
unicorns in India to 83 with most in the service sector. They have set up a new benchmark in

terms of record capital inflow. In 2021 the funding inflow is estimated to be close to USD 38
billion. FM has taken initiative in 22-23 budgets to further enhance the start-up growth potential.
In a study conducted by the IBM Institute for Business Value and Oxford Economics, 90% of
Indian start-ups fail within the first 5 years. It is really a big loss and a big problem. In fact,
several start-ups fail due to poor revenue generation and external factors. They start with little
finance from family members, friends, venture capitalists, grants, angel funding, crowd funding
and debts (loan from banks). Instead of restructuring and moratorium, lenders refer to NCLT and
in several cases term them as frauds, defaulters, etc.
Losses are being viewed as fraud despite the start-ups losing their own capital and money taken
from friends and relatives. They have to face CBI investigation. Only 5 – 10 % of start-ups are
successful. Impractical angel tax, delay in approvals and other frequent changes in rules and
regulations have been throttling start-ups. Let them not be nipped in the bud. Highest numbers of
start-up failures are in sectors like logistics, e-commerce and food technology.
Number of start-ups in the India space sector has more than doubled in the past ten years. The
total number of space start-ups in the country has crossed 100, of which 47 were established in
2021, up from 21 in 2020. In 2019, only 11 new start-ups were added in the space sector. New
policies in the private sector have led to the growth of space start-up in the country. The nation is
likely to have a larger share of the global space economy. At present, India accounts for only 2%
of the global space economy which was $447 billion in 2020. Space start-ups relates to drones,
satellite imagery and artificial intelligence. Drones will also be increasingly used in the
agricultural sector. For the second level of development the requirement of funds will be higher.
FDI gives more confidence as the Indian lenders are shaky who go for the drastic steps.
Currently more than 3,65,000 people are employed by India’s unicorns and soon icorns. Start-
ups will have to hire lakhs of people not just in technology but across spectrum.
Indians are creating unicorns not just in India but in USA and in other countries too. Investor’s
confidence is rising. Investors are willing to take significant risk. USA remains leading source of
FDI for start-ups. Start-ups are surging ahead in the country’s wealthiest list. However, they need
to care for the society and environment and become philanthropists like the established business
houses.
To boost the private investments government and authorities need to have amicable approach
considering the external factors which disrupt the business environment. Financial institutions,
banks and other lenders should restructure instead of talking large haircuts of 80-90%. In
restructuring and moratorium they can realize without any sacrifice except the time. To build a
business, wealth creator has to give his prime life for decades along with his family members.
Government and regulators need to appreciate this and should therefore facilitate the wealth and
job creators to use their wealth so generated for progressive creation of wealth and job; not
keeping the wealth stagnant or in any other form. Their inherited spirit for risk taking should not
die out of fear of criminal action, investigation. Investigating agencies should not tarnish the

goodwill they created over years of hard and sacrifice until and unless the court comes up with a
judgement that establishes foul play by promoters/founders.

Dr. H.P. Kanoria

Editor in chief