Letter From The Editor: Create Your Own Magic

This edition that you hold in your hands is very special. This is the 25th anniversary of the Forbes Billionaires list, without doubt the world’s most trusted barometer of wealth. From a mere 140 billionaires when this list was first published, it now has an all-time high of 1,226 this year. Between all of them put together, they account for a whopping $4.6 trillion of collective wealth. But what makes the list interesting is the churn across the world, including India. Some have fallen off the list and new faces have replaced them.

Our exclusive package of stories brings you face-to-face with some of the most exciting global entrepreneurs, including, of course, Carlos Slim Helu, the Mexican tycoon, who’s grabbed the number one slot for the third year running. And don’t forget to read about the Indian billionaires who’ve begun to gradually emerge from a rather tough year. But now, with big economic reforms on the backburner, it’s quite clear many of them may have to create their own magic without much help from the government.

Last week, when Pranab Mukherjee rose to present his eighth Union Budget as FM, there were some whispers that he would tap on hidden reserves of strength to bring on a radical, reformist agenda. Eventually, he didn’t. Instead, it was Sachin Tendulkar’s 100th ton that lifted sagging spirits and offered television channels a much-needed diversion from the drudgery of covering a Budget that simply didn’t have the legs to sustain interest for more than a couple of hours.

Not too many people are likely to remember the specific proposals of the Union Budget 2012. That’s hardly surprising given that there wasn’t much to remember, except of course, the sting in the tail: The government’s proposal to amend its tax law retrospectively to 1962. By all indications, if the legislation does come into effect, there’s every chance that it could set the cat among the pigeons, just when foreign investors had begun to heave a sigh of relief after the historic Vodafone judgement on January 20.

That’s why we’ve picked what stories go into our Budget package carefully: What the tax proposal means for foreign investors—and how the gathering political storm clouds could further stymie a beleaguered UPA government. The package also includes a piece that analyses what could possibly be the FM’s strategy in the larger scheme of things.

While the outlook may seem rather bleak right now, we’ve gotten evidence collected over 25 years that smart entrepreneurship trumps policy even in the most sedate of times. Indian entrepreneurs have dealt with macro-economic hurdles in the past—and as our cover story will prove, have done very well for themselves. That is why I continue to remain optimistic about business and the long-term India story.

Best,
Indrajit Gupta
Editor, Forbes India
Email: indrajit.gupta@network18online.com
Twitter id: @indrajitgupta